Juno – Interoperable Cosmos #1 Smart Contract Network

CosmWasm: Revolutionizing Blockchain Development

• Universal Language Compatibility: CosmWasm stands out by enabling a wide range of programming languages to run securely on a blockchain through WebAssembly. This innovation serves as a bridge, converting various programming languages into a portable virtual machine format. It’s like having a universal translator for blockchain code, ensuring simplicity, security, and efficiency.
• Enhancing Cosmos SDK: Adding WebAssembly to the Cosmos SDK is a strategic move. Developers can now write modules in Rust that integrate seamlessly with the Cosmos SDK, leveraging the robustness of Cosmos-SDK modules and the BPoS Tendermint consensus algorithm. This integration creates a fertile ground for developing custom application logic predominantly in Rust.
• Agile and Efficient Deployment: Juno’s approach to deploying smart contracts is groundbreaking. Code can be uploaded in transactions without restarting the entire chain, leading to swift and efficient feature deployment. The need for a Juno Hub upgrade arises only when core logic modifications are required. This flexibility allows for rapid iteration and development of custom smart contracts.
• Building a Versatile Blockchain Ecosystem: The potential of Juno, when combined with CosmWasm, is vast. It enables the creation of application-specific zones, provides quick code deployment, and even opens up possibilities for developing an Ethereum alternative on Tendermint. This versatility ensures that Juno is not just a blockchain platform but a comprehensive ecosystem supporting a variety of applications, including DeFi, NFTs, and governance systems.

Future-Proofing with Wasm and Rust

• Backward Compatibility and Upgrades: With the v1.0.0-beta release, Juno is committed to building a future-proof ecosystem. Wasm ensures backward compatibility and smooth upgrade paths from v1.0.0-beta to future versions. Alongside, the APIs are being constantly refined for enhanced performance and stability.
• Security and Performance: CosmWasm’s use of Rust for smart contract development emphasizes safety and high performance. The Rust programming language inherently prevents many coding issues at compile-time, reducing the likelihood of functional but exploitable contracts. This focus on security is complemented by the anticipated addition of Golang support, expanding the toolkit for developers.
• Testing and Reliability: One of Juno’s strongest suits is its emphasis on testing. CosmWasm facilitates comprehensive testing at various levels – from unit testing in isolation with mocked input to complex cross-contract interactions and integration tests within a running blockchain. This rigorous testing framework is pivotal in preventing common flaws in smart contracts, offering a robust environment for DeFi applications.
• Preventing Security Flaws: CosmWasm’s architecture is designed to prevent many common security issues inherent in other platforms like Solidity. This architectural choice, combined with the inherent safety features of Rust, significantly reduces the risk of reentrancy attacks and other exploits, ensuring a more secure and reliable blockchain experience.

Utility of JUNO Token

1. Network Fees: JUNO is used as a form of payment for transaction and network fees within the Juno Network. This usage is critical for maintaining the network’s operations and incentivizing good behavior.
2. Rewards for Validators: Validators, who are crucial for maintaining the integrity and security of the proof of stake consensus mechanism of Juno, are rewarded in JUNO tokens. This incentivizes participation and helps ensure the network remains secure and efficient.
3. Governance: JUNO also functions as a governance token. Holders can vote on network proposals, contributing to the decentralized decision-making process. This aspect of JUNO underscores the community-driven nature of the Juno Network, where token holders have a say in its direction and development.

Tokenomics of JUNO

• Initial Circulating Supply: The initial circulating supply of JUNO was 33,036,534 tokens.
• Initial Total Supply: At its inception, the total supply of JUNO was 64,903,242 tokens.
• Maximum Supply: The maximum supply of JUNO is capped at 185,562,268 tokens, which is expected to be reached by the year 2033, 12 years after the network’s launch.
• Community-Driven Distribution: Reflecting its community-centric philosophy, over 95% of the genesis supply of JUNO was distributed in a stake-drop to ATOM stakers, allocated to the community pool, and committed to the development reserve. This allocation strategy supports ongoing development and aligns with the network’s commitment to being completely community-owned and operated.

