Cosmostation (2024)

Cosmos is an ‘interchain’ project aiming to create the internet of blockchains. Cosmos consists of Hubs and zones. Zones are independent blockchains that can be connect to the Cosmos Hub via IBC. Zones and Hubs in the Cosmos network can communicate and transfer tokens from one another securely with fast confirmation without the need of a centralized exchange. Any entity can create and connect a zone to the Cosmos Hub, giving it high compatibility with various applications and chains. Cosmos also provides Tendermint core and the Cosmos SDK in order to facilitate the development of a new blockchain, allowing developers to focus on the application instead of building a new chain from scratch.

Please refer to the Cosmos Hub whitepaper for more technical detail.

Like Iris, goddess of the rainbow and messenger of the gods, IRIS hub aims to build a next-generation public chain to support complex, distributed business applications by becoming a reliable "bridge" between digital and offline economies. Developed by BIANJIE.AI and the Tendermint team, Iris supports integration between public chains, federated and traditional business systems, and allows data and complex computing to be interchanged across networks.

Iris is based on the same topology as the Cosmos network. Based on the Iris SDK (a tool based on the Cosmos SDK that provides extended features specific to Iris), Iris full nodes provide the service infrastructure of the Iris network and provide IPFS (Interplanetary File System) features.

Total supply is 2,000,000,000 IRIS. Please refer to the Iris Cosmos Hub whitepaper for further technical details.

Before Tendermint, building a blockchain required building all three layers of a blockchain(networking, consensus, application) from the ground up. It was a difficult task, so most developers preferred forking the Bitcoin codebase, thereby being constrained by the limitations of the Bitcoin protocol.

Ethereum introduced a virtual machine based on smart contract, simplifying the development of decentralized applications. However, Go-Ethereum remained a very monolithic tech stack difficult to hard-fork from. That is where Tendermint came in.

The goal of Tendermint is to provide the networking and consensus layers of a blockchain as a generic engine on which arbitrary applications can be built. With Tendermint, developers can save hundreds of hours of development work.

Tendermint provides a versatile engine that allows developers to create a variety of blockchain applications.

Blockchains developed with Tendermint engine have the potential to be connected to each other easily because they share the same networking and consensus stack.

This means that blockchains with different applications and validator sets are interoperable. This is a very important feat, as it gives maximum flexibility to each blockchain.

The principle behind IBC is fairly simple. Let’s take an example where an account on chain A wants to send 10 tokens X on chain B. First, these tokens are locked on chain A. Then, a proof that these 10 tokens X are locked is relayed from chain A to chain B. Chain B tracks the validator set of chain A. If the proof is signed by more than 2/3rd of chain A’s validators, then it is valid, and 10 tokens X are created on chain B.

Cosmos proposes a modular architecture with two classes of blockchain: Hubs and Zones. Hubs are blockchains specifically used to connect Zones together.
When a Zone creates an IBC connection with a Hub, it can automatically access every other Zone that is connected to it. Each Zone only needs to establish a limited number of connections with restricted sets of Hubs.

Hubs also prevent double spend among Zones. This means that when a Zone receives a token from a Hub, it needs to only trust the origin Zone of this token and the Hub.

1. Install the Ledger Live application. After installation, enter the Ledger Live application.

2. Press [Manager] and enter your PIN on the Ledger device.

3. If your Ledger firmware is not up to date, update to the latest version by pressing [Update]. Follow device update instructions or disconnect the USB cable when update is complete.

4. Keep the left button on the Ledger device pressed and reconnect the USB cable to complete update.

5. Press [Setting] in the Ledger Live application and activate developer mode.

6. Once activated, press Cosmos > Install. The Cosmos application will appear in your device after installation. Select the Cosmos application and press both buttons on the Ledger device to start using Cosmostation wallet.

* Select COSMOS, not Cosmos (watch uppercase).

Cosmostation web wallet supports HD wallets. With an HD wallet, you can access a virtually infinite number of wallets with a single mnemonic phrase.

A "Derivation path" is a pointer that directs you to a specific wallet you wish to access. Think of your mnemonic phrase as a master key that unlocks an infinite number of sub wallets—a "derivation path" directs you to a specific wallet you wish to access from this list of infinite wallets generated from your master mnemonic phrase.

"Derivation paths" for Cosmos begin with 44/118/0/0/0. Replace the "0"s with any number you wish in order to access the wallet you want to use.

