Bitcoin Will ‘Absorb Everything’ With Cosmos – Zaki Manian
Tendermint is a company that was partly behind the creation of the Binance Chain, the native blockchain of Binance’s BNB token.
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The Cosmos Network also called the “internet of blockchains,” was initially built by the Tendermint team. Cosmos is a “decentralized network of independent parallel blockchains, each powered by BFT consensus algorithms like Tendermint consensus.”
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In a meeting with Tendermint’s director, Zaki Manian organised by Cryptoglobe, the director revealed that he started getting interested in cryptography back in 2012, and that he started learning about cryptocurrencies after founding a civil liberties organization.
Manian when asked to explain in simple terms what the main idea of Cosmos is, said there is a “wave of 2.0 blockchains largely inspired by ideas” that surround fast consensus algorithms, proof-of-stake that are emerging. However, his team observed people have different preference and “political” allegiances when it comes to cryptoassets and blockchains, and they don’t believe there will be a “one size fits all” solution:
“We do not believe there will ever be one final system that like encompasses everyone. Because, not for technical reasons, I believe you can build very scalable blockchains. But for political reasons, that you will never be able to get everyone to agree with each other.”
Asked what he would reply to a Bitcoin maximalist who doesn’t see value in altcoins as BTC may in the future absorb everything, Manian revealed he believes “Cosmos is the technology Bitcoin will use to absorb everything.”
He noted that with Cosmos, Tendermint’s team didn’t create money, as the ATOM token isn’t intended to be money. Instead, ATOMs are intended to be a “form of collateral” users can use to “collateralized the security of many computational assets.”
“So we’ve created an opportunity for money to come into the system, because obviously people who are using our blockchains will need mediums of exchange, and I think many people in the project hope that medium of exchange will be big.”