Network

【Network Introduction】Juno Network

6 Mins read

Basic Information

Established Time:Announced in March 2021;Launched on Oct. 1st, 2021

Issue Time:February 18, 2021

Coin:JUNO

Market Value:$877,919,099

Current Price:$18.60

Raise Situation:All JUNO tokens were distributed to the community on an airdrop for Cosmos stakers without any early investors (no seed sales, private sales, or public sales). Details can be checked in the following article: Economic Model-Distribution.

Circulating Supply:47,465,299 JUNO

Total Supply:76,928,630 JUNO

Max Supply:185,562,268 JUNO

Explore:https://www.mintscan.io/juno

All-Time High:$45.74 (Mar 03, 2022)

All-Time Low:$7.53 (Dec 18, 2021)

Network Detail

  • Brief Introduction

https://www.junonetwork.io/https://linktr.ee/JunoNet

Junø is an open source platform for interoperable smart contracts which automatically executes, controls or documents a procedure of relevant events and actions according to the terms of such contract or agreement to be valid & usable across multiple sovereign networks.

  • Social Media

Twitter: https://twitter.com/JunoNetwork

Medium: https://medium.com/@JunoNetwork

Github: https://github.com/CosmosContracts

Discord: https://discord.com/invite/QcWPfK4gJ2

  • Products

Juno – Smart Contracts Zone

Juno is an interoperable smart contract network and a zone part of the Cosmos Network. Highly scalable, robust, secure…

www.junonetwork.io

DAppS

Contracts

Tools

DAOs

  • Network Description

JUNO is the result of a community initiative launched by a group of developers, validators, and delegators from the Cosmos ecosystem. JUNO’s vision is to preserve the interoperability, performance, and reliability of the Cosmos ecosystem and offload smart contract deployment to a dedicated permissionless network. The project was announced in March 2021 and launched on Oct. 1st, 2021. To eliminate potential legal limitations, all JUNO tokens were distributed to the community on an airdrop for Cosmos stakers without any early investors (no seed sales, private sales, or public sales).

To build a fully interoperable network, JUNO aims to be a pioneer in the development and adoption of CosmWasm and the InterWasm DAO. CosmWasm is a smart contracting platform that brings WebAssembly (WASM) virtual machines into the Cosmos-SDK. WASM plays as an intermediate language allowing developers to program and launch smart contracts in many different programming languages. JUNO is also one of the four initial board members of InterWasm DAO, which aims to ensure the success of the CosmWasm ecosystem by owning codebases and funding community projects.

  • Feature

Juno originates & evolves from a community driven initiative, prompted by dozens of developers, validators & delegators in the Cosmos ecosystem. The shared vision is to preserve the neutrality, performance & reliability of the Cosmos Hub and offload smart contract deployment to a dedicated sister Hub. Some of the founding principles centre around:

⚪️ Inception of the world’s first permission-less, designated interoperable smart contract network.

⚪️ Pioneering CosmWasm development and adoption.

⚪️ Eliminating common smart contract L1 bottlenecks (poor scalability, non-interoperability, high fees, concentrated governance control).

⚪️ Sister Hub to the Cosmos Hub — Preserving the neutrality of the Hub by offloading smart contract usage/congestion to a designated contract zone.

⚪️ Governance by ATOM stakers which 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 conduct any form of seed sale, private sale or public sale. All $JUNO entered circulation via the decentralized network launch on October 1st 2021)

  • Network Status

https://www.mintscan.io/juno

  • Roadmap

https://messari.io/asset/juno-network/profile/roadmap

  • Staking Pool

Mintscan – Chain explorer by COSMOSTATION

Cosmos chain explorer powered by Cosmostation, Block explorer for Cosmos-SDK based networks made with love &…

www.mintscan.io

Development Team

The Cosmos Ecosystem lacks project founders with a status like Vitalik in Ethereum, and the entire development team is organized in a relatively loose model. The currently active official development teams are mainly divided into two groups, called Core-1 and Core-2. Juno is an independent project driven by Core-1.

Some unofficial self-developers:https://messari.io/asset/juno-network/profile/contributors

Funding

All JUNO tokens were distributed to the community on an airdrop for Cosmos stakers without any early investors :no seed sales, private sales, or public sales.

Technolgy

  • Code

GitHub Homepagehttps://github.com/CosmosContracts

Repositories:37

Submit language:JavaScript, TypeScript , Go, Shell, Python

Total number of main contributors:8

https://github.com/orgs/CosmosContracts/people

  • Tech Knowledge

Inter Blockchain Communication(IBC)

At the heart of Cosmos ecosystem is the Inter Blockchain Communication Protocol (IBC), which sets the table for an interoperable base layer 0 to now be used to transfer data packets across thousands of independent networks supporting IBC. Naturally, the next evolutionary milestone is to enable cross-network smart contracts. This enables Juno smart contracts to interoperate with all IBC enabled networks, regardless of wasm support on 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 major principles: Modularity & capabilities-based security.

Tendermint

Agreement on the network is reached via Tendermint BFT consensus.