Below are examples of "derivation paths" you could use:

44'/118'/0'/0/0 (Default)
44'/118'/0'/0/1
44'/118'/0'/0/2
44'/118'/0'/0/3
44'/118'/0'/0/4

Like the example above, you can access an infinite number of wallets with a single mnemonic phrase. If you use a custom "derivation path" like the examples above, please take caution and always remember your specific "derivation path"—if you forget your path, it could take days, years, maybe decades to find it again.

If you wish to use the wallet without using a custom "derivation path", leave the default "derivation path" (44/118/0/0/0) unchanged and proceed to access your wallet.

Find out more in this blog post.

1. Press 'hub' on the upper left.

2. Enter recepient address, amount, memo(optional). If you are sending to an exchange, there may be a required memo field you must enter. If you are sending to a wallet address personally controllbed by you (Ledger, mobile wallet, etc.), you are not required to insert a memo.

3. Default transaction fee for sending with the web wallet is 0.005 ATOM or IRIS.

4. Press [Generate & Sign Transaction] after entering information.

5. Check transaction after pressing, and press both buttons on your Ledger device to sign the transaction.

6. Transaction will be completed after you sign on your Ledger device. Check transaction details on Cosmostation's block explorer, Mintscan.

* If your available balance is less than the minimum Tx fee, you will not be able to send.

Memo is optional. When you send tokens from an exchange to a personal wallet (Cosmostation Mobile Wallet, Ledger, etc.), you do not have to insert a memo.

However, for exchanges that require a memo for deposits, you must insert the required memo or tag in the transaction.
If you forget to include a memo when transferring to an exchange, your deposit may not be reflected, and you must contact the exchange in order to resolve this issue.

Part of the reason transaction fees exist is to prevent spam attacks in the blockchain.
If there is an insufficient transaction fee, a transaction will not be generated, and a failed transaction will consume the transaction fee.

There are various reasons a transaction shall fail. (ex. Insufficient Tx fee, insufficient gas fee, etc.)

Cosmostation mobile wallet is a user-friendly application that allows users to securely generate various types of transactions. Please confirm the detials of each transaction before making a transaction request.

Having a higher Tx fee will prioritize your transaction in the blockchain, thereby allowing you to make your transactions faster. However, you have the possibility of over-spending your Tx fee.

Therefore, Cosmostation web wallet has a default Tx fee setting in accordance to network conditions.

An average of 3~10 seconds will be taken for each transaction with the default transaction fee. The default transaction fee may be sucjected to change depending on network conditions.

A validator is a node operator with sufficient voting power. A validator is responsible for maintaining a stable node operation as well as actively participating in the governance process—in return, a validator receives rewards for this responsibility.

Every block, each validator is given the opportunity to propose. For the Cosmos Hub, there are initially a batch of 100 validators from Mainnet launch. This number is increased 13% yearly for the next 10 years, with a final cap of 300 validators.

Anyone wiling to operate a node can become a validator by generating a Create-Validator transaction. If the number of validators is higher than the maximum capacity, validators with the most voting power(amount of a validator’s self-bonded tokens + tokens delegated to the validator) gets the priority to become included in the validator set.

1. Double signing : If a validator signs more than or equal to two blocks within the same block height, the validator gets slashed. In this case, the validator gets 5% of its voting power slashed.

2. Downtime : Downtime refers to the amount of pre-commits a validator missed. If a validator misses more than 9,500 blocks out of 10,000 consecutive blocks, the validator gets 0.01% of its voting power slashed.

Delegators are token holders who cannot run validator operations themselves. Through Cosmostation Wallet, users can delegate tokens to a validator and obtain a part of its revenue in exchange.

Validators can charge a specific amount of commission in exchange for operating validator nodes for delegators. Validator commission is notified to delegators prior to delegation, and it can be changed within the parameter set by each validator.

In order to become a delegator, you must delegate tokens to Validators. You can view Validator lists in the “reward” menu in Cosmostation Wallet.

Commission is a service fee delegators pay to validators.

Validators operate stable validator nodes, and delegators can choose a validator to stake their tokens to. Each block(approx. 7 seconds), Delegators receive staking rewards after validator commission fees are subtracted.

Validator commission can change within the range previously set by the validator.

- Current commission: Commission currently charged by the validator
- Max commission: Maximum commission rate this validator can set.
- Maximum commission change: Maximum range this validator can change its commission rate.

Delegating to a validator means that you share the risk of the validator’s actions. If a validator becomes slashed, a portion of the delegator’s stake may also become slashed.

Delegators can earn staking rewards from delegating to a validator. Each validator has different commission rates, which affects the amount of staking rewards delegators can get from a validator.

Along with staking rewards, delegators can contribute to the development, expansion, and stability of the network through delegating to trustworthy validators that provide value to the ecosystem.

