Delphi Labs, a prominent research and development firm, in collaboration with the Astroport Foundation, has introduced a groundbreaking inscriptions platform named Asteroid for the Cosmos Hub network.
The innovative protocol is set to redefine the way data is embedded onto blockchains, particularly those without native support for smart contracts.
Asteroid: Pioneering inscriptions in the Cosmos ecosystem
Asteroid leverages the transaction call data of Cosmos to inscribe new tokens, termed “CFT-20s,” into existence. The novel approach was demonstrated with the release of the first CFT-20 token, Asteroids (ROIDS), as a proof of concept. The token, with a total supply of 100 million, was swiftly inscribed by users within a few hours of its introduction, reaching a trading value of $0.0045 per token and achieving a market capitalization of $4.5 million.
The introduction of Asteroid is not just about tokenization; it’s a gateway to a plethora of applications, extending into data storage and beyond. Delphi Labs envisions Asteroid as a “metaprotocol” framework, a foundational structure that paves the way for the development of additional applications within the Cosmos ecosystem. Luke Saunders, the CTO of Delphi Labs, emphasized the broader potential of Asteroid, stating, “Images and tokens are just the first two use cases, but much more is possible.”
The expanding universe of inscriptions
The concept of inscriptions is not new and was first introduced with the Ordinal protocol in early 2023. The protocol enabled users to inscribe data, such as NFTs and images, onto individual satoshis on the Bitcoin blockchain. However, the second half of 2023 witnessed a rapid expansion of inscriptions to Ethereum Virtual Machine (EVM)-compatible chains, including BNB Smart Chain, Polygon, Arbitrum, Avalanche, and Fantom.
Asteroid’s introduction into the Cosmos Hub marks a significant milestone in the expanding universe of inscriptions. By enabling the embedding of data onto the Cosmos blockchain, Asteroid is set to unlock unprecedented possibilities for developers and users alike, fostering innovation and creativity within the ecosystem.
Delphi Labs: A catalyst for innovation in the cosmos ecosystem
Delphi Labs’ involvement with Asteroid is a testament to its commitment to fostering innovation within the Cosmos ecosystem. In addition to Asteroid, Delphi Labs is actively supporting two other significant projects, Astroport and Mars Protocol, further solidifying its role as a catalyst for growth and development in the blockchain space.
As the blockchain industry continues to evolve, the introduction of platforms like Asteroid by Delphi Labs and the Astroport Foundation is a clear indication of the limitless potential of blockchain technology. With its ability to enable a wide range of applications and serve as a meta-protocol framework, Asteroid is not just a tool for today but a foundation for the future of blockchain innovation.
Conclusion
The launch of the Asteroid protocol by Delphi Labs and the Astroport Foundation marks a significant advancement in the Cosmos Hub network, introducing a versatile and innovative way to embed data through inscriptions. The development not only broadens the scope of blockchain applications beyond tokenization but also establishes a robust framework for future innovations. As the blockchain landscape continues to evolve, initiatives like Asteroid are pivotal in unlocking the full potential of blockchain technology, paving the way for a more interconnected and versatile digital ecosystem.
Source: https://www.cryptopolitan.com/delphi-labs-astroport-foundation-protocol/