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Read Evmos in the Cosmos ecosystem

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This paper introduces Evmos -- Cosmos equity proof blockchain in the ecosystem from its own characteristics, value embodiment, participation mode, economic model, risk and governance.

Guide to Evmos

原文作者：Coinbase

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The main points of

1) Evmos achieves decentralized interoperability between Ethereum-based applications and Cosmos' separate decentralized blockchain ecosystem, including Cosmos, Terra, Crypto.org Chain, Osmosis, and much more.

2) Evmos' EVM compatibility and IBC launch allows developers to build with Ethereum's expected functionality in the Tendermint environment, This allows users and their assets across the Cosmos ecosystem to access applications visible on Ethereum.

3) Due to its EVM compatibility, Evmos will likely become a hot spot for Web3 development in the Tendermint ecosystem.

4) Validator operators can earn participatory rewards by participating in securing the network and adding new blocks to the chain, while any token holder can entrust their Evmos tokens to the validator to earn rewards.

Evmos introduction

Evmos is a decentralized proof-of-equity blockchain in the Cosmos ecosystem. It is based on the Ethereum Virtual Machine (EVM), which means it is fully compatible with the Ethereum network.

Evmos aims to bring the world of Ethereum-based applications and assets to the Cosmos ecosystem's interoperable network, while alidating developer and user incentives and working to innovate in the EVM and interchain composability space.

Evmos is built using the Cosmos SDK with Tendermint's core consensus to provide fast finality and high throughput of the Cosmic-based blockchain. By using Ethereum's EVM, developers can deploy their Ethereum-based applications in the Tendermint Consensus environment, with the attendant security of lower transaction fees, faster transaction speeds, and proof of equity consensus.

Evmos also enables Cosmos's Inter-blockchain Communication Protocol (IBC), which allows tokens and data to be shared directly between its Tendermint-based chains. Thus, EVM applications deployed on Evmos can also be accessed by network participants in the broader Cosmos ecosystem, These include Cosmos, Terra, Crypto.org Chain, Osmosis, Cronos, Sentinel and Secret Network. Users from all 28 ibC-enabled independent blockchains will be able to access a variety of applications seen on Ethereum, including decentralized exchanges, markets, lending protocols, NFT applications, games, and more, This is all due to developers deploying their mature application logic from Ethereum directly on Evmos.

Evmos is an evolution of Ethermint, a proof of concept launched in 2016 as a way to deploy EVM-based smart contracts on Tendermint in order to use proof of equity to reach consensus. Ethermint's vision is to support all Ethereum tools, much like Evmos today, to create the same developer experience for Solidity smart contract developers on Tendermint as developers on Ethereum. Following the launch of IBC in March 2021, the Tharsis core development team proposed in Cosmos Proposition 44 to advance the Ethereum initiative through community governance. The proposal, now known as Evmos, was quickly passed in April 2021 with 98.31 percent community support.

EVMOS is the native token of EVMOS, used to pay transaction fees, ensure network security, and participate in EVMOS governance to determine decisions to change core protocol parameters, allocation of community finances, and more. Any EVMOS holder can use the administration module of the protocol to submit or vote on a proposal to use the EVMOS community fund pool. The community pool will collect 10% of the tokens minted in each epoch.

Why is EVM compatibility important for Evmos?

Deploying and using Ethereum-based applications in other blockchain environments has become a multi-billion dollar part of the Web3 ecosystem.

Driving deployment of Ethereum-based applications in alternative environments is based on a number of factors,Based on built-in interoperability and consistency of incentives:

1) Consensus on obtaining equity certificate,

2) Faster transaction speed,

3) Lower transaction costs

4) Expansion of the available user base.

Ethereum's maturity and large user base make it a good place to build Web3 applications, but it also leads to congestion, high operating costs and slow transaction speeds. A layer 1 compatible with EVM, such as Evmos, allows developers to roll out these same applications to more tokenholders, who in turn can get the utility provided by the application. While the Tendermint consensus's EVM-compatible concept has been at the forefront since 2016, Evmos is the first no-permission, proof-of-equity, EVM-compatible environment launched in the broader Tendermint ecosystem.

How do I participate in Evmos

There are two types of nodes on Evmos: a validator node is responsible for verifying transactions and submitting new blocks to the blockchain; Full nodes store the full state of the blockchain and retrieve blockchain data when invoked. A verifier must operate both a verifier node and a full node (both contained in the Coinbase Cloud verifier node cluster), whereas the read/write infrastructure requires only one full node.

The Evmos Active Set is made up of 150 verifiers who own the most total Evmos equity (including self-guaranteed and entrusted equity). A verifier is selected to propose the next block based on its total equity relative to the total equity of all verifiers (for example, if 10 EVMOS shares are given to Verifier A and 100 EVMOS shares are given to all verifiers, Verifier A will be selected to propose A block 10% of the time). If a block does not have a pre-commitment of at least two-thirds (66%) of the previous block, it cannot be included in the chain as signed by other verifiers.

