While things have improved, there are still limitations for developers using Ethereum to build smart contracts. The EVM sandbox is an isolated environment that gives relatively low flexibility to developers, as it is limited to specific programming languages. There is also a limitation on scalability, because dApps on the Ethereum blockchain are all competing for the same resources. Finally, there is a problem of sovereignty – if a bug appears in the dApp, nothing can be done to fix it without gaining approval from the governance of the underlying Ethereum platform.
What is Cosmos?
This is where Cosmos comes in. The idea behind the Cosmos network is to power an ever-expanding ‘Internet of Blockchains’ that scale and interoperate with each other in a decentralized way.
Developing a whole new chain was previously more difficult and expensive than building a smart contract. Now, developers can execute flexible, secure, and sovereign application-specific blockchains based on the Tendermint BFT and the Inter-Blockchain Communication Protocol (IBC) with the so-called Cosmos SDK.
The Cosmos SDK has a modular, open-source architecture, which allows developers to create their own modules to introduce specific functionalities. As the ecosystem grows, the number of modules also increases, making it possible to develop more complex applications.
CosmWasm is a new smart contracting module built for the Cosmos ecosystem, which lets developers build dApps on the Cosmos platform. Smart contracts implemented on CosmWasm can run on multiple chains with the help of the IBC protocol. Developers building a blockchain using the Cosmos SDK can quickly and easily add CosmWasm smart contracting support to their chain.
ShareLedger is built using Cosmos SDK and Tendermint and created with Starport. Now, we’re busy building CosmWasm into ShareLedger, to speed up the development of highly secure, powerful smart contracts. We’re planning to integrate and launch this module imminently – watch this space for further details after we go live.