Cosmos crypto is a network of numerous autonomous blockchains known as zones.
The zones are driven by [Tendermint](https://tendermint.com/) BFT, which provides a high-performance, reliable, and secure PBFT-like consensus engine with stringent fork-accountability guarantees over malicious actors' behaviour.

Tendermint BFT is an excellent choice for scaling public proof-of-stake (PoS) blockchains.
Cosmos crypto is a multi-asset PoS cryptocurrency with a simple governance system that allows the network to adapt and update.

## Functions of Hubs and Zones 

The Cosmos crypto network's Hub and zones connect through an inter-blockchain communication (IBC) protocol, which is like a virtual UDP or TCP for blockchains.

Tokens may be moved securely and swiftly from one zone to another without the requirement for liquidity exchange. All inter-zone token transactions are instead routed through the Cosmos Hub, which maintains track of the total number of tokens owned by each zone.

Each zone is separated from the non-success of other zones by the hub. Zones provide future compatibility with new blockchain breakthroughs since anybody may connect a new zone to the Cosmos Hub. 
This design addresses several current issues in the blockchain field, such as application compatibility, scalability, and seamless upgradability. Zones produced by other blockchain systems may be connected to the Cosmos Hub. Cosmos can grow indefinitely to accommodate global transaction demand because of these zones. Zones are particularly well-suited to dispersed exchanges, which will be enabled.  

Cosmos crypto is more than a single distributed ledger, and the Cosmos Hub is not a fortress or the centre of the cosmos.
The aim is to develop a protocol for an open network of distributed ledgers that will serve as a new basis for future financial systems based on cryptographic, sound economic, consensus theory, transparency, and accountability principles. 

## Public Blockchain

The Cosmos crypto Hub is the Cosmos Network's first public blockchain, powered by the Tendermint BFT consensus algorithm.
The Tendermint open-source project was founded in 2014 to solve [Bitcoin](/coins/btc)'s proof-of-work (PoW) consensus algorithm's speed, scalability, and environmental challenges.

The Tendermint team was the first to conceptually demonstrate a PoS cryptocurrency that addresses the nothing-at-stake problem suffered by first-generation PoS cryptocurrencies such as NXT and BitShares1.0 by using and improving on proven BFT algorithms developed at MIT in 1988. 

All Bitcoin mobile wallets now employ trusted servers to offer transaction verification. This is because PoW needs many confirmations before a transaction can be regarded as permanently committed. On platforms like as CoinBase, double-spend attacks have already been proven. Tendermint, unlike other blockchain consensus systems, provides immediate and provably secure mobile-client payment verification. Because the Tendermint is designed to never fork, mobile wallets may get fast transaction confirmation, making trustless and practical payments possible on cell phones. This has far-reaching implications for the Internet of Things applications.

Validators in Cosmos crypto perform a similar function to Bitcoin miners, but instead vote using cryptographic signatures. Validators are secure, specialized computers in charge of committing blocks. Non-validators can delegate their staking tokens (dubbed "atoms") to any validator to receive a percentage of block fees and atom rewards, but they risk being penalised (slashed) if the delegate validator is hacked or breaches the protocol.
Tendermint BFT consensus's established safety guarantees, as well as the collateral deposit of stakeholders–validators and delegators–provide demonstrable, measurable security for nodes and light clients. 

Validators and delegators on the Cosmos crypto Hub can vote on proposals to automatically adjust system default settings, coordinate upgrades, and vote on revisions to the human-readable constitution that governs the Hub's rules. The constitution promotes stakeholder cooperation on issues such as theft and bugs (such as the TheDAO incident), allowing for faster and cleaner resolution. 

Each zone might have its constitution and governing process. The Cosmos Hub, for example, might have a constitution that guarantees immutability at the Hub (no rollbacks except for defects in the Cosmos Hub node implementation), but each zone can specify its rollback policy. The Cosmos network provides maximum freedom and the opportunity for permissionless experimentation by facilitating interoperability among different governance zones. 

On this basis, the Cosmos crypto Hub runs several distinct blockchains known as "zones". A steady stream of recent block commits from zones placed on the Hub helps it maintain track of each zone's current condition. Similarly, each zone monitors the Hub's status. Packets of data are then transmitted from one zone to another by publishing Merkle-proofs as proof that the data was delivered and received. This technology is commonly known as inter-blockchain communication, or IBC for short.  

