Ki Chain integrates CosmWasm
Two weeks ago, during our $XKI 1 year anniversary keynote, we shared many exciting announcements with the community including the public mint date for Cosmon and the partnerships with projects that are soon-to-be-launched on the Ki Chain. But most importantly, we announced the integration of CosmWasm for the Ki Chain to become a Layer-1 for interchain smart contracts!
In case you missed the Keynote & AMA, you can rewatch it here.
The idea behind $XKI was to create an asset that accrues value through a vibrant ecosystem of DeFi products and permissioned financial services, all hosted on the Ki Chain. This is why it’s the right time for us to integrate the CosmWasm multi-chain smart contracting library!
With its mature tooling and existing integration within the Cosmos ecosystem and SDK, the CosmWasm intergration will open the doors for an increased development environment on the Ki Chain. Notably, Cosmon — our soon-to-be-released Play-To-Earn game that will use $XKI as its in-game asset.
But this is only the beginning! As mentioned in the Keynote, The CosmWasm upgrade and Cosmon launch don’t come on their own, as we already have several promising projects in the pipeline to be launched as soon as the chain undergoes the upgrade.
Namely, Eleven Paris, a fashion brand that recently partnered with us to create an hybrid NFT collection along with a dedicated loyalty token that will launch on the Ki Chain. This will allow for an entirely new revenue stream and engagement models that allow brands to build more successful and sustainable businesses.
Eleven Paris utility token, $LVN, along with their NFT collection and Cosmon will be the first smart contracts to be deployed on the Ki Chain post-integration.
After this upgrade, the Ki Chain will have the functional capacity to support smart contracts and host several promising projects that are going to be built on top of it.
With the help of our validators, a successful testnet upgrade has already happened on May 31st in anticipation for the main upgrade on the 15th of June.
The proposal is live and you can check it here.
This is an important milestone for $XKI and its entire ecosystem. Its the first step towards bridging the gap between traditional finance and DeFi by onboarding real-life businesses to Web3 and unlocking their full potential through tokenization.
The CosmWasm Smart Contracting Platform
CosmWasm is a project that was originally prototyped by Team Gaians at the Berlin Hackatom 2019. Aaron Craelius of Regen Network came up with the architecture to avoid reentrancy vectors, Jehan Tremback led the Rust coding, and Ethan Frey led the Golang implementation. After successful prototyping, the Interchain Foundation provided a grant to Confio to implement a robust version that would work in an adversarial environment.
Now, CosmWasm stands as a secure, interoperable, multi-chain operable smart contract library. It provides a WebAssembly (Wasm) virtual machine (VM) for the Cosmos SDK. The addition of Wasm allows software written in many different languages to run securely on blockchains, as it fundamentally serves as an intermediate language that compiles the language of choice to a portable VM. This ultimately translates to fast VM setup for sandboxing or partitioning applications for better testing, security, performance, and speed. To put it simply, you can think of CosmWasm as a container — for smart contracts — like you would see in the cloud.
