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 falls 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.
Its not just DEXs that are suffering, even decentralized crypto gaming platforms, while liberating especially with the fast rising play-to-earn movement, fall short of their centralized counterparts that boast a capacity to host millions of users on their platforms.
What is Injective Protocol?
Injective is an open, interoperable layer-one blockchain for DeFi applications. With injective, developers in the DeFi space get access to modules and tools they need to build high performance DeFi application that are able to scale.
At its core, Injective offers a high performance finance-centric blockchain built to power the next-generation of decentralized apps. It provides decentralized plug-and-play financial infrastructures for DeFi primitives such as oracles, composable smart contracts and high throughput on-chain DEXs to mention a few.
This blockchain’s core exchange module provides state-of-the-art capabilities such as advanced on-chain order books and matching engines. With such modules, developers can build decentralized exchanges that have sport, perpetual and futures market which is way above what is currently offered on existing decentralized exchanged.
Injective’s next-generational decentralized exchange modules are built with an order book architecture that operates as a layer -2 DeX on the Cosmos Network. Injective’s DEX protocols allows users to trade digital assets at high speeds with the same level of security and trustlessness that is expected from any other decentralized exchange while providing the added benefit of cross-chain liquidity.
Injective’s exchange module’s are uniquely designed to offer several advantages over existing solutions such as:
- Infinitely Scalable: Injective’s exchange modules use a unique sharded order book architecture that allows for the processing of an infinite number of transactions per second.
- Cross-Chain Support: Injective exchange module 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 exchange module uses a decentralized oracle network powered by the Band Protocol to provide users with real-time data from exchanges, cryptocurrency wallets, and other external sources.
- Fast Settlement: Injective’s exchange modules utilize an Optimistic Rollup construction which allows for the settlement of trades in under 5 seconds.
- Enhanced Security: Injective’s exchange modules are built on top of Cosmos SDK, which uses a modular design that makes it more secure and easier to upgrade than other smart contract platforms. This is a plus for keeping DEX’s built with Injective’s exchange module safe as it gets easier to audit and upgrade security protocols.
In addition, Injective’s exchange modules also offers several unique features such as:
- Limit Orders: Thi is a first of its kind module with limit order capabilities. This feature allows users to place an order to buy or sell an asset at a specified price on a decentralized exchange.
- Atomic Swaps: Injective’s exchange modules 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 Protocol is the first order book-based decentralized exchange built on the Cosmos Network. Using the Cosmos SDK, the Injective Protocol can offer infinite scalability, fast settlement times, and cross-chain trading pairs. In addition, Injective Protocol also uses the Band Protocol 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 Protocol is Backed By Experts
Injective’s 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 finance and computer science. Before founding Injective, he worked as a cryptography researcher and trader at Innovating Capital where he led innovative market neutral trading efforts in the blockchain space. Chen has an extensive knowledge of blockchain protocols and finance and is working to build futuristic decentralized networks and communities.
The Injective’s team also has the support of several notable advisors such as Binance, Mark Cuban, Hashed, Pantera and Jump Crypto.
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’s blockchain is designed with a DAO -like governance model that allows the community to participate in the project’s decision-making process.
Conclusion
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’s blockchain is positioned to become the go-to protocol for sophisticated decentralized exchanges. And its not just DEXs that stand to benefit, with its focus on security, scalability, and interoperability, Injective’s plug-and-play modules are setting the standard for how all sorts of decentralized applications should be built.
Injective is also connected to the world’s largest dApp platform thanks to 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 Injective’s blockchain 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.
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Disclaimer: Not financial advice. Cryptocurrency and blockchain investments are high risk, can incur substantial losses, and are not suitable for everyone. Please consult a professional before considering investment in any cryptocurrency. This article does not encourage or support any specific investments, use of applications or technology, or financial direction. This article is for informational purposes only and should be verified and validated externally for 100% accuracy.