Since the Cosmos crypto Hub serves as the primary ledger for the entire system, its security is critical. While each zone can be secured by as few as four Tendermint blockchains, the Hub must be secured by a globally decentralised set of validators capable of withstanding the most severe attack scenarios.

## Zones 

A Cosmos zone is a self-contained blockchain that uses IBC messages to connect with the Hub. According to the Hub, a zone is a multi-asset dynamic-membership multi-signature account that may send and receive tokens using IBC packets. A zone, like a cryptocurrency account, cannot send more tokens than it has, but it can accept tokens from those who do. A zone can be designated as a "source" of one or more token types, allowing it to raise the supply of those tokens. 

Validators of a zone connected to the Cosmos Hub may stake atoms of the Cosmos Hub. While double-spend assaults on these zones would result in the cutting of atoms with Tendermint's fork accountability, a zone with more than 2/3 Byzantine voting power can commit an incorrect state.

Because the Cosmos Hub does not validate or execute transactions committed on other zones, users must deliver tokens to zones they trust.
In the future, the Cosmos Hub's governance system may approve Hub upgrade requests that consider zone failures.


Cosmos Crypto Explained

## MoonPay launches NFT Platform with Fox, Universal Pictures. 

MoonPay is partnering with Fox Corporation, Universal Pictures, and Death Row Records (from Rapper Snoop Dogg) in addition to other brands to launch HyperMint, a new NFT platform. 

This partnership was announced by Ivan-Soto-Wright, Chief Executive Officer (CEO) as part of this week’s (June 20 to 24) NFT.NYC conference at Radio City Music Hall in New York City. 

This comes as great news for the digital collectibles space after volume for NFT marketplaces reached new high lows in 2022. 
This also bodes well for the adoption of cryptocurrencies despite complaints by investors Bill Gate and Warren Buffett about the [worth of Bitcoin](https://news.sky.com/story/elon-musk-sued-for-258bn-over-claims-he-ran-a-pyramid-scheme-to-promote-dogecoin-12635334) and digital assets as a whole.   

HyperMint will enable enterprises, agencies, and large brands to mint hundreds of millions of NFTs daily. This will be an upgrade on the minting process of existing NFT platforms are accustomed to, which takes months to complete.
The platform’s underlying technology has laid grounds for a further breakout in NFTs for legacy brands like Fox and Universal which have several intellectual properties that can be rolled out to millions of digital collectibles lovers. 

Non-Fungible Tokens represent real-world objects in virtual reality such as real estate, music, and art. As digital assets that are indestructible, non-interoperable, indivisible, and verifiable, NFTs cannot be replicated in any shape or form. 
In 2022, brands such as the National Football League (NFL), Nike, Gucci, McDonald’s, Coca-Cola, Louis Vuitton, Burberry, Ray-Ban, Adidas, and Givenchy integrated NFTs into their marketing strategies. 

Commenting on the partnership, Soto-Wright pointed out, “The potential of NFT goes beyond collection; it is the utility. You can essentially program anything into these NFTs over time, which is why we decided to focus on this new product offering.”
MoonPay was founded in 2018 and allows users to buy and sell digital assets using traditional payment methods like mobile wallets (Google Pay and Apple Pay), bank transfers, and credit cards. It also sells its technology to NFT marketplace OpenSea and crypto website, Bitcoin.com.

Despite businessman and celebrity [Elon Musk](/coins/doge) being sued for allegedly misleading people into buying crypto, MoonPay has more than 60 celebrity investors on its balance sheet.
HyperMint will be joining NFT platforms such as LooksRare, Nifty Gateway, and Magic Eden among others. 


MoonPay launches NFT Platform

[Cryptocurrency mining](https://cryptowallet.com/glossary/mining-farm/) is a process by which new cryptocurrency coins are created. Miners are rewarded with cryptocurrency coins for verifying and committing transactions to the blockchain. Here, we explore everything you need to know about a cryptocurrency mining farm.