Tendermint BFT is a solution that packages the networking and consensus layers of a blockchain into a generic engine, 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 the InterWasm DAO. The Juno Network ecosystem is pioneering CosmWasm development and adoption.

Ecosystem

  • Ecosystem Governance

The forums for discussion are held on JUNO’s Telegram and Discord channels. Proposals are made on commonwealth.im and the cost of submitting a proposal is 500 JUNO. Agreement on the network is reached via Tendermint BFT consensus. JUNO stakers can vote on a 1 JUNO / 1 vote basis for proposals that implement changes to the blockchain or add additional functionality to it. There are four forms of proposals:

Text proposals: are not always implemented as it requires the participation of third parties.

Community spends: allows JUNO holders to choose how the 20.0 million JUNOs from the community pool are spent.

Parameter change: can modify the blockchain parameters.

Software upgrade: validators and node operators can initiate a coordinated software upgrade to a specific block.

  • On-Chain Governance Details

The governance process of JUNO is relatively the same as Cosmos. It consists of four phases:

The Deposit Period

Anyone can submit a text proposal to the ecosystem, but the proposal needs to be backed with a minimum deposit of 500 JUNOs within two weeks after the submission date to proceed into the voting phase. This requirement is a protective measure against proposal spamming. The depositor can reclaim its tokens once the proposal gets accepted or if it fails to reach the minimum threshold after two weeks. The depositor will lose its funds if more than 33.4% of the tokens that participated vote for “No with Veto”.

The Voting Period

The deposit period ends once the proposal reaches the minimum deposit amount and a two-week-long voting period begins. There are four voting options (“Yes”, “No”, “No with Veto”, “Abstain”).

Tallying Results

Following requirements need to be satisfied for a proposal to get a passing vote: Quorum: More than 40% of the total staked tokens need to have participated in the vote. Threshold: More than 50% of the tokens that participated in the vote (after excluding “Abstain” votes) need to have voted in favor of the proposal (“Yes”). Veto: The number of votes cast for “No with Veto” shouldn’t be greater than 33.4% of the tokens that participated (after excluding “Abstain” votes). The proposal gets rejected if one of these requirements is not met at the end of the voting period. And if a proposal fails to pass the vote for any reason, the deposited tokens associated with the submission are not refunded and instead transferred to the community pool.

Implementing the Proposal

Accepted proposals regarding software upgrades and network parameter modifications are integrated with a new version of JUNO. Proposals regarding community spending, text proposals, or any decision that needs to be executed off-chain require additional operational management from the community.

Economic Model

  • Distribution

JUNO launched with an initial supply of 64,903,242 million tokens. The team airdropped 47% of JUNO tokens (circulating at inception) to ATOM stakers based on a snapshot of the Cosmos Hub chain on February 18, 2021. (all JUNO tokens were distributed to the community on an airdrop for Cosmos stakers without any early investors :no seed sales, private sales, or public sales).

The remaining 34.2 million JUNO tokens are distributed to:

31% (20.0 million JUNO — non-circulating/locked onchain) to a Community Pool.

16% (10.1 million JUNO — non-circulating/vested 12 years) to a Core Development Reserve.

4% (2.4 million JUNO — circulating at launch) to Smart Contract Challenges.

3% (1.8 million JUNO — non-circulating/vested 12 years) to the Core Team.

Hackathon in which 1,186,670 JUNO tokens were distributed to developers to build decentralized applications on the JUNO testnet.

https://messari.io/asset/juno-network/profile/launch-and-initial-token-distribution

  • Token Functions

JUNO tokens are used for the following purposes:

  1. stacking token: JUNO holders can contribute to the security of the network by placing their tokens on the network with a 28-day unbonding period.
  2. governance token: JUNO stakers can vote on a 1 JUNO / 1 vote basis for proposals that implement changes to the blockchain or add additional functionality to it.
  3. network fees: JUNO is used for all smart contracts deployed in the ecosystem.
  4. work token: JUNO is also used to capture value from applications built on its network.
  • Supply Schedule

General Emission Type: Inflationary, Fixed Supply

Precise Emission Type: Fixed Inflation Rate

Capped Supply: Yes

  • Where to buy JUNO

JUNO can be traded on Osmosis and Sifchain.

Validator

Official Docs Description

The top 125 holding addresses can become its validators:

https://docs.junonetwork.io/validators/joining-mainnet

As of 2022–4–14, the last verified JUNO number of active nodes is 30,159 (US$18.60/JUNO). https://www.mintscan.io/juno/validators

  • Validator Docs

Junod Installation and setup

Setting up Cosmovisor

Mainnet Setup and Tooling

Joining Mainnet

Sync a Mainnet Node

Sync with state-sync

Relayers

Related Readings

Selected Media Articles

Cosmos-Based Juno Blockchain Pushed Offline in Apparent Attack-2022.4.6

Juno Network Stakeholders To Decide Fate of Whale’s Millions in a Crypto First-2022.3.11

Juno — An Open Source Platform for Interoperable Smart Contracts in the Cosmos Ecosystem-2022.1.24

Official News/Updates

https://messari.io/asset/juno-network/news

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  3. We are actively participating in community and governance, disclosing information frequently.

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