What is Cosmos (ATOM) Coin
In a nutshell, Cosmos bills itself as a project that solves some of the “hardest problems” facing the blockchain industry. It aims to offer an antidote to “slow, expensive, unscalable and environmentally harmful” proof-of-work protocols, like those used by Bitcoin, by offering an ecosystem of connected blockchains.
The project’s other goals include making blockchain technology less complex and difficult for developers thanks to a modular framework that demystifies decentralized apps. Last but not least, an Interblockchain Communication protocol makes it easier for blockchain networks to communicate with each other — preventing fragmentation in the industry.
Cosmos’ origins can be dated back to 2014, when Tendermint, a core contributor to the network, was founded. In 2016, a white paper for Cosmos was published — and a token sale was held the following year. ATOM tokens are earned through a hybrid proof-of-stake algorithm, and they help to keep the Cosmos Hub, the project’s flagship blockchain, secure. This cryptocurrency also has a role in the network’s governance.
- Cosmos is a network connecting many independent distributed ledgers (e.g., Ethereum, Bitcoin) to achieve interoperability across blockchains. Its goal is to “create an Internet of Blockchains”, i.e., “a network of blockchains where each participant is able to communicate with each other in a decentralized way”.
- Cosmos is built on a set of independent blockchains referred to as zones, which are powered by the Tendermint Core consensus mechanism – a Byzantine Fault Tolerance (BFT) consensus mechanism used to scale public Proof-of-Stake (PoS) blockchains.
- Defined as a “blockchain 3.0”, Cosmos relies on three additional core elements:
- Cosmos Hub: the first of the “interconnected blockchains” that is referred to as the Cosmos Network.
- IBC Protocol: the Inter-Blockchain Communication protocol is a standardized interoperability protocol attempting to connect the global economy with blockchain technology.
- Cosmos SDK: it allows developers to build their custom blockchain and to connect