Delphi Labs and Astroport Foundation Launch Inscriptions Platform for Cosmos Hub Network
Research and development firm Delphi Labs and the Astroport Foundation have introduced Asteroid, an inscriptions platform for the Cosmos Hub network. This platform allows data to be embedded onto blockchains without native support for smart contracts. Asteroid utilizes Cosmos transaction call data to create new tokens called “CFT-20s.”
Asteroid Releases First CFT-20 Token as Proof of Concept
Asteroid contributors have launched the first CFT-20 token, Asteroids (ROIDS), as a proof of concept. Within a few hours, users quickly inscribed a total supply of 100 million ROIDS tokens. Each ROIDS token is currently trading at $0.0045, resulting in a market capitalization of $4.5 million.
Cosmos Inscriptions Open Doors for Various Applications
Asteroid’s inscriptions on the Cosmos network provide opportunities beyond tokenization and into data storage. Delphi Labs states that it offers a “metaprotocol” framework that can facilitate the development of additional applications beyond images and tokens.
Asteroid Designed as a Generalized Metaprotocol Framework
Delphi Labs CTO Luke Saunders emphasizes that Asteroid is designed to be a generalized metaprotocol framework. While images and tokens are the initial use cases, there is potential for much more.
Delphi Labs Supports Other Projects within Cosmos Ecosystem
In addition to Asteroid, Delphi Labs also supports two other projects, Astroport and Mars Protocol, within the Cosmos ecosystem.
Inscriptions Introduced with Ordinal Protocol in 2023
The concept of inscriptions was first introduced in early 2023 with the Ordinal protocol. This protocol enables users to inscribe data, such as NFTs and images, onto individual satoshis on the Bitcoin blockchain.
Expansion of Inscriptions to Various Chains
Throughout the latter half of 2023, inscriptions rapidly expanded to Ethereum Virtual Machine (EVM)-compatible chains, including BNB Smart Chain, Polygon, Arbitrum, Avalanche, and Fantom.
Hot Take: Asteroid Revolutionizes Data Embedding on Cosmos Hub Network
Delphi Labs and Astroport Foundation’s launch of Asteroid brings a groundbreaking solution to the Cosmos Hub network. By enabling data embedding without native smart contract support, Asteroid opens doors for tokenization and data storage applications. The release of the first CFT-20 token, Asteroids (ROIDS), serves as proof of concept and showcases the platform’s potential. With a metaprotocol framework, Asteroid paves the way for further development beyond tokens and images. Delphi Labs’ support for Astroport and Mars Protocol highlights their commitment to advancing the Cosmos ecosystem. Inscriptions initially introduced by the Ordinal protocol have now expanded to various chains, enhancing data inscription capabilities across multiple platforms.
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