Injective: Enabling Highly Functional Decentralized Applications for the Future of the Internet
Decentralization of the internet is inevitable. With advancements in technology and the ongoing digital revolution, we can now create decentralized applications that are more secure, efficient, and scalable than their centralized counterparts.
The challenge however is that existing blockchains are struggling to scale and support the complex applications that we mainstream users have grown used to. For instance, Ethereum can only handle 15 transactions per second (TPS) which fall well short of the needs of large-scale applications. Therefore with these limitations, a decentralized exchange built on Ethereum such as Uniswap would not be able to keep up with the demand of users trying to trade digital assets while using sophisticated features such as limit orders. Granted DeXs have liberated us from having to use centralized exchanges that can manipulate prices and freeze user funds, but they have yet to provide the same level of functionality that comes with centralized platforms.
This is where Injective comes in. Injective is the first layer-2 decentralized exchange built on Cosmos Network, the most scalable blockchain network in the world. Using Cosmos Injective has enabled the construction of infinitely scalable dApps while providing cross-chain liquidity.
What is Injective?
Injective is a next-generation decentralized exchange built with an order book architecture that operates as a layer -2 DeX on the Cosmos Network. Injective allows users to trade digital assets at high speeds with the same level of security and trust that is expected from a decentralized exchange while providing the added benefit of cross-chain liquidity.
Injective unique design enables it to offer several advantages over existing solutions such as:
– Infinitely Scalable: Injective uses a unique sharded order book architecture that allows it to process an infinite number of transactions per second.
– Cross-Chain Support: Injective is cross-chain enabled out of the box and supports trading pairs between any two chains connected to the Cosmos network such as Ethereum, Binance Chain, etc.
– Decentralized Oracles: Injective uses a decentralized oracle network powered by the Band to provide users with real-time data from exchanges, cryptocurrency wallets, and other external sources.
– Fast Settlement: Injective utilizes an Optimistic Rollup construction which allows it to settle trades in under 5 seconds.
– Enhanced Security: Injective is built on top of the Cosmos SDK, which uses a modular design that makes it more secure and easier to upgrade than other smart contract platforms.
In addition, Injective also offers several unique features such as:
– Limit Orders: Injective is the first decentralized exchange to offer limit orders. This feature allows users to place an order to buy or sell an asset at a specified price.
– Atomic Swaps: Injective supports atomic swaps which allow users to trade digital assets without having to trust a third party.
What is the Cosmos Network?
The Cosmos Network is a decentralized network of blockchains that can scale and interoperate with each other. The Cosmos Network is built with a three-layer structure that consists of the Tendermint Core, the Cosmos SDK, and the Inter-Blockchain Communication Protocol.
The Tendermint Core is a consensus engine that allows connected blockchains to process transactions quickly and securely. The Cosmos SDK is a software development kit and the application layer to the Cosmos ecosystem that allows developers to build their own decentralized applications on top of the Tendermint Core. The Inter-Blockchain Communication (IBC) Protocol is the networking layer of the platform and allows for communication and data sharing between different blockchains connected to the Cosmos Network.
The Cosmos Network was designed to be scalable from the ground up. The Tendermint Core uses a Byzantine Fault Tolerance consensus algorithm which allows it to process transactions quickly and securely. The Cosmos SDK uses a modular design that allows it to be infinitely scalable. The Inter-Blockchain Communication Protocol uses a relay mechanism to allow for data sharing between different blockchains without the need for a central authority.
Injective is the first order book-based decentralized exchange built on the Cosmos Network. Using the Cosmos SDK, the Injective can offer infinite scalability, fast settlement times, and cross-chain trading pairs. In addition, Injective also uses the Band to power its decentralized oracle network and provide users with real-time data from external sources such as exchanges, crypto wallets, and other data sources.
Injective is Backed By Experts
The Injective team is composed of experienced developers who have worked on projects such as Kyber Network, Binance, Cosmos, and Hashgraph. The team is led by CEO Eric Chen, who has a background in electrical engineering and has worked as a software engineer at Google and Goldman Sachs.
The Injective team also has the support of several notable advisors such as Loi Luu (co-founder of Kyber Network), Alexander Zaidelson (co-founder of Beam), and Diego Gutierrez (co-founder of RSK).
Unlike most ICO-hungry projects that launched in 2017 and 2018, Injective is not focused on raising money but rather on building a working product that solves real-world problems. For this reason, Injective is designed with a DAO -like governance model that allows the community to participate in the project’s decision-making process.
As the DeFi landscape continues to grow, so too are the number of projects that are looking to solve the scalability, interoperability, and security problem.
Injective is positioned to become the go-to protocol for decentralized exchanges. With its focus on security, scalability, and interoperability, Injective is setting the standard for how a decentralized exchange should be built.
What’s more, Injective is not only advancing the development of DeXs but also of decentralized applications, especially with its Ethereum Bridge. With Ethereum as the world’s most popular smart contract platform, the Injective – Ethereum bridge is designed to bridge smart contract communication between Injective and Ethereum. This will enable the Injective ecosystem to interact with a wide variety of popular DeFi protocols such as MakerDAO, Compound, dy/dx, and 0x Protocol.
By allowing developers to build dApps that share data back and forth between blockchains, Injective is pioneering the future of the internet as Web3 advances further