To incentivize better networking between non-empty block proposals and verifiers, the percentage of rewards the verifier receives for successfully proposing a block increases as the percentage of pre-commitments contained in the block increases from 66% to 100%. You can learn more in the "Rewards and Economics" section below. Delegate on Evmos and do not minimally pledge one's Evmos to a verifier. Clients who do not actively participate in Evmos administration automatically inherit the verifier votes they cast. Evmos verifiers charge their clients a percentage commission fee in exchange for their participation services, which is deducted before the client's award is distributed.

When registering a verifier on the network, referred to as "declared candidacy" on Evmos, the verifier operator must announce the verifier's initial commission rate, the maximum daily change in commission rate (the maximum percentage that the commission rate can change within a day), and the maximum commission rate. Once the verifier declares its candidacy, these parameters cannot be increased, although the operator can reduce them at any time.

Rewards and economics of Evmos

These parameters are set at the protocol level and are not determined by the verifier or Coinbase. This information may change at the discretion of the network and was accurate at 2.4.22.

Due to the use of EVMOS to pay transaction/computation fees (GAS), the current target pledge rate is about 50%. The Evmos team points out that if liquidity pledges are made naturally on Evmos in the future, then the target pledge rate could increase.

There are four types of rewards on Evmos: transaction fees are equally distributed to validators who are active in Evmos, although the ability to pay in any COSMOs-based token could be implemented in the future through governance. The application developer will also receive a percentage of the EVM transaction fee, which is divided between the validator of the transaction and the application developer in the Evmos dApp Store.

The Inflation Award (Block Provision) is a percentage of inflation in EVMOS that is distributed proportionally to all active participants in the network. The proposer's reward is a 1-5% reward given to a verifier who successfully proposes a consensus block, increasing according to the number of pre-commitments contained in the previous block. Use incentives of 25% of block issuance as additional incentives, including Deferred gas rebates and liquidity mining, with possible additional incentives through governance.

As mentioned earlier, to encourage non-empty block proposals and networks between verifiers, the proposer's reward was increased from 1% to 5% as the pre-committed inclusion rate of blocks increased from 66% to 100%. Thus, the verifier can optimize its participation by waiting long enough to include the verifier's signature in the proposed block, but not so long as to miss the opportunity to propose the next block. The verifier's commission rate is applied to all awards made by the Client before the client invokes the award from the agreement.

Risks of participating in Evmos & NBSP;

Slash is enabled on Evmos. If a verifier does not behave as expected in the network, both the self-guaranteed shares of the verifier and the principal's shares are reduced, which gives the principal an incentive to pledge their EVMOS to the safe operation of the verifier. There are some bad validator behaviors that result in Evmos being punished by slash:

Double signature:Signing two blocks at the same block height will result in Evmos being penalized by slash, although the penalty parameter for double signing has not yet been defined.

Outage:A validator who misses more than 95% of the first 10,000 blocks will result in a 0.01% slash penalty.

Unavailable:A validator offline a certain number of blocks will result in a slash penalty, and if the validator misses more than the upper limit of blocks, it will be unbound and removed from the active set, although the unusable parameters have not yet been defined.

Poor security, resulting in malicious behavior:If the verifier is the victim of a distributed denial of service (DDoS) attack, if its private key is compromised, or if its other bad behavior is similarly unintentional, then its total equity may still be penalized by slash -- highlighting the importance of choosing a secure, highly available participatory infrastructure. Evmos is expected to implement the confinement parameter of Cosmos, with validators punished by Slash automatically entering a confinement period before being eligible to rejoin the consensus. On Cosmos, the incarceration period is currently two days, after which the validator can submit a transaction to release the incarceration and rejoin the active collection.

The management of Evmos

Governance will be a feature of the Evmos protocol, although it has not yet been fully defined. Verifiers will play a huge role in governance, because verifiers who do not actively participate may inherit the votes of the verifiers they guarantee; In addition, verifiers on Evmos can receive a minor penalty from Slash for neglecting to vote on governance proposals, but undefined. EVMOS tokens are the primary tool to participate in EVMOS governance. Any EVMOS holder will be able to submit a proposal for a protocol upgrade, or use funds from the EVMOS community library.

Evmos is expected to enforce the governance parameters of Cosmos. Cosmos adopted "one coin, one vote" system, which means that any EVMOS holders can vote for the governance proposals, and won't vote for some give extra weight, however, due to the client if you don't vote positively, will inherit their vote of the verifier of guarantee, if participation is limited, the verifier will naturally have a bigger vote. Users on Cosmos can submit a governance proposal with a deposit, and once the minimum deposit is reached, the proposal goes to a vote. If the proposal is accepted or never reaches the minimum for the voting period, the deposit is returned; If the proposal fails, the deposit is recovered by the Cosmos library.

Why run the Evmos node?

Verifiers have a great deal of say in governance votes that affect network parameters, reward rates, transaction fees, currency units of accepted transaction fees, etc., because proxies that do not actively participate in governance automatically inherit the votes of the verifiers they guarantee. Thanks to Evmos' ability to connect Ethereum - and EVM-compatible applications to the interoperable Tendermint and Cosmos ecosystems, It is therefore expected to be a hot spot for Web3 applications and asset transfers -- making it ideally suited for developing blockchain-enabled Web3 applications.