Atom holders must do their due diligence before choosing a Validator to delegate to. If a validtor acts abnormally, a portion of your delegated Atom may become slashed. Therefore, it is important to monitor the activities of a validator and always remember to delegate to a trustworthy delegator.

You must monitor the activities of a validator even after delegating. After delegating, if a validtor is often offline or conducting abnormal behaviors, it is recommended to redelegate your stake or undelegate from the validator. Delegators can also mitigate the risk of slashing through distributing the stake among multiple validators. Please also remember that it takes 21 days to undelegate. If you wish to delegate to another validator without waiting, you must use the redelegation feature.

When you undelegate, the undelegated Atom will be in "unbonding" state for 21 days and will not be availalbe for transaction. For Atom in "unbonding" state, you will not be able to accumulate staking rewards.

Also, there is a limit to the number of times you can undelegate from a validator. For a more detailed explanation, please refer to this blog post.

(Inflation rate - Validator commission rate) / Delegated Tokens

For example, let’s say you delegated 100 Atom to Cosmostation. If there is 1 Atom per month as staking reward, you will receive 0.88 Atom after deducting 0.12 Atom (12% validator commission) as your final staking reward.

Cosmos annual inflation: 7% ~ 20%
IRIS annual inflation: 4%

If you wish to undelegate all Atoms or a portion of your delegation from a Validator, you must use the [Undelegate] feature. Go to the Rewards tab and select the validator you have delegated to in order to access the [Undelegate] feature.

1. Go to Delegate > Delegation history and press [Undelegate] for the validator you wish to undelegate from.

2. Insert undelegation amount, memo.

3. Enter information and press [Generate & Sign Transaction]

4. Check transaction detail and press both buttons on your Ledger device to sign the transaction.

5. Transaction will complete once you sign on your Ledger device. Check transaction details on Mintscan.

You will be able to have access to your Atoms 21 days after you request undelegation. For the 21 days, you will not accumulate any staking rewards for the amount Atom or IRIS being undelegated.

You must use the redelegate function in order to relegate your stake from ‘Validator A’ to ‘Validator B.’

1. Go to Delegate> My validators and select ’Validator A,’ the validator you wish to redelegate from.

2. Press [Redelegate] and select ‘Validator B,’ the validator you wish to redelegate to.

3. Insert memo. (Memo is optional)

4. Enter information and press [Generate & Sign Transaction].

5. Check transaction information and press both buttons on your Ledger device to sign transaction.

6. Transaction will be completed once you sign on the Ledger device. Check transaction details on Mitscan.

* After redelegating from A -> B, you cannot redelegate from B to another validator for the next 21 days.
* IRIS does not have the redelegation feature.

Go to Reward > My validator > [Claim all rewards] in order to claim rewards from up to 16 validators sorted by your stake. When you request claim reward transactions for each validator, you have to pay transaction fees multiple times. When you use [Claim all rewards], you only have to pay transaction fee once and therefore can save some fees.

* When you claim all rewards in the web wallet, you will claim rewards from the top 10 validators in order of accumulated staking rewards.

You can change your reward destination address.

1. Go to Delegate > [Change reward destination address].

2. You can change the address in which you receive your staking rewards. If you do not edit this, your rewards will be claimed to your default address.

3. Enter the address you wish to edit to, and insert memo(optional).

4. Enter information and press [Generate & Sign Transaction].

5. Check transaction information after pressing both buttons, and press buttons again to sign transaction.

6. Transaction will complete after you sign on the Ledger device. Check transaction detail on Mintscan.

* Do NOT edit your reward destination address to an exchange address. Most exchanges do not recognize this transaction type, and this could lead to a loss of your funds.

Cosmostation web wallet only supports Ledger. Download the Ledger Live app in order to connect your Ledger device.

1. Install the Ledger Live application. After installation, enter the Ledger Live application.

2. Press [Manager] and enter your PIN on the Ledger device.

3. If your Ledger firmware is not up to date, update to the latest version by pressing [Update]. Follow device update instructions or disconnect the USB cable when update is complete.

4. Keep the left button on the Ledger device pressed and reconnect the USB cable to complete update.

5. Press [Setting] in the Ledger Live application and activate developer mode.

6. Once activated, press Cosmos > Install. The Cosmos application will appear in your device after installation. Select the Cosmos application and press both buttons on the Ledger device to start using Cosmostation wallet.

* Select COSMOS, not Cosmos (watch uppercase).

Report a bug or send us an inquiry. Any feedbacks are welcome.

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Cosmostation web wallet supports the following device and OS.

- Device type: Desktop
- OS: Chrome browser of Mac OS / Windows