What is Juno Cryptocurrency?

Luis Clark
Luis Clark
Luis is a personal finance expert who has been passionate and writing about crypto for more than five years.
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      What is Juno Cryptocurrency?

      Juno is a public, permissionless, and decentralized network built on the Cosmos SDK as a cross-chain smart contracts Hub for the Cosmos Ecosystem. The network can be used to create interoperable applications on all networks in the Cosmos ecosystem via IBC.

      The open-source layer-1 proof of stake blockchain for interoperable smart contracts automatically runs, manages, and documents the process of relevant events and actions in line with the requirements needed for the contract to be acceptable and usable across several sovereign networks.  The project aims to be the sister network to the Cosmos Hub and enables developers to create and deploy smart contracts using CosmWasm. Juno is powered by its native asset, JUNO, which secures the platform through Proof of Stake and is used for on-chain governance and powering all interoperable smart contracts deployed within the ecosystem.

      Who is the Founder?

      There isn’t a specific founder of Juno as the blockchain was launched by a community of developers, validators, and delegators in the Cosmos ecosystem.

      The founding principles of the project were the preservation of the performance, reliability, and interoperability of the Cosmos ecosystem and moving smart contract deployment to a sovereign dedicated permissionless network. 

      That said, based on the Juno documentation some of the major contributors to the project include Andrea Di Michele-Dimi (stakefish), Wolfcontract (SG-1), Blockcreators, Jake Hartnell (Stargaze.Zone), and Jack Zampolin (Strangelove Ventures).

      How does Juno (JUNO) Work?

      Juno is a sovereign blockchain in the Cosmos ecosystem. The goal of the project is to offer a sandbox environment that enables the deployment of interoperable smart contracts. So Juno serves as a permissionless, decentralized, and censorship-resistant zone, that enables developers to securely and efficiently launch application-specific smart contracts.

      This means that developers can take advantage of proven frameworks and compile code in several languages such as Rust & Go with the future inclusion of C++ and C.

      Juno also utilizes battle-tested contract modules like CosmWasm, which allows for decentralized applications (dApps) to be compiled as secure and robust multichain smart contracts. Juno also offers EVM support. 

      Now, at the core of the Cosmos network is the Inter Blockchain Communication protocol (IBC), which sets the foundation for an interoperable base layer 0 that can be utilized in transferring data packets across thousands of sovereign networks supporting IBC. Expectedly, the next stage in the evolution would be to enable cross-chain contracts. 

      That said, the Juno blockchain is built on the Cosmos SDK framework. The cosmos SDK is a framework that simplifies the process of developing secure blockchain applications on the Tendermint BFT.

      It depends on two major aspects: capability-based security and modularity. Agreement on the network is achieved through the Tendermint BFT Consensus. 

      The Tendermint BFT solution used by Juno is a solution that packages the consensus and networking layers of a blockchain into a generalized engine that allows developers to focus on app development rather than the complex underlying protocol. This results in Tendermint BFT saving the developer’s development time. 

      Key Features of Juno (JUNO)

      Junokit

      how junokit works

      Junokit is a development framework for building Juno contracts. This project makes the contract development process simple, scalable, and efficient. 

      Junokit offers key features like an easy compilation of contracts, deployment of contracts, initiating project repo from contract templates, using schema, contract testing framework, and interacting with contracts. 

      The minimum requirements for Junokit are Yarn v1. 22+or NPM v6.0+**, Node 14+, and connection to a Juno node.

      JunoSwap

      what is junoswap

      Juno Swap is Juno’s native decentralized exchange. Juno users can transfer Juno, swap, and participate in liquidity pools in JunoSwap. 

      Juno Swap has currently over 40 pools with pairs from the Cosmos SDK. Common pairs on Juno include $ATOM, $SCRT, $NETA, $RAW and $OSMO. In the coming months, more pairs in the Cosmos ecosystem. 

      Only tokens derived within the Cosmos network can be swapped and transferred on Juno Swap at this stage.

