CosmWasm and its Integration into Comdex
In efforts of promoting transactions across borders and interoperable smart contracts, the Comdex network has embarked on a cooperation with the CosmWasm platform, built on Cosmos blockchain.
It would interest you to know that Comdex launched its mainnet in November 2021, on the Cosmos network, leading to the development of new solutions for the world of decentralized finance. These include the Synthetics DEX, ShipFi (bridging traditional with decentralized finance), and Enterprise Trading; all partially launched, but however ready to be fully launched this year 2022.
The Comdex community has seen over 30,000 wallets added to the network, with nearly 4 million US dollars transacted per day. In fact, daily transactions on the platform have been increasing incredibly since the year began. However, the development team is not relaxing; it is still working towards improving the network every time.
Comdex aims at launching its main decentralized synthetics exchange in the second quarter of the year 2022. With this in mind, the performance and user interface (UI) of the upcoming Synthetics DEX mainnet has to be upheld in quality. This is where the CosmWasm platform comes in.
What is CosmWasm?
This is a Cosmos-based platform used to create smart contracts, using the IBC mechanism to implement them simultaneously across various blockchains. (Note: IBC means Inter-blockchain Communication, a protocol nursed within the Cosmos ecosystem for interchain transactions.)
CosmWasm is a smart contracting technology platform built on the Cosmos ecosystem. The system will be used to create smart contracts that would be needed on Comdex such as the collaterized debt assets.
Unlike the ETH smart contracts we know, CosmWasm smart contracts is built with the InterBlockchain Communication (IBC) protocol known to be Cosmos revolution in the blockchain industry.
This helps CosmWasm execute several interoperable multi-chain smart contracts at the same time and smoothly. In addition, the protocol also uses the Web Assembly Virtual Machine (Wasm-VM).
With Wasm-VM, CosmWasm allows the writing of software in different programmable languages in a secure manner, so whatever smart contract to be made can be integrated securely into the network without so much of a hassle.
In essence, CosmWasm is an acronym for (Cosmos Web Assembly), a crypto mechanism that lets software to be securely interpreted in various languages.
CosmWasm’s integration into Comdex will make smart contract creations easier, efficient, and more dependable. You can formulate an easy binary of CosmWasm and manufacture your own smart contract.
Features of CosmWasm
CosmWasm’s structure is notable for 2 strong points — Performance and Security.
CosmWasm is built using Rust — a very incredible high-performance programming language that out scales several others.
With this developing programming language, CosmWasm has a higher speed rate, is super fast, incredibly powerful, and very versatile. Users can perform any algorithm and initiate any smart contract code they desire.
As a plus, users do not need to keep uploading codes continuously any time they need it. They upload can instantiate a new smart contract once & for all, by uploading it, gzip it, put it in the blockchain transaction & can it always be verified.
What this means is that the creation and activation of smart contracts on Comdex can be instantiated and streamlined making transactions less tasking to run. With CosmWasm, you have speed, versatility, and resilience on Comdex.
CosmWasm sets up & incorporates safeguard measures that go up against any malignant data or common data vectors that threaten the safety of the protocol, with a redundancy attack. It uses a safeguard attract to protect users from any untrusted contract that reaches to exploit an external call function.
If any smart contract comes up that triggers integer flows (under or over), the protocol ignores it. That way, there will be no opportunity for untrusted smart contracts to take out a lot of tokens. This ultimately prevents a case of fraud associated with smart contracting.
To cap it all, smart contracts are made visible by default for all to see, so users can by themselves verify the authencity of one. This is what to expect on Comdex Synthetics DEX — transparency and security.
Merits of CosmWasm
The advantages of CosmWasm for Comdex Synthetics DEX users are as follows:
- Security from all of those fraud-aimed and exploitative smart contracts.
- You are able to carry out any changes on your own smart contracts.
- Easy, reliable creation of smart contracts.
- It comes with a high-performance Rust programmable language, outperforming other programming languages.
- The CosmWasm mechanism is versatile and fulfills orders with full speed.
- You are able to upload a new verifiable smart contract once and for all.
- Quick successful transfers of synthetic assets based on smart contracts, across all IBC-based networks.
- Increased liquidity in the Comdex pools.
CosmWasm facilitates the activation and transfer of any smart contract-based synthetic assets across IBC-based blockchains. There are at least 25 in number; that is a great start for smart contract transactions & for higher & sufficient liquidity.
The the vision of smart contract interoperability to make the democratization of commodities realistic, Comdex is setting sails on dependable protocols & CosmWasm is among the first to be onboarded.
Incorporating the CosmWasm mechanism into Comdex’s Synthetics DEX mainnet will be a great move for its global community.
Comdex is a decentralized synthetics protocol and a product of the Persistence platform.
Comdex develops possible solutions for the decentralization of finance (DeFi) and the democratization of commodities by handing over to investors the knowledge to a widened scope of asset classes with rewarding features.
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