EVMOS Evmos

Evmos Overview

Evmos is a highly scalable layer one blockchain that facilitates interoperability and fast transactions. It is built on the Tendermint Core's Byzantine Fault Tolerance consensus algorithm and based on the Cosmos software development kit. Evmos operates on a proof-of-stake (PoS) consensus mechanism.

Key Features

• Interoperability: Evmos allows developers to deploy Ethereum smart contracts onto application-specific Cosmos blockchains, fostering interoperability by connecting decentralized applications to several blockchains. This enables users to take advantage of combined liquidity from various networks.
• Scalability: Evmos provides super-fast transaction times, high throughput, and low costs, making it suitable for building scalable decentralized applications (dApps).
• EVM Compatibility: Evmos is fully compatible with the Ethereum Virtual Machine (EVM), allowing developers to seamlessly deploy smart contracts that interact with the rest of the Cosmos ecosystem.
• Token Usage: The native token of the Evmos ecosystem, EVMOS, is used for paying transaction fees, staking, and voting on key protocol proposals.

Use Cases

• Cross-Chain dApps: Evmos enables developers to create multi-chain dApps quickly and effectively by combining the best elements of Cosmos and Ethereum networks.
• DeFi and NFT Applications: Evmos supports various DeFi protocols and NFT projects, such as Midas Capital, Diffusion Finance, Orbital Apes NFT, and EvmOS Punks.
• Interchain Accounts: Evmos plans to integrate Interchain Accounts, which will open the door for exciting integrations like DAOs on other chains using Gnosis Safe on Evmos or Interchain DeFi applications.

Pros of Evmos

• Interoperability: Evmos is part of the Cosmos ecosystem, which allows it to communicate with other Cosmos blockchains like Binance Chain, Terra, and Crypto.org through Inter-Blockchain Communication (IBC). This opens up a wide range of possibilities for cross-chain applications.
• Performance: Evmos uses Tendermint Core, which provides higher throughput and better performance compared to Ethereum. This means faster transaction times and lower costs.
• EVM Compatibility: Evmos is compatible with the Ethereum Virtual Machine (EVM), allowing developers to build applications that can run on both Evmos and Ethereum. This makes it easier for developers to port existing Ethereum dApps to Evmos.
• Scalability: Evmos is horizontally scalable, meaning it can handle increased traffic and usage without significant performance drops. This is a significant advantage over Ethereum, which can become congested and slow.
• Cross-Chain Applications: Evmos enables the creation of cross-chain applications that can tap into the liquidity and user bases of multiple blockchain ecosystems, providing a more unified experience for users and developers.

Cons of Evmos

• Liquidity Challenges: Evmos faces challenges in accessing liquidity within the broader Cosmos ecosystem, which can make it difficult for major protocols to deploy on Evmos.
• Composability Issues: There are limitations in terms of composability between Evmos dApps and the rest of the Cosmos ecosystem, which can hinder the full potential of Evmos.
• Competition: Evmos competes with other blockchain platforms like Avalanche, which offer similar features such as high scalability and low transaction costs.
• Dependence on Cosmos Ecosystem: Evmos's success is heavily dependent on the growth and adoption of the Cosmos ecosystem, which can be a risk if the ecosystem does not expand as expected.
• Technical Complexity: Evmos's use of Tendermint Core and IBC can add technical complexity, which may deter some developers and users.

Founders of Evmos

The founders of Evmos include:

• Federico Kunze Küllmer: A key figure in the development of Evmos, who has been instrumental in integrating the Ethereum Virtual Machine (EVM) with the Cosmos ecosystem.
• Akash Khosla: A co-founder who has since left the project and returned a significant amount of Evmos tokens to the Evmos Foundation.
• Nic Z.: Another co-founder who contributed to the founding and development of Evmos.

Investors in Evmos

Evmos has secured significant funding from various investors. The key investors include:

• Polychain Capital: Led the $27 million seed funding round.
• Galaxy: Participated in the seed funding round.
• Huobi: Contributed to the seed funding round.
• HashKey: Involved in the seed funding round.
• Coinbase Ventures: Participated in the seed funding round.
• Circle Ventures: Contributed to the seed funding round.
• Asymmetric: Involved in the seed funding round.
• Angel investors from the Web3 industry: Several angel investors also participated in the funding round.

Halal Status of Evmos

No, Evmos itself is not specifically designed to be halal. However, it is used by the HAQQ network, which is designed to be Shariah-compliant. HAQQ uses Evmos to ensure compatibility with Ethereum and to leverage its high throughput and instant finality features.

Key Points:

• HAQQ Network: Designed to be Shariah-compliant, aligning with Islamic values.
• Evmos: Not inherently halal but used by HAQQ for technical benefits.
• ISLM Token: The native token of HAQQ, designed to support the global Muslim community with ethical DeFi tools.