Today, development and blockchain seem to be synonymous words. From solopreneurs to international entities, everyone is implementing highly beneficial use cases of blockchain to their work ecosystem. Companies in the blockchain industry are doing best to help the blockchain-hungry world to leverage the technology and make the most out of it.
Similar to all revolutionary ideas that ever changed the world, blockchain too is facing some scepticism. However, innovation is nowhere close to being canned.
In this blog, we’ll be talking about two different blockchain ecosystems, namely Cosmos and XinFin. While both the names do not suggest much about what the blockchains are aligned to serve, here we lay down a brief comparison of the two blockchains (a blockchain network in case of Cosmos) while also explaining what purpose they’re meant to serve.
Cosmos
Interoperability of blockchains was an unanswered problem until Cosmos was created. Transactions from one blockchain to the other was far from possible. As an independent network of parallel, interoperable blockchains working over the Tendermint Byzantine Fault Tolerance consensus mechanism, Cosmos delivers an ecosystem integrated with all the necessary tools and equipment required by developers to build blockchains.
The speciality with Cosmos is that every blockchain coded over the Cosmos network is interoperable, which means that two different blockchains can transact with each other. By doing so, Cosmos has brought the world closer to highly scalable blockchains and also to a decentralized internet of blockchains.
XinFin
XinFin Network has a more industry-specific goal of disrupting the trade and finance industry. It is an enterprise-focused hybrid blockchain that brings the benefits of both, a private and a public blockchain into one place. Its network architecture is built with a fork from Quorum and Ethereum blockchain making it suitable for both, public and private transactions. The network runs on the delegated proof-of-stake mechanism, rendering it highly energy efficient while also making transactions over XinFin trusted and expeditious.
Considering the vastness of the financial industry, XinFin has a huge market to disrupt and a scalable solution with a great market tendency. Hooking up the financial players with the blockchain industry can revolutionize the way most of the world today looks at finance.
Technical Specifications
The open source development tools platform and the network of parallel blockchains, Cosmos, functions with an average block creation time of six to seven seconds. This is comparatively higher when juxtaposed with that of XinFin Network that boasts of an average block creation time of two seconds.
As the transaction rate of a blockchain, often termed as scalability, is directly related to the block creation time of a blockchain, it is clearly evident that XinFin network harnesses a faster transaction rate.
In terms of consensus mechanism, both Byzantine Fault Tolerance consensus and XinFin Delegated Proof-of-Stake consensus are energy efficient and scalable. Though BFT is said to be only workable with permissioned blockchains, Tendermint Core engine promises that developers can create both private and public blockchains using their BFT mechanism. XinFin, on the other hand, makes the interoperability of private and public blockchain using the XDPoS consensus mechanism.
Coming to masternodes, XinFin has an upper hand as it offers KYC enabled masternode functionality while Cosmos does not.
Market Specification
Cosmos ecosystem is fueled by the ATOM token which is currently valued $6.04. XinFin, whose mainnet launch was scheduled on June 1, 2019, functions with the XDC tokens and possesses a value of $0.000547.
Cosmos and XinFin’s market capitalization according to CoinMarketCap data is $1.15 billion and $2.1 million respectively.
Parting Words
Cosmos and XinFin differ largely in terms of their core motives and end goals. Both the XinFin blockchain and the Cosmos blockchain network possess their own set of pros and cons.
While Cosmos is sure to make blockchains a more worldly thing by making them interoperable, XinFin will bring financial players into the ecosystem, who then will help spread the technology to the parties related to them — including the masses.
Do you think blockchain technology is mature enough for the major financial players to step in and reap its benefits? Let us know your thoughts in the comments below.