      Juno Tools

      junotools crypto

      Juno Tools is a multipurpose DApp that enables users to interact with different contracts on the Juno network. 

      Juno Tools was birthed from JunoDrop and was created to make cheap airdrops accessible to everyone. Juno Tools provide smart contract front ends. The front-end apps are known as Smart Contract Dashboard or SC dashboard. Juno users have free access to the Smart Contract Dashboard.

      Loop NFT Marketplace

      juno nft defi

      Loop NFT Marketplace is the first of its kind DeFi NFT Marketplace on Juno, which was launched in July 2022.

      A key feature of the Loop NFT Marketplace is that the NFTs have instant utility. Users can start getting rewards on their NFTs from day 1.

      Weaknesses of Juno (JUNO)

      Just like most cryptocurrencies, JUNO has a volatile history in terms of price, but JUNO’s volatility has worsened because Juno has been faced with some controversies.  First, it was discovered that a whale on Juno known as Takumi Asano, had 3.1 million JUNO tokens. The Juno community conducted a controversial vote which shrank the whale’s tokens to 50,000. But instead of sending the seized 3 million tokens worth about $36 million to an address controlled by the Juno community, a typo or programming error from the developers erroneously moved the tokens to a blockchain address that both Takumi Asano, and the Juno community cannot access.
      coindesk juno

      Also in April 2022, Juno crashed and went offline as a result of a malicious attack. The attacker used a malicious contract masked as a simple “Hello World” program to send a string of over 400 transactions to contracts on the network for about 3 days.

      The hacker took advantage of a vulnerability in the Juno blockchain that was previously announced by Juno. 

      These series of mishaps that have befallen Juno have made a lot of investors lose interest in the token.

      How is Juno (JUNO) Created?

      JUNO is a Proof of Stake coin which means that it is created by using randomly selected validators to confirm transactions and create new blocks. That said, its genesis supply was given to 46,000 ATOM stakers.

      Mining Juno (JUNO)

      Since JUNO is a Proof of Stake coin, it cannot be mined. Rather, new coins are issued when the staking (delegation) transaction is complete. Rewards are generated on a block-per-block basis.

      Which Blockchain does Juno (JUNO) Use?

      JUNO, the native token of the Juno ecosystem uses the smart-contract-based blockchain Juno, which is powered by Cosmos.

      How to Use Juno (JUNO)?

      JUNO is the native token of Juno which is used to secure Juno’s Proof-of-Stake network

      JUNO token is also used as a fuel (gas) for all the interoperable contracts deployed in the Juno ecosystem. The token can also be used as collateral for some smart contracts on the network. JUNO token holders can also take part in on-chain governance.

      How to Buy Juno (JUNO)?

      how to buy juno crypto

      JUNO can be bought on most centralized and decentralized crypto exchanges such as Bitget, Osmosis, BKEK, Sifchain, and MEXC. CoinMarketCap has a comprehensive list of all the exchanges that support the trading of JUNO.

      To buy Juno, you will need to create an account with your preferred exchange after which you will be required to fund your account with fiat currency.

      Once your account is funded, you will be able to buy JUNO tokens from the exchange. 

      On swap platforms like Osmosis, JUNO can be bought with other tokens native to the COSMOS ecosystem, such as ATOM, OSMO, SCRT, or others.

      How to Store Juno (JUNO)?

      how to store juno

      JUNO can be stored in secure wallets like the Keplr wallet, Coinstats Wallet, and MathWallet. You can also store your JUNO tokens in a wallet on the exchange where you bought the tokens. 

      Whatever type of wallet you choose, ensure that it is safe. This will reduce the vulnerability of your crypto assets to hacking and phishing attacks.

      Best Place to Stake Juno (JUNO)?

      staking juno crypto

      The Juno network uses the Proof-of-Stake mechanism for security and governance. This means that the best options to stake JUNO are approved validators.

      Some options include the Cosmostation wallet and Omniflix. However, ensure you check the validator’s name on mintscan.io/juno orjunoscan.com.

