Leo Finance Learn: Juno
Leo Finance Learn: Juno
Good morning Lions and welcome to another session of Leo Learn and today we are moving away from Terra and reaching into the cosmos focusing on a relatively quite blockchain that has the potential to become a leading protocol, Juno.
Juno is still a relatively young protocol that has launched on the Cosmos SDK and aims to increase performance and security of the Cosmos ecosystem. Juno is an open source network for interoperable smart contracts that can be executed across multiple chains automatically.
With a strong focus on decentralisation, permission less and censorship resistance Juno makes it easy for developers to launch smart contracts in multiple languages such as Rust and Go.
Juno originated from a group of developers, validators and delegators who drove the establishment of a sister hub on Cosmos to be dedicated to the development of smart contracts instead of congesting the main chain which is governed by Cosmos native token Atom.
By establishing Juno as the sister Hub Cosmos is able to problem solve many of the Layer 1 bottle necks experienced on other chains without compromising the furthering development of CosmWasm which is the code used in the Cosmos SDK.
The move also limits risk associated with Atom as Juno is it's own sovereign blockchain where developers can develop any project they wish without concerns being brought back to the main chain. No permissions are required to launch a dApp and developers have free reign of what they choose to do.
IBC and Tendermint
Inter Blockchain Communication (IBC) is a large focus of Juno and while still in its infancy we are starting to see more and more blockchains enable it on their protocols. IBC allows any blockchain smart contract to operate on other chains without costly transfers, bridges and confusing UI/UX.
In fact we are starting to see many wallets now implement IBC which enables participants to send any token to any wallet that has IBC enabled without the risk of losing funds. The IBC sets the chain it is from once it hits the wallet providing an added level of ease to support mainstream adoption.
Tendermint is also the underlying code that saves developers hundreds of hours or development time and participants from having to ensure they are ticking all the right boxes in order to undertake a transaction.
Tendermint collates all the information and assigns it all accordingly into the appropriate channel further increasing ease of use and making life on-chain a lot faster.
Juno is developed in Cosmos Web Assembly commonly referred to as CosmWasm which is written in the Rust language a relatively new and emerging coding which came to fame with the rise of Terra (Luna) Network.
Web Assembly is the new kid on the block which has been designed to close many of the exploitations known to Decentralised Finance (De-Fi) and provide a faster, more secure and easier to develop experience for project teams.
What's on offer?
Beyond being able to stake Juno and participate in on-chain governance and earn rewards Juno is the perfect blockchain to develop games, NFT projects and De-Fi protocols. Unlike many other blockchains Juno will enable participants to move their assets and items across many different blockchains that have IBC enabled.
This increases the use cases of NFTs and enables NFT utilisation which is something Loop Finance is currently working on to deliver once it migrates over to Juno in the coming months.
What are your thoughts on Juno? are you Bearish of Bullish? let us know in the comments section below
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Posted Using LeoFinance Beta