Creating a token is now a simple process, and layer-2 tokens can be deployed on Ethereum (ETH) in as little as one second. But what should we do to create a blockchain at the layer-1 level? This is difficult and can cost millions.
One ecosystem called Cosmos works towards making this development more accessible. The Cosmos SDK (software development kit) is used by developers who want to establish their own L1 network to install their native blockchain.
The Cosmos ecosystem is expanding quickly. Still, they are restricted because they are incompatible with the Ethereum Virtual Machine (EVM) and thus cannot use technology such as MetaMask.
This is where Evmos comes into play; Evmos is the project that brings together Ethereum tooling and the Cosmos Software Development Kit (SDK). A version of Ethereum that is open-source, scalable, and interoperable is shown here.
In this blog post, we will talk about what Evmos is, its history, features, and how to buy EVMOS tokens.
What Is Evmos (EVMOS)?
Evmos is a proof-of-stake (PoS) network that transfers assets between Ethereum and Cosmos' ecosystems. The Cosmos software development kit (SDK) is used throughout development. Using Evmos, developers can effortlessly run Ethereum smart contracts on Cosmos networks specific to their apps.
Evmos also has the ability, thanks to the Cosmos Inter-Blockchain Communication (IBC) protocol, to link decentralized apps (dApps) running on different blockchains so that they can share in the benefits of combined liquidity and value transfer.
What Is the EVMOS Token?
By providing financial incentives to network validators and developers, the EVMOS token plays a critical role in ensuring the integrity of the Evmos blockchain. EVMOS is the second asset of an EVM, and it is responsible for facilitating network involvement through governance voting. This is in addition to its role in fueling network transactions and validation processes. To the extent that you possess EVMOS tokens, you are vested with the authority to steer the EVMOS decentralized autonomous organization (DAO) and influence the development of the ecosystem.
The total market cap of EVMOS is 283.25 million. The total supply is 1.00 billion. The token distribution target after four years will be as follows:
Airdrop: 8%
Community pool: 10%
Strategic: 10%
Team: 20%
Staking rewards: 32%
History of Evmos (EVMOS)
The idea for Evmos came from the Ethermint proof of concept in 2016. The goal was to add new use cases to the Cosmos ecosystem that weren't possible on Ethereum and to give Solidity writers full support for the Ethereum Virtual Machine (EVM).
When Cosmos Hub Proposal 44 was approved in 2021, key Cosmos contributors @fekunze, @akash_khosla, and Nic Z made up the founding team. The Cosmos Hub gave them 100,000 ATOM to build Evmos.
At that time, the team had been working on blockchains for five years and had a lot of experience with security and distributed systems. In April 2022, Evmos went live, and the two million approved addresses for the biggest airdrop in history were sent out.
Features of Evmos (EVMOS)
Evmos uses the Byzantine Fault Tolerance feature of Tendermint Core to differentiate itself from other network application layers. More features are mentioned below:
- Evmos helps developers create cross-chain decentralized applications more quickly and at a lower cost than possible by merging the EVM and Cosmos ecosystems. By providing Tendermint developers with an open-source library designed to promote EVM compatibility on the Cosmos ecosystem, Evmos works towards the overarching goal of making the experience of utilizing Ethereum tools as seamless as possible for those developers.
- The transaction speed of Ethereum does not constrain Evmos. Still, it allows Solidity to entice developers already familiar with Ethereum to build on it. Consequently, the transaction performance on Evmos is increased (thanks to Tendermint BFT), and the platform's scalability is improved (dApps can now deploy on other EVM-compatible chains). Because of this, Evmos is called "vanilla Ethereum" on Cosmos.
- The interconnected "web of blockchains" provided by the IBC makes it possible for Evmos to be rapidly deployed on any IBC blockchains that use the same smart contract language. Since Cosmos employs the modular architecture that was previously mentioned rather than the virtual machine-based architecture that was previously utilized, the threshold for participation in other blockchains has, in essence, been lowered. Consequently, Evmos immediately broadens the scope of its potential user base.
EVMOS Token Value
The utility token for the Evmos blockchain, known as EVMOS, contributes to the operations of the Evmos blockchain, enables flexible interaction between users, and assists developers that build on the network.
Therefore, the EVMOS token is essential for maintaining the integrity of the Evmos blockchain, paying transaction fees, and staking because it incentivizes network validators and developers.
In addition to supplying energy for network transactions and validation procedures, it is the second EVM asset that supports network involvement through governance voting. This is in addition to the fact that it is required for network participation.
As a token holder, however, you are in control of navigating the Evmos decentralized autonomous organization (DAO) and participating in decision-making, giving you the ability to influence the destiny of the ecosystem.
How to Buy EVMOS Tokens?
CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 700+ tokens supported, including EVMOS, users can now trade easily and seamlessly.
If you are new to CoinEx, you can easily sign up with your Google mail.
If you have a CoinEx account, this is how to purchase and sell EVMOS coins on CoinEx:
- Enter your login information: To access your CoinEx account, visit the website or launch the app and enter your email and password.
- Put funds in your account to make EVMOS purchases. You can deposit the funds via bank transfer, credit card, etc.
- Once you have funds in your account, you may buy EVMOS by going to the EVMOS trading page and choosing the trading pair you wish to use.
- Tokens (USDT, BTC, ETH, and CET, etc.) can be exchanged for EVMOS. Put in your order and the quantity you want to buy.
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