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Juno (Thread)

L1/L2 $JUNO Smart Contracts Hub

1/ Juno ($JUNO) is a permissionless interoperable smart contract hub built on the Cosmos blockchain. A sovereign public blockchain – Juno aims to provide a sandbox ecosystem for deployment. Network features: decentralized, permission-less, and censorship-resistant.

2/ As a layer 1 smart contract hub, Juno has goals to solve the first-generation smart contract bottlenecks issues: limited scalability, high cost for deployment, and complicated environment for devs.

3/ The core developers are @dimiandre, @wolfcontract, @CosmosChain, @JakeHartnell, @jack_zampolin, @gadikian, @giansalex, @nullmames, @EZStaking, @ben2x4, @ToschDev, @imperator_co.

4/ From the @cosmos perspective, Juno holds a role as a sister hub to the Cosmos hub (main chain).

Primary purpose: offload smart contracts load and bring utility to the hub.

5/ Juno enables WebAssembly (WASM) Virtual Machines through various languages such as Rust (used in $NEAR, $ADA-cli, $SOL, Mozilla) & Go with future implementations of C and C++.

6/ The underlying blockchain framework is Cosmos SDK – general purpose that simplifies the process of building apps on top of Tendermint BFT, based on principles: modularity and capabilities-based security.

7/ The network decides to host CosmWasm since its architecture prevents most classes of attacks that are currently present in Solidity. Rust is the programming language to prevent many coding issues at compile-time.

8/ Juno could integrate seamlessly with Cosmos and take advantage of main chain modules and its security system (BPoS Tendermint). Uploading Juno code in transaction to Cosmos, rather than restarting the chain, allows for a much quicker deployment of new upcoming features.

9/ Network Architecture:

  • At its core is the Inter-Blockchain Communication (IBC) protocol

  • Built by using Cosmos SDK framework

  • Consensus reached through Tendermint BFT (packages the networking and consensus layer into a generic engine)

  • Main-net secured by delegated PoS (similar to $ADA)

10/ Main difference JUNO with other L1 smart contracts platform:

  • The first to deploy cross-chain smart contract through IBC technology

  • Permissionless base layer

  • Home of @CosmWasm – smart contracting platform – and InterWasm DAO

  • Decentralized since network inception

11/ (continued)

  • Community led devs, liquidity, and ecosystem development

  • Low cost deployment compared to gen 2 blockchain

  • Balanced governance

  • Dynamic fee binding

  • Clear binding legal status (no venture rounds) → fully decentralized

12/ Juno breaks the entry-barrier in smart contracts creation. Users are able to develop contracts with almost no coding, all basic functions are in UI. Main concern about this is bad actors since anyone could essentially create a smart contract. https://junomint.ezstaking.io/

13/ Juno as the native asset of the network’s use cases:

  • Securing PoS

  • Key to on-chain governance

  • Gas fees for all interoperable smart contracts

  • Collateral

  • Work token to capture value from built dApps

14/ Total supply of $JUNO is 64 million. Circulating supply 33 million. Maximum supply in 2033 185 million. Supply increases from $JUNO rewards to stakers. Majority of initial supply stakedroped to $ATOM holders (47% of genesis supply).

15/ Incentive/Reward schedule

Fixed inflation on each phase (year). Phase 1: 40%, phase 2: 20%, phase 3: 10%, gradually reduced by 1% each year thereafter until reaching fixed inflation 1%.

16/ On August 1, 2021, #JunoHack started. A full-of-incentive event to promote network adoption and smart contracts development in the Cosmos and Juno ecosystem. Total of 1,186,670 $JUNO are allocated to reward the best dApp and most contribution (valued @ $5 million)

17/ After transitioning from the Hera (incentivised test-net) into Moneta main-net, the update brings the largest incentivized smart contract challenges. A total of 1.15 million $JUNO (valued @ $14 million) would be distributed based on categories.

18/ Juno is opening up dev opportunities for the #MonetaHack in these fields:

  • Interchain Contracts

  • DeFi

  • NFT

  • DAO

  • GameFi

19/ The network currently supports up to 47 dApps, most of which are classified as TOOLS to support the network. DeFi and Smart Contracts are close to even in terms of numbers. More on https://www.junonetwork.io/ecosystem/.

20/ Future Roadmap:

  • Keplr Native Integration

  • UNI-Moneta testnet & upgrade to mainnet

  • JunoSwap launch

  • JunoMint launch

  • Gravity DEX Pool v2

Written by Stanley Tejakusuma