markr52 - 3 years account age. 300 - 1000 comment karma.2 weeks ago
This article is from sept 2017. More interesting, it says this would happen with main net launch in May/June 2018. I am guessing that did not really happen or I would have heard something more about it.
@thedob yeah I think the Cosmos pegging is the same definition as the blockstream pegging, which is basically what you described. I think both the Eth chain and the other chain have to peg to the hub, and the hub is secured via tendermint POS.
Can someone explain in simple terms what exactly a "peg" is in Cosmos? It's used throughout their docs and FAQs, but I can't find a clear definition.
My guess is that it means the following:
Someone creates a zone on an existing blockchain - say Ethereum. This zone is meant to create a peg for an ERC20 token - say REP. My assumption is that if someone on the ETH chain transfers REP into this zone with specified instructions of who can access it on another chain, then the Cosmos hub will allow users on the other chain to submit transactions on their own chain that move around a "pegged" version of the REP token. The REP on the ETH chain will remain locked until some transaction on the other chain essentially redeems the pegged token, and the Cosmos Hub unlocks it via a transaction on the ETH chain.
Basically, Cosmos wants to port over all Ethereum account balances to a Cosmos zone, so that all ETH holders can participate in the Cosmos system using their replicated tokens as fee tokens (separate from ATOMs). The move is intended to bring the Ethereum community into the Cosmos system and they can participate in both the Ethereum and Cosmos systems at the same time.