A little bit of chit-chat
If you are interested in diving deep into Zero Knowledge, check out this fall’s edition of ZK Hack. This online event will run for four weeks starting tomorrow, Tuesday, Nov 22nd, at 6:30 P.M. UTC and will feature eight workshops from different teams, including Cosmos’ Anoma as well as Aleo, Scroll, Aztec, O(1)Labs and more. Sign up for the kick-off session here.
Some community members have expressed concerns about renewing the Osmosis Grants Program management contract with Reverie due to their compensation scheme. Per the Proposal, Reverie will get 55,000 USDC plus 25,000 OSMO monthly. Founder Sunny Aggrawal has expressed that, despite the high fee price, the Reverie team has been effective in their work. They also provide Osmosis with a robust Business Development strategy key to ecosystem growth.
Tax the fees
After the veto of Prop 82, the Cosmos community has been intensively discussing what’s next. A proposal on the community forum brought up a comparison between the Cosmos Hub community pool and those of other chains from the greater ecosystem. Surprisingly, Cosmos Hub has the highest market cap and the lowest community pool value when compared to Osmosis, Juno and Stargaze.
The Proposal asks to raise the percentage of ATOM going to the community pool in every block. Currently, the so-called “tax rate” is at 2%, and the Proposal, if the community approves it, will increase it to between 7% and 10%. In both scenarios, the pool will earn between 2.9M and 4.2M ATOM, respectively, compared to the current 850,000 ATOM.
This change will decrease staking rewards from 5% to 8%. One of the reasons to fund the Community Pool is to be able to have in place a robust go-to-market strategy for Interchain Security. As explained by Zaki Manian, teams who have decided to be consumer chains will need bootstrapping funds. There should be a permanent team to onboard these chains, which would be difficult with the current funds in the community pool.
While building Penumbra, the core team found that “the design of existing Merkle trees were insufficient” to support “the lightning-fast synchronisation” they aim to offer users once the product is out.
They recently announced the development of the Tiered Commitment Tree (TCT), a version of Merkle’s Tree that’s supposed to be considerably faster than the current design. With the TCT, clients need only to pay computational effort proportional to the amount of activity they perform, setting the network ready for greater adoption. Another feature of the novel design is that it reduces the amount of writing on the disk by 100x.
Quicksilver continues working towards launching its mainnet. This past week, the team released their latest testnet, which included security fixes to the cosmos-SDK IBC and Tendermint and support for Osmosis Stableswap pools to their novel cross-chain claims feature.
Cross-chain claims will allow Quicksilver to verify the assets a user claims to hold on different accounts in different zones. The protocol uses this knowledge and the intent submitted by users to distribute validator weights on Quicksilver.
Regarding the timeline to launch, with the announcement of the testnet upgrade, the team restated that their priority is to bring the product to life with as many features as possible. Most of them had originally been scheduled in their previous schedule to be enabled only post launch.
Here’s a list of upcoming airdrops.
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A little bit of intergalactic music for you