Cosmos Ecosystem: new opportunities with prize-linked savings accounts

It is time to spice up the Cosmos game with a new exciting experience for Cosmonauts and the broader ecosystem.

The traditional saving landscape, with conventional savings accounts has been the go-to choice for individuals seeking to accumulate wealth over time.

Since the advent of blockchain technology and the continued evolution of Decentralized Finance (DeFi) the financial landscape has transformed radically.

In this new era, the Cosmos Ecosystem has emerged as a vanguard for change, introducing an unparalleled opportunity: Cosmos Millions.

Cosmos Millions is the first groundbreaking and open-source DeFi protocol that offers a Prize-Linked Savings Account for the Cosmos Ecosystem. It seeks to revolutionize the traditional savings landscape by offering a dynamic and stimulating approach to saving money.

In this article, we will explore:
- The unique features of Cosmos Millions
- Its impact on the Cosmos Ecosystem
- How it leverages the Interchain stack to redefine the way we save.

Let’s dive in Cosmonauts 🧑‍🚀

What is a prize-linked savings account?

A prize-linked savings account (PLSA) is a financial instrument that combines the stability of a traditional savings account with the excitement of potential rewards. In a PLSA, the deposits are gathered and collectively they generate a yield. This yield is then distributed as prizes to randomly selected account holders. This approach incentivizes individuals to save money by offering them the chance to win substantial rewards without risking their initial deposits.

Historically, PLSAs have been successful in promoting savings behavior among individuals, particularly those who may not have been inclined to save otherwise. The concept dates back centuries, with early iterations of PLSAs found in 17th-century England. Since then, PLSAs have evolved and have been implemented in various forms across the world.
The advent of DeFi has further expanded the potential of PLSAs, allowing for the creation of more innovative and accessible products like Cosmos Millions.

Cosmos Millions: a unique saving experience

Cosmos Millions takes the concept of PLSAs to new heights by leveraging the power of the Cosmos Ecosystem and its Interchain stack.
With Cosmos Millions, users can enjoy a saving experience that offers thrilling rewards with minimal fees and high prizes. The platform features random draws, with the entire community contributing towards the prizes that are distributed to the winners.

This unique approach to savings has several benefits, including:

1. Encouraging savings behavior: by offering the potential for significant rewards, Cosmos Millions incentivizes users to save money and contribute to the growth of their financial assets. This can lead to an increase in overall savings rates and promote financial stability for individuals.
2. Cosmos Entertainment: yes, staking matters! Now you can stake and win prizes too! It’s a brand new and amusing experience for the whole community.
3. Boost the growth of the Cosmos Ecosystem: as we all know, thrilling experiences are much needed to push the growth of the Cosmos Ecosystem. Cosmos Millions will be a significant step towards achieving that by adding an extra utility to every token that has a pool created on the protocol. This will benefit all users and stakeholders within the ecosystem and contribute to its long-term sustainability.
4. Fostering financial innovation: Cosmos Millions serves as a testament to the boundless potential of the Interchain of Blockchains and its community. By embracing cutting-edge technology and interoperable networks, Cosmos Millions paves the way for further innovation in the Cosmos Ecosystem space.

The Interchain Stack: unleashing the power of prize-linked savings accounts ⚛️

Cosmos Millions uses the Interchain stack, an architecture for scalable, secure, and interconnected blockchains that includes Cosmos-SDK, Tendermint BFT, IBC (Inter-Blockchain Communication) as well as ICA (Interchain Accounts), to bring its prize-linked savings experience to life. The use of these technologies enables Cosmos Millions to operate on a sovereign and interoperable network of blockchains, ensuring easy access and minimal fees for its users.

Here’s how each component of the Interchain stack contributes to the success of Cosmos Millions:

1. Cosmos-SDK: The Cosmos Software Development Kit serves as the foundation for building blockchain applications within the Cosmos Ecosystem. It provides a modular and extensible framework that allows developers to create custom, high-performance blockchains tailored to their specific needs. For Cosmos Millions, the Cosmos-SDK enables the development of a highly efficient and secure platform for prize-linked savings.
2. Tendermint BFT: Tendermint Byzantine Fault Tolerance (BFT) is a consensus algorithm that underpins the Cosmos Ecosystem. It ensures that transactions are processed quickly and securely while maintaining the overall integrity of the network. In the context of Cosmos Millions, Tendermint BFT guarantees that users’ deposits and prize distributions are executed seamlessly and transparently.
3. IBC: The Inter-Blockchain Communication Protocol enables seamless communication between different blockchains within the Cosmos Ecosystem. With IBC, Cosmos Millions can connect with other networks, allowing users to deposit and withdraw assets across various blockchains easily. This interoperability translates to lower fees and increased accessibility for users, making Cosmos Millions a standout in the blockchain industry.
4. ICA: Interchain Accounts is a system enabling blockchains to operate accounts on other blockchains over IBC. ICA enhances the overall usability of Cosmos Millions, making it more accessible to users. It’s used to manage the assets on other chains, that collects the yield (staking) and this yield becomes the prizes distributed. No bridge and no middleman which usually end up being the single of failures and hacks.

Security and transparency: the cornerstones of Cosmos Millions

As an open-source Protocol with an on-going audit by a third-party company before the launch, Cosmos Millions prioritizes the security and transparency of its platform.

The decentralized protocol ensures that no single entity controls the prize distribution process, minimizing the potential for fraud or manipulation. All transactions written are immutable, providing users with a clear and verifiable record of the protocol, making it transparent and accessible to everyone.

Cosmos Millions is a project built on the Lum Network blockchain, a fast, secure and sustainable open-source blockchain protocol from the Cosmos Ecosystem.

Example of weekly prizes for ATOM pool

In order to leverage the communities that have been growing around projects in the Cosmos ecosystem, Cosmos Millions will provide multiple prize pools. Each pool will be constituted of a single denom (e.g: ATOM).

The ATOM pool will be the first one on Cosmos Millions!

In order to visualize the potential of prize-savings accounts for the Cosmos Ecosystem, we show you an example of the prizes to win each week for an ATOM pool.

Please note that the following numbers are estimated numbers.

Exclusive $5000 incentive for early registration!

To give an incentive for people that register early, $5000 worth of delegated deposits will be randomly distributed to 50 users ($100 each).

How to qualify? 🙋
- Register before 3rd May 12:00 UTC.
- Deposit at least 1 ATOM in the $ATOM pool between the pool opening and the first draw.

Delegated deposits allow users to participate in a pool while allocating any prize they receive to another wallet. It gives the beneficiary wallet a higher chance to be picked as the winner of the prizes.
For the launch, Cosmos Millions itself will delegate deposits to 50 users that registered early. Register now!

Wen Cosmos Millions?

Cosmos Millions is on its way! The application will go live for mid-May!
Stay tuned to know when the code gets open sourced, we’re looking forward to community members taking a look at it!

Meanwhile, follow us on Twitter @cosmosmillions so you don’t miss any news and announcements! More is coming!

Get ready 🚀🌕

As the world continues to embrace the transformative potential of DeFi, Cosmos Millions stands at the forefront of innovation, demonstrating the limitless possibilities of the Cosmos Ecosystem and its community. By offering a secure, transparent, and accessible platform for prize-linked savings, Cosmos Millions is paving the way for a wider adoption of the Internet of Blockchains and its vision.

Join the community ⚛

• Twitter: https://twitter.com/CosmosMillions
• Discord: https://discord.gg/KwyVvnBcXF
• Website: https://cosmosmillions.com
• Lum Network Twitter: https://twitter.com/lum_network