Juno is a sovereign public blockchain in the Cosmos ecosystem, which provides an environment for deploying interoperable smart contracts.
In this article, we will discuss:
What is Juno?
Junø is an open source platform for interoperable smart contracts that automatically executes, controls or documents a procedure of relevant events and actions in accordance with the terms of such contract or agreement to be valid and usable across multiple sovereign networks.
Juno originates and evolves from a community-driven initiative driven by dozens of developers, validators, and delegates in the Cosmos ecosystem. The shared vision is to preserve the neutrality, performance, and reliability of the Cosmos Hub and move the smart contract deployment to a dedicated sister hub.
Some of the founding principles revolve around:
- Creation of the world's first interoperable, permissionless smart contract network.
- Pioneering in the development and adoption of CosmWasm.
- Eliminating common L1 smart contract bottlenecks (poor scalability, non-interoperability, high fees, concentrated governance control).
- Sister Hub to Cosmos Hub – Preserving Hub neutrality by offloading smart contract usage/congestion to a designated contract zone.
- Governance by ATOM stakers who become JUNO stakers. Stakedrop where 47% of the genesis supply goes to ATOM stakers on a 1:1 basis.
- Eliminating potential legal limitations (Juno has not/will not carry out any form of seed sale, private sale or public sale. All $JUNO entered circulation through the launch of the decentralized network on October 1, 2021)
How does Juno work?
Juno as a blockchain public sovereign in the Cosmos ecosystem, aims to provide an environment for the deployment of interoperable smart contracts. The network serves as a decentralized, permissionless, and censorship-resistant avenue for developers to efficiently and securely launch smart contracts using proven frameworks and compile them in multiple Rust & Go languages.
Battle-tested contract modules such as CosmWasm allow decentralized applications (dapps) to be built into robust and secure multi-chain smart contracts. Additional specialized modules can be introduced at any time via on-chain governance.
Inter Blockchain Communication (IBC)
At the heart of the Cosmos ecosystem is the Inter Blockchain Communication Protocol (IBC), which sets the table for an interoperable base layer 0 to be used now to transfer data packets between thousands of independent networks that support IBC.
Naturally, the next evolutionary milestone is enabling smart contracts across networks. This allows Juno smart contracts to interoperate with all IBC-enabled networks, regardless of support for external networks.
Cosmos SDK
The Juno blockchain is built using the Cosmos SDK framework. A generalized framework that simplifies the process of building secure blockchain applications on top of Tendermint BFT. It is based on two main principles: Modularity and feature-based security.
tend
Agreement on the network is reached through Tendermint BFT consensus. Tendermint BFT is a solution that packages the network and consensus layers of a blockchain into a generic mechanism, allowing developers to focus on application development as opposed to the complex underlying protocol. As a result, Tendermint saves hundreds of hours of development time.
cosmwasm
Juno is the neutral home of CosmWasm smart contracts and InterWasm DAO. The ecosystem is a pioneer in the development and adoption of CosmWasm.
CosmWasm, enables WebAssembly (WASM) virtual machines (VMs) in the Cosmos SDK. Adding WebAssembly to the Cosmos SDK allows software written in multiple languages to run securely on a blockchain. WASM serves as an intermediary language that compiles the developer's language of choice into a portable virtual machine. This means you can have a simple, secure and fast virtual machine set up for sandbox or partition your app's actions for better testing, security, performance, and speed.
Why CosmWasm?
CosmWasm runs Web Assembly (Wasm) bytecode, with very mature bindings to develop in the Rust programming language. We plan to add support for smart contracts in Golang by the second quarter of next year. This provides a secure, high-performance runtime for your contracts and the ease of using mature tools and testing frameworks in well-established languages with large developer communities.
The APIs are designed both to ease development and to avoid most security issues by design. While Solidity makes it easy to write a simple contract, it is very difficult to write a complex contract without security flaws. Although it takes a little longer to get started, CosmWasm's architecture prevents most classes of attacks present in Solidity.
In addition, the Rust programming language avoids many compile-time coding problems. So there's not a long range where you produce working but exploitable contracts.
In addition to exploits like re-entry attacks, faulty implementations of business logic are a big cause of DeFi hacks. Years of computer engineering have shown that testing (whether unit testing, BDD testing, fuzz testing, or TDD) is the best way to avoid these errors in your programs.
CosmWasm makes it easy to test your contracts at various levels of complexity – from unit tests of an isolated contract with simulated input, to native Rust tests that simulate complex interactions between contracts, and tests of integration of a contract within a running blockchain. You can even write tests in TypeScript to test cross-chain contract calls with local blockchain nodes.
In short, CosmWasm lets you use familiar, powerful, and secure languages to write secure, high-performance smart contracts. These smart contracts can be deployed on many different blockchains and even communicate between blockchains via IBC.
JUNO token
JUNO, the network's native token carries a variety of use cases within the ecosystem, including:
- secure the proof-of-stake network,
- key to chain governance,
- act as transport fuel (gas) for all interoperable smart contracts deployed in the ecosystem,
- warranty in various smart contract use cases,
- and worker token to capture value from dapps built on top of the Juno Network.
Tokenomics
Juno Network is a fully community-owned and operated smart contract platform. Therefore, most of the initial supply was handed over to Atom Holders, committed to the community pool, or committed to the development reserve for the continued development of Juno Network features.
- Initial Current Supply: 33.036.534 $JUNO
- Initial Total Supply: 64.903.242 $JUNO
- Maximum Supply (Reached after 12 years (2033): 185.562.268 $JUNO
Token Distribution
- Community participation: 30.663.193 $JUNO
- Community pool: 20.000.000 $JUNO
- Smart Contract Challenges: 2.373.341 $JUNO
- Core Development Reserve (Used for more than 12 years, that is, non-current): 10.084.396 $JUNO
- Core Team (over 12 years old, i.e. non-current): 1.782.312 $JUNO
JUNO Price Forecast
The JUNO price is predicted to reach a high level of $65.39 throughout 2022.
As early as 2023 according to our crypto price prediction index, JUNO may reach a maximum level of $125.83, with the average trading price of $93.57.
In 2025 according to our crypto price prediction index, JUNO is expected to cross an average price level of $151.69. The minimum expected value of the JUNO price at the end of the current year should be $140.07. Furthermore, JUNO can reach a maximum price level of $154.60.
Where to buy JUNO?
JUNO cryptocurrency can be traded on the following exchange:
- Osmosis
Conclusion
Juno as a Tier 1 Smart Contract Network solves the first generation smart contract bottlenecks that are limited scalability, high cost to deploy and run, and provides an easy environment for developers around the world to deploy scalable and secure decentralized applications with efficiency.
