What is Cosmos?
What is Cosmos?
Cosmos (token: ATOM) is a decentralized network capable of connecting independent blockchain together, helping to scale up and be able to interact between blocks. Cosmos was born to build a platform for a new token economy, an “Internet of Blockchains”. Current blockchain platforms cannot communicate with each other. They are difficult to build and can only manage a small number of transactions per second. Cosmos solves the most complex problems of scalability, usability, and interoperability.
The foundation of Cosmos Coin
Blockchain Cosmos is responsible for linking other blockchains to join the network, called zones in the network. When these links are completed, the tokens will be transferred quickly and securely from one zone to another.
The Cosmos network, also known as the Cosmos ecosystem, is the most scalable, interoperable ecosystem of Blockchain connected to it. It consists of a decentralized network of independent blockchains provided by Tendermint and other Byzantine fault tolerance algorithms. The Byzantine fault tolerance allows a blockchain to reach consensus even in an environment capable of containing malicious nodes.
Cosmos token code
Cosmos token code is ATOM. This code was officially released on March 14, 2019. After 2 days, it reached an all-time high of $ 8.31. But from that point on, it dropped quickly. On April 22, it jumped back to nearly $ 7 when investors knew the ATOM token was listed on the Binance Exchange. Later, the price dropped again, but the volume of transactions has been steadily increasing and since May 6, 2019, the price has returned to $ 4.82.
There is no limit to the number of ATOM tokens that will be issued because the Cosmos team intends to increase the number of ATOM tokens annually based on the inflation model.
Although the ATOM token has only recently been released, there are many wallet methods to choose. The safest choice is to use a Ledger hardware wallet. In addition, players can also use some types of mobile wallets such as imToken, Cosimumation and WeTez. Not to mention, there are IOV and Lunagram wallets under development and coming soon.
Those who are interested in buying a few ATOM tokens of Cosmos Coin can do it easily. Because this token has been listed on dozens of exchanges. The exchanges with the largest volume of Cosmos Coin trading today need to mention are Kraken, Binance, Huobi Global, Bibox, Gate.io and OKEx. You only need to register at these exchanges and buy the ATOM token (or Cosmos Coin).
The main components of the Cosmos network
Tendermint Core: A blockchain tool available for use with the Byzantine fault tolerance algorithm (BFT). Tendermint Core can be used to build public and private blockchains. The consensus mechanism provides immediate finality and security, prioritizing safety.
Cosmos SDK: A package of tools that helps speed up the build process for developers who want to create their own Blockchain for decentralized applications (Dapps).
Application Blockchain Interface (ABCI): An agnostic language, allowing developers to build the application part of Blockchain in any language. The interface between Tendermint Core and Cosmos SDK.
Cosmos project development team
Jae Kwon: He is the CEO and founder of Tendermint. He also co-founded “I done this” – a productivity app for teams. He has also contributed to projects such as Scramble.io, Flywheel networks, and Yelp.
Ethan Buchman: CTO and co-founder, holds a Master’s degree from the University of Guelph and over 2 years of experience working as a research scientist. His first job in the blockchain space was with Eris Industries in 2014.
The interesting thing about Cosmos
Cosmos aims to solve the scalability problem along with the usability and sovereignty of modern blockchain infrastructure. The largest Blockchain known as Bitcoin or Ethereum is the brightest example of scalability. The BTC blockchain can only manage 7 transactions per second, while the Ethereum blockchain can handle 25 transactions.
Cosmos solves the scalability problem by creating automated Blockchain using the Tendermint hybrid mining algorithm. Therefore, operations handled inside blockchains do not affect the overall network load. Thanks to this, the question of scalability is solved by using hybrid mining.
ATOM’s working principles
The official token of the Cosmos network is called ATOM. During the 2017 ICO, 168 million tokens were sold. As a result, the project raised more than $ 17 million in the first half-hour of the ICO. The team then held 50 million tokens to use it to address financial and strategic goals.
The demand for tokens will not be limited as the Cosmos team plans to introduce an inflation model this year. Today (data as of September 6), Cryptocurrencies Cosmos occupies the 25th position in CoinMarketCap’s ranking, with a market capitalization of $ 397,677,461. An ATOM costs around $ 2 and is trading on 90 cryptocurrency exchanges.
Mainnet Cosmos was officially launched on March 16, 2019, the project’s ambition is impressive; however, it seems that they are not rushing into anything. They are taking the necessary steps to connect various components such as Tendermint and IBC.
The adoption of Tendermint Core by developers will be important for the development of the network as well as getting other popular coins attached to the ecosystem.
Overall, the project is still in its infancy and there is plenty of road surface on their roadmap. Cosmos Networks wants to create an Internet network on the Blockchain. It has a lofty goal but can be an important idea to develop Blockchain into another stage of adoption and use.