Juno Overview
Today we will be exploring an overview of one of the main top networks providing enhanced features for smart contracts in the Cosmos Ecosystem — Juno.
As the intro states, the L1 blockchain is built using Cosmos SDK with the purpose of providing permissionless smart contracts for the Cosmos Ecosystem with interoperability in mind, while using $JUNO’s native asset for securing the chain, acting as governance and fuel for all deployed smart contracts. The contracts can be characterized through automatic execution, control, and recording of any and all events related to a contract’s terms over a wide range of networks.
It hits the most important decentralized bullet points required for a project of its magnitude, including its censorship-resistant model and Tendermint BFT consensus approach for reaching an agreement on-chain. Among its modules, we find the CosmWasm smart contract framework, which plays a huge role in helping developers build and launch smart contracts and applications in several different languages. All of these contracts and dApps are able to therefore communicate through IBC with any IBC-enabled sovereign network.
The Juno Network had its mainnet launch on October 1st 2021, followed by the Moneta upgrade on December 15th which further enabled CosmWasm smart contracts on Juno.
Tokenomics
On a tokenomics level, Juno took a smart step in distributing all tokens to the community via airdrop for Cosmos stakers, not allowing any early investors to jump on board for phases that would entail a seed sale, private sale, or even public sale. This pushes the idea of decentralization a tad further.
The team has allowed and is continuing to allow the community to participate in the development of new technology by organizing JunoHack events, beginning with its Genesis Supply of 3.66% (2,373,341 $JUNO) dedicated for this development pool alone.
- JunoHack 2021 (1,186,670 $JUNO rewards)
- Moneta Hacks (1,150,000 $JUNO rewards)
A more detailed outlook:
Circulating Supply at Genesis: 33.036.534 $JUNO
✅ Vested at Genesis: 11.866.708 $JUNO
✅ Locked in Community Pool: 20.000.000 $JUNO
Summary:
✅ Circulating Supply: 33.036.534 $JUNO
✅ Total Supply: 64.903.242 $JUNO
✅ Maximum Supply (Reached in 12 years/year 2033): 185.562.268 $JUNO
Distribution
The reward model’s distribution mechanic follows a fixed amount of tokens per block, depending on the inflation rate and block time.
- 40% in year 1: + 25.961.297 JUNO tokens
- 20% in year 2: + 18.172.908 JUNO tokens
- 10% in year 3: + 10.903.744 JUNO tokens
- 9% in year 4: + 10.794.707 JUNO tokens
- 8% in year 5: + 10.458.872 JUNO tokens
- 7% in year 6: + 9.883.634 JUNO tokens
- 6% in year 7: + 9.064.704 JUNO tokens
- 5% in year 8: + 8.007.155 JUNO tokens
- 4% in year 9: + 6.726.010 JUNO tokens
- 3% in year 10: + 5.246.288 JUNO tokens
- 2% in year 11: + 3.602.451 JUNO tokens
- 1% in year 12: + 1.837.250 JUNO tokens
Max supply — 185.562.268 JUNO tokens, it will be reached on September 2033. Starting with October 2032, the reward schedule stops, and JUNO will become entirely deflationary.
Team
Keeping true to its mission of decentralization and neutrality, aside from not accepting early contributors to buy up tokens in any type of sales, the Juno team is also a community-oriented group with contributors and developers ranging from all across the ecosystem. There are plenty of talented minds from different validators and building teams that are helping spearhead the project.
Andrea di Michele (Dimi from Stakefish)
Lobo aka Wolf (SG1)
Jake Hartnell aka Meow (DAODAO & Stargaze)
Jack Zampolin (Strangelove)
Jacob Gadikian (Notional)
And many more you can check out here.
Upgrades and scaling
Throughout its levels of launch since its inception, Juno has undergone plenty of upgrades that included security patches, new governing modules, performance improvements, and other features that enhanced it to become an optimal choice for devs and regular users alike. For example, the Lupercalia 1 upgrade gave the community the possibility to instantiate and call smart contracts through its governance module, greatly improving the community governance strength.
On July 7th, Juno became one of the main Host Chains for Inter Chain Accounts (ICA), bringing it even closer in line with it being the hub for CosmWasm and allowing transaction execution from other networks to be executed directly on Juno, among other things, granting more composability to the Cosmos Ecosystem and improving user experience.
Juno Projects
There is a large number of active dApps, contracts, NFT projects, tools, and more upcoming on the list of Juno projects that are using or will be using the technology and assets the network provides in order to take it to the next level. A few to be mentioned are JunoSwap, JunoMint, Spark IBC, DAODAO, Margined Protocol, Levana, White Whale, CosmWasmy, Omniflix Staking Tool, REStake.app, and so on.
Instead of naming them all one by one, we would recommend you check out their comprehensive and structured list directly on the Juno Network website here.
Competitors
While Juno is extremely strong against all odds, it still has notable competition in the field. Juno offers Rust & Go development capability through CosmWasm.
Evmos — Another huge project offering smart contracts technology connecting to BFT via IBC, Evmos also offers interoperability with Ethereum. Development on EVM/Solidity.
Agoric — JavaScript development.
SCRT — Private smart contracts.
Solana.
Avalanche.
Conclusions
If there is something we can take away from everything we have learned about Juno and its evolution so far, it is the fact that they have persevered through community effort and neutrality to solve some of the most important smart contract issues and provide true scalability, security, and useful upgrades usable cross-chain. Building the path towards true interoperability is a long and tough road, but Juno has managed to surround itself with the right ideas and provide a sandbox for smart contract technology and tools for building dApps across an ever-expanding ecosystem. Thus, it plays a very important role in Cosmos! We are very interested to see what’s the next big update going to bring and we’re sticking close to this one.
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