Injective
Injective is a layer 1, protocol built on Cosmos. that helps developers to launch smart contract-enabled applications, including decentralized spot and derivatives exchanges.
INJ is the native token.
Background
Injective was created by Injective Labs, founded in 2018 by Eric Chen.
Launch
On Nov. 8, 2021, Injective’s mainnet officially launched with the release of Injective’s Canonical Chain.
How does it work
Injective’s consensus mechanism relies on Tendermint, a Byzantine-Fault Tolerant algorithm that works even if a third of validators turn malicious. Injective is also compatible with the Inter-Blockchain Communication (IBC) protocol. This allows Injective to communicate with other IBC-compatible chains. An Ethereum token bridge lets holders of ERC-20 tokens trade their holdings on Injective.
INJ is the platform’s governance token. Holders can vote on how the protocol is run; proposals can, for instance, alter the parameters of its decentralized exchange module, decide on new market listings and upgrade the protocol’s software. The token was initially released as an ERC-20 token. However, after the launch of its mainnet on Cosmos, holders can use the platform’s Ethereum bridge to swap the tokens for native INJ coins.
Sources and resources
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