      What You Need to Know about the Future of Juno (JUNO)

      Juno rapidly gained popularity because of its airdrop that rewarded ATOM stakers on the Cosmos Hub with 47% of JUNO coin’s genesis supply.

      Other chains in the IBC team are also airdropping new coins to JUNO, ATOM, and OSMO stakers as they support the objectives of these chains and believe in the value that they add to their projects.

      For example, Ethereum and other smart contract chains experience challenges beyond poor scalability and high fees as it is difficult to bridge data and assets to other sovereign chains.

      Juno, on the other hand, does not have this challenge as it was built to solve that problem, which means it could potentially grow to be a major project in the Cosmos network.

      The Juno blockchain is also already offering a decentralized exchange called JunoSwap that is predicted to grow in popularity as well.

      Conclusion: Should You Put Your Money in Juno (JUNO)?

      The JUNO token is the native currency of the Juno platform, which means its value is directly linked to the widespread acceptance of the Juno blockchain. So if you believe that the Juno network will be used by more and more projects in the future, investing in it will be beneficial. But ensure you do personal research rather than taking investment advice at face value before putting your money in JUNO.

      Risk in Investing in Juno (JUNO)?

      JUNO is a volatile digital asset. This means that its value fluctuates, which means you can lose your entire investment in a worst case scenario. So only invest money you’re willing to lose.

      FAQ

      Most frequent questions and answers

      You can code and deploy smart contracts on Juno through the CosmWasm Contract framework

      You can get JUNO coins on any exchange that supports the token. Some examples include Osmosis, Kraken, BKEK, and MEXC. 

      JUNO has a max supply of 185.56 million JUNO

      The project was announced in March 2021 but was launched on October 1st, 2021

      To become a Juno validator you need to follow the instructions list.

      Osmosis is a decentralized protocol that uses smart contracts to determine the price of crypto assets to produce liquidity through a peer-to-peer methodology. Here’s an extensive guide that covers how to use it. 

      Go to Juno.tools/airdrops/ and connect your Keplr wallet. This will allow your address to access Juno Tools. After verification, all you need to do is click the ‘Claim’ button. 

      Validators operate nodes that protect the network and then receive staking rewards through transaction fees and JUNO token distribution as incentives. Delegators (Juno stakers) also participate in securing Juno using their votes by delegating their stakes to the validator. In exchange, Juno stakers receive a portion of the rewards received by validators

      So staking JUNO enables validator users to earn rewards as an incentive to provide security and keep staking.

      The rewards come from transaction fees obtained by Juno and distributed tokens to stakers because of Juno’s 12-year inflationary rewards guideline. The inflation will be 40%, 20%, and 10% respectively per year. Once the inflation hits 10% it will reduce gradually to a fixed 1% every year till the 12th year. 

      That said, reward payments are made on a per-block basis and stakers can choose to compound or withdraw received rewards. 

      It’s important to note that staking risks apply. So if a validator encounters downtime or underperforms, stakers can lose a percentage of the JUNO tokens staked or delegated. Users are also restricted by a 28-day unbounding period when unstaking JUNO during which they will not be able to earn rewards or withdraw.

      Juno is a sovereign public blockchain. The Juno blockchain platform works as a Decentralized Autonomous Organization (DAO) and adheres to the following founding principles:

      • The system does not have a centralized leadership. Rather, a global community of validators, delegators, and developers oversees Juno and makes decisions about the future using votes. 
      •  JUNO, the native token of the blockchain, is owned by all users of the network. This enables them to partake in governance. Juno does not conduct any seed sales or private sale.
      • All network guidelines, codes, and rules are programmed into smart contracts that execute automatically when pre-set criteria are satisfied. 

      Concerning its technology, Juno is a sovereign open-source blockchain developed with the Cosmos SDK. The Cosmos SDK enables creators to write and deploy smart contracts with CosmWasm, which enables developers to compile decentralized apps coded in the developer’s chosen programming language. 

      After deployment, these decentralized applications receive a function from the network that enables them to transfer assets or communicate from and to other blockchains using the IBC (Inter-Blockchain Communication) protocol.

      Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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