## What is cryptocurrency mining?

[Cryptocurrency mining](/news/article/mining-company) is the process by which new digital currency units are created. In most cases, mining involves solving complex mathematical problems to unlock transaction data blocks.
The first miner to solve the problem receives a reward in the form of newly minted coins or tokens.
Mining is computationally-intensive, so it typically requires significant amounts of computing power.
As a result, many miners operate as part of a large mining farm, where they pool their resources and share the rewards.

While cryptocurrency mining can be profitable, it often requires specialised hardware and consumes a lot of electricity.
As such, it is not typically recommended for beginners. However, for those willing to invest time and resources, mining can be a rewarding way to obtain digital currencies.

## The benefits of a cryptocurrency mining farm

Cryptocurrency mining can be done solo or in a pool. As it typically requires significant computing power and energy, there are benefits to a mining farm.
Mining farms can provide an important source of income for communities that the global economy has otherwise left behind.

## Why a mining farm?

Solo mining is the process of mining cryptocurrency by oneself. It requires a great deal of time and effort, as well as expensive mining equipment.
Pool mining, or being part of a mining farm, on the other hand, allows miners to pool their resources and share the rewards. This is often done on a large scale, with multiple miners working together in a so-called mining farm.

While pool mining is generally more efficient than solo mining, it can still be quite costly and require significant expertise. As such, cryptocurrency mining is typically only worth it for those with the time, money, and know-how to do it successfully.

## How to become part of a cryptocurrency mining farm

The first step in starting to mine cryptocurrency is to set up a mining farm. This can be done by buying a mining rig, which is a specially designed computer that is optimised for mining, or by signing up for a cloud mining service.
Once you have your mining farm set up, you will need to connect it to a mining pool, which is a group of miners who work together to mine blocks and share rewards.

Finally, you will need to install mining software and run it on your mining farm. This software will connect your mining farm to the mining pool and start mining blocks.
Mining cryptocurrencies can be a profitable undertaking, but it is important to do your research before getting started. Make sure you understand how the cryptocurrency you want to mine works and how much competition there is in the mining space.

Also, consult with financial advisors to make sure that mining is a good fit for your investment portfolio.


Mining Farm: A Good Crypto Option? 

South Korea crypto tax, which was meant to become effective for the 2022 fiscal year, but was [delayed to 2023](https://cointelegraph.com/news/why-nft-adoption-is-so-high-in-south-korea), has again been halted, this time by the president himself. 

South Korea’s newly elected president Yoon Suk-yeol said he would back up the decision on deferring taxation on digital investment gains until the government enacts a new set of regulations called the Digital Asset Basic Act (DABA). 

DABA was created by the Financial Services Commission (FSC) earlier this year and consists of numerous legislations introduced for consumer protection.

DABA applies to the token distribution, nonfungible tokens (NFTs), centralised exchange (CEX) listings, and international finance as a whole. It also acts as a response to U.S. President Joe Biden’s executive order on digital assets.

## Postponed Until 2025

Be it as it may, a 20% tax on cryptocurrency profit, previously scheduled for January 1, 2023, is now postponed to 2025. 

An FSC representative commented that “taxation of investment income from virtual assets should be done after investor protections are in place.”

Suk-yeol asserted it would be frivolous to enforce taxation without a clear legal definition of [cryptocurrencies](/news/category/crypto-coin-news)’ status within the country’s financial system. 

“As such, it would be better to postpone the tax until the crypto market had matured and new legislation was readied thoroughly to ensure transparency and investor protection,” he said.

The yet-to-be-confirmed nominee for deputy prime minister and finance minister, Choo Kyung-ho, added taxing crypto in 2025 seems like a much more acceptable solution.

Last year, South Korea warned that defining crypto taxation laws was imminent and the country’s finance minister Hong Nam-ki then said the government plans to impose taxes on gains from the trading of virtual assets.

The thing is, for now, crypto taxation in South Korea seems to be stuck into a so-called grey legislation area: since cryptocurrencies aren’t considered currency or financial assets. For now, cryptocurrency transactions are tax-free. 


South Korea crypto tax halted to protect consumers

The release of Euro Coin (EUROC) was announced by global fintech firm, Circle, on Thursday, June 16, 2022. Circle is the same firm that launched the [United States Dollar Coin (USDC)](/coins/usdc). Like USDC, Euro Coin will be a fully reserved, Euro-backed stablecoin. 

