From October 2nd to October 4th, the Cosmoverse 2023 conference in Istanbul brought us three days of exciting projects and activities. With the successful conclusion of the conference, it's time to review and summarize the highlights and achievements of this event. From technical discussions to industry trends, each day was filled with knowledge and insights, providing participants with a valuable opportunity for learning and networking.

One of the highlights of the conference was undoubtedly the presentation by the Cosmos Hub community. They unveiled a new vision for the Cosmos Hub and delved into the token economics of its native cryptocurrency, $ATOM. This not only provided attendees with a fresh perspective but also painted a clear blueprint for the entire crypto community's future.

Although there were several new and noteworthy projects showcased at the conference, it was somewhat disappointing that the majority of projects still focused on infrastructure and middleware development. Many teams presented their development frameworks, testing tools, and other technical achievements. However, it seemed that there were not many genuinely new projects in the true sense at this conference, which may be a common phenomenon in the industry at present. More resources and attention appear to be concentrated on existing projects and infrastructure, reflecting the industry's ongoing development on a solid foundation.

However, one significant highlight of the conference was the discussion at the Interchain Stack Roundtable. This segment attracted a large number of attendees who collectively explored the future direction of the technology stack. New technologies like CosmWasm were formally integrated into the discussion within the Interchain Stack, marking further recognition of its significance and position within the industry.

At the Cosmoverse 2023 conference, the development of the Interchain Stack and the innovations in CosmWasm took center stage. The following is an in-depth exploration of these topics:

The Development Direction of Interchain Stack and IBC.

The IBC (Inter-Blockchain Communication) within the Interchain Stack has clearly outlined its development direction in its future roadmap. Firstly, it is moving towards broader scalability and improved availability. At the Cosmoverse conference, we observed that the expansion of IBC will become more generalized. This means that IBC will abstract its requirements further and make relayers more universal, thereby facilitating integration with other chains.

The smart contract framework of CosmWasm.

CosmWasm is an intelligent contract framework built for the Cosmos SDK. It not only allows users to deploy decentralized applications without permission but also provides blockchain developers with the opportunity to decouple their product development cycles from blockchain development. This decoupling can reduce the number of validator upgrades, thus lowering the operational costs of the blockchain.

The Interchain Foundation further announced that by early 2024, CosmWasm 2.0 will be deployed on most chains. This will lay a solid foundation for the features of versions 2.1, 2.2, and 2.3, set to be released in 2024. Among these new features is zero-knowledge proof verification, enabling secure off-chain computation and various privacy applications. CosmWasm is already prepared for these applications, including defining application interfaces, providing full-stack example applications, establishing benchmarks, and setting Gas costs.

Further Enhancement of IBC Functionality

Currently, there are advanced use cases that cannot be achieved by IBC. These use cases will be a focus of future IBC updates. For example, full support for ADR-8, allowing contracts to react to timeouts and acknowledgments of the packets they send; support for IBC fees, enabling contracts to pay for their own packet fees; and the creation of optional delayed acknowledgments, allowing the implementation of Packet Forward Middleware and ICQ long polling within contracts.

The decision to host the Cosmoverse 2023 conference in Istanbul is one that merits further exploration. Istanbul, as a city steeped in history and culture, also serves as the heart of the Turkish crypto community. Over the past few years, the crypto community in Turkey has experienced rapid growth and has exhibited unique characteristics and advantages compared to other regions globally.

Firstly, Turkey's cultural and historical background infuses its crypto community with a distinct charm. As a crossroads of Eastern and Western cultures, Turkey's crypto community enjoys unparalleled advantages in understanding and adapting to crypto trends from around the world.

Secondly, government policies in recent years have had a profound impact on Turkey's crypto community. The government's stance on cryptocurrencies and policy adjustments have set Turkey's crypto community apart in terms of growth and development when compared to other regions.

Furthermore, given the economic environment in recent years, many Turkish citizens have chosen cryptocurrencies as a means of economic hedging, undoubtedly enhancing the vibrancy and diversity of the Turkish crypto community.

Additionally, the emphasis on education and training within the Turkish crypto community is another unique aspect. Community members here place a greater focus on providing foundational education in cryptocurrencies and blockchain technology for beginners.

Certainly, Turkey's community activities are distinct in many ways. The cryptocurrency events and gatherings here place a strong emphasis on localization and cultural exchange, providing valuable opportunities for international investors and developers to gain an in-depth understanding of the Turkish market.

Furthermore, Turkey has showcased its unique capabilities in technological innovation. Whether it's developers or entrepreneurs, they are striving to meet the demands of the local market, demonstrating outstanding innovative spirit.

In conclusion, the choice of Istanbul as the host city for Cosmoverse 2023 is a recognition of these unique charms within the Turkish cryptocurrency community. It not only acknowledges the Turkish cryptocurrency community but also offers a precious opportunity for participants worldwide to learn about and immerse themselves in Turkish cryptocurrency culture.

As the Cosmoverse 2023 conference concluded successfully in Istanbul, we were able to glimpse the latest trends and innovative directions in the cryptocurrency field. This conference not only showcased the cutting-edge advancements in technology but also unveiled limitless possibilities for the future.

The fusion of Turkey's local cryptocurrency community with its unique culture and historical background provided a fresh perspective for participants from around the world. This blending not only deepened our understanding of cryptocurrency technology but also demonstrated how to integrate these technologies with practical applications, bringing true value to society.

Looking ahead, we anticipate that the field of encryption will continue to rapidly evolve, bringing forth more innovation and opportunities globally. We believe that, with advancements in technology and the growing community, encryption technology will become even more widespread, offering greater convenience and value in people's everyday lives.

Finally, we look forward to the next Cosmoverse conference, and we believe it will bring us more surprises and insights. Let's eagerly anticipate it together and continue exploring the limitless possibilities of the encryption field!