CEO Peng Zhong Predicts There Could Be Over 100,000 Blockchains Connected to Cosmos By 2031

Cosmos (CRYPTO: COSMOS) aims to be the internet of blockchains. The Cosmos hub is a blockchain with 9 different chains currently plugged in, which is expected to increase to 30 by the end of year. Among these chains are the notable Binance Smart Chain (CRYPTO: BNB) and Polygon (CRYPTO: MATIC).

See also: How to Buy Cosmos

Leading the open source development for Cosmos is Tendermint. Captained by CEO Peng Zhong who stopped by Benzinga’s “Moon or Bust” show to talk about the future of inter-blockchain communication and how blockchains will eventually be abstracted away from the end user.

CEO of Tendermint since May 2020, Peng has a background in user experience and design. On Monday July 15, Tendermint deployed the Gravity DEX (decentralized exchange) to the Cosmos Hub mainnet.

“Let’s say you want to buy a token that’s not on the Ethereum ecosystem, right now you just have to go to Binance, and trade in your ETH for Solana there. It’s a really centralized platform.” The Gravity DEX can facilitate decentralized trading of crypto assets based on different chains.

Later this year, Tendermint will deploy the Gravity Bridge, which facilitates 2-way trade between Ethereum (CRYPTO: ETH) and the Cosmos Hub. “Every single ERC-20 token that you can imagine on Ethereum will be able to flow through into Cosmos”

Also coming later this year is Emeris, the user-friendly one stop shop for accessing the Cosmos Hub, the Gravity DEX and your collection of multi-chain assets.

When asked about Cosmos’ competition, Zhong stated, “We see every multichain ecosystem not as a competitor. but as a collaborator, because we are trying to bridge all chains together.”

Zhong explained the goal of Cosmos blockchain, noting the unstable nature of centralized platforms as a point of failure for cryptocurrency. “For all these years we’ve used centralized exchanges to trade cryptocurrencies. When you deposit your tokens on an exchange, you’re not really sure who controls your tokens. The idea of a multichain world that can communicate tokens between each other at the will of the users really allows you to custody all of your assets and exchange them for other assets you may want.”

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