1. Validators and Delegators: These are the pillars of the Juno Network’s security. Validators ensure the network’s integrity, while delegators support them by staking tokens. The incentive structure for both validators and delegators is initially set in the Juno Protocol but is designed to be adaptable. This means that changes to the incentive model can be proposed and voted on by validators and delegators, reflecting the network’s commitment to on-chain governance. Their rewards follow a strategic game-theory model that offers greater incentives to early adopters, gradually reducing over time as transaction fees and decentralized application usage increase.
2. Developers: Developers are the driving force behind the Juno Network’s infrastructure and application development. Recognized as critical economic contributors, they receive significant support from the community pool, which is one of the largest genesis allocations in the Cosmos ecosystem. This pool is not intended to fully fund independent projects but rather to provide them with an initial boost. The focus is on initiatives that add long-term value to the Juno Network and its native asset, ensuring that the support aligns with the network’s overarching goals.

Community Pool and Its Role

• The community pool’s primary purpose is to kickstart initiatives that contribute to the Juno Network’s development and sustainability. It’s a strategic fund meant to foster innovation and development within the network, rather than to completely finance independent projects. The emphasis is on projects that have a lasting impact on the value of the Juno Network and its participants.
• The allocation and distribution of these funds are governed by the community, ensuring that investments align with the network’s ethos and long-term objectives. This approach ensures that the Juno Network remains a vibrant, evolving ecosystem, driven by community engagement and developer innovation.

The Essence of Community Ownership and Decentralization in Juno

1. Empowering the Community: By entrusting a significant portion of the Juno blockchain’s genesis supply to its community, Juno empowers its users with not just ownership but also governance rights. This distribution fosters a sense of responsibility and ownership among users, encouraging active participation in the network’s decision-making processes.
2. Cultivating Transparency and Fairness: Decentralization is key to promoting transparency and fairness within the network. It disperses power and control, preventing centralization and the influence of a select few. This structure ensures that decisions reflect the collective will of the community, fostering an environment where fairness is not just an ideal, but a practical reality.
3. Engaging and Strengthening the Community: The Juno Network’s focus on decentralization goes beyond technical aspects; it’s about building a robust community. Initiatives like DaoDao and the Juno Growth Fund, which are SubDAOs of Juno, are testament to this approach. They provide platforms for community members to engage, collaborate, and contribute to the network’s growth and development.
4. Addressing Challenges: While the high degree of decentralization presents its own set of challenges, including coordination and decision-making complexities, many in the blockchain sphere argue that these challenges are outweighed by the benefits. Decentralization is often cited as a core reason for the popularity and trust in cryptocurrencies. It’s seen as essential for preserving the integrity and purpose of blockchain technology.
5. Juno as a Model for Web3: In many respects, Juno can be considered a paradigm of what a true Web3 blockchain should embody. Its commitment to community ownership and decentralization isn’t just about following a trend; it’s about staying true to the foundational principles of blockchain and cryptocurrency. This dedication makes Juno a beacon in the Web3 space, demonstrating how a blockchain can remain true to its roots while fostering innovation and growth.

• Upgrade Details: The upgrade takes effect at block height 12265007. For a detailed proposal of the upgrade, visit Mintscan Proposal 325. Comprehensive upgrade instructions are provided in the v18 Upgrade documentation.
• New Features and Enhancements:
  • The introduction of the x/burn module by Reecepbcups, as seen in pull request #801.
  • Implementation of the x/feepay module by Joel Smith (2019) in pull request #808.
  • The x/cw-hooks module by Reecepbcups, detailed in pull request #825, includes an example contract for reference.
  • Integration of CosmWasm 1.5 features, again by Reecepbcups, in pull request #887.
  • A fix for Ledger support on macOS, thanks to Reecepbcups’ efforts in pull request #883.
  • Enhancement in FeeShare with authz payout support, contributed by Joel Smith (2019) in pull request #845.
• Access the Full Changelog: For a complete list of changes from version 17.1.1 to 18.0.0, please refer to the full changelog.
• Contributors: A big thank you to our contributors, Joel Smith and Reecepbcups, for their significant contributions to this release.