## How the Euro-backed stable coin works

The Euro Coin will function the same way as the Dollar Coin. Thus, 1 EUROC and 2 EUROC will be the equivalent of €1 and €2 respectively. 

As a regulated stablecoin, Euro Coin will be issued under the same full-reserve model of USDC. More importantly, the stablecoin was built on the same standards of security, transparency, and trust that have made USDC one of the most used digital currencies in the crypto finance space. 
 
Circle’s introduction of EUROC will help bridge traditional financial services and cryptocurrencies. Several businesses that do not have direct access to the Euro can use EUROC tokens as on-demand liquidity (ODL) to make and accept payments globally which settle in minutes.
 
Aside from this, the Euro Coins as a tradable token can be used to access crypto capital markets such as lending, borrowing, and trading. 

To ensure the security of the stablecoin to help prevent the ghosts of TerraUSD (UST), Circle has ensured that EUROC has 100% backing of euro-denominated reserves held conservatively in the custody of some of the leading institutions in the financial sector of the United States regulatory perimeter such as Silvergate Bank. 

Speaking on the [launch of EUROC](https://www.circle.com/en/pressroom/circle-announces-a-fully-reserved-euro-backed-stablecoin-euro-coin-euroc), co-founder and CEO of Circle, Jeremy Allaire said, “There is clear market demand for a digital currency denominated in Euros, the world’s second most traded currency after the U.S. dollar. With USDC and Euro Coin, Circle is helping to unlock a new era of fast, inexpensive, secure, and interoperable value exchange worldwide." 

Starting from June 30, EUROC will be made available to institutional clients through a free Circle Account. Uniswap, Huobi Global, Bitstamp, Curve, and Binance.US are among the exchanges that will be supporting the stablecoin. 

This will play an invaluable role in the lives of millions of people who would love to go about their financial lives with EUROC rather than USDC or other currency-backed stablecoins.


Circle launches Euro Coin 

Elon Musk, the CEO of Tesla and SpaceX, was sued for $258 billion by a [Dogecoin](/coins/doge) investor on Thursday, alleging him of operating a pyramid scheme to support the cryptocurrency.
 
Plaintiff Keith Johnson filed a case in federal court in Manhattan accusing Musk, electric vehicle firm Tesla Inc, and space tourism company SpaceX of racketeering for promoting Dogecoin and pushing up its price, only to see it plummet.
 
## Plaintiff Keith Johnson's Statement

"Defendants were aware since 2019 that Dogecoin had no value yet promoted Dogecoin to profit from its trading," 

"Musk used his pedestal as World's Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure and amusement."
 
According to the complaint, Warren Buffett, Bill Gates, and others have [questioned the worth of Bitcoin](https://news.sky.com/story/elon-musk-sued-for-258bn-over-claims-he-ran-a-pyramid-scheme-to-promote-dogecoin-12635334). Tesla, SpaceX, and Musk's lawyer did not immediately respond to the request for comment.

Johnson's lawyer did not reply to requests for comment on what proof his client has or expects to have that indicates the dog focused meme coins worthless, and the defendants conducted a pyramid scheme.

Johnson is claiming $86 billion in damages, which he claims represents the fall in Dogecoin's market value since May 2021 and wants it tripled. He also demanded Elon Musk and his firms be barred from marketing Dogecoin, and a judge to decide that trading Dogecoin is illegal under federal and New York law.

According to the lawsuit, the selloff of Dogecoin began around the time Musk presented the NBC show ‘Saturday Night Live’ and, playing a fictitious financial expert on a ‘Weekend Update’ segment, called cryptocurrency "a hustle." Tesla said in February 2021 that it had purchased $1.5 billion in bitcoin and had temporarily accepted it as payment for vehicles.

Dogecoin was trading at around 5.8 cents on Thursday, down from its top of almost 74 cents in May 2021.




Elon Musk Dogecoin debacle: The ‘Dogefather’ sued for $258bn 

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Read the latest crypto business and market news from around the world.

Cosmos Crypto Explained

MoonPay launches NFT Platform

Mining Farm: A Good Crypto Option?

South Korea crypto tax halted to protect consumers

Circle launches Euro Coin

Elon Musk Dogecoin debacle: The ‘Dogefather’ sued for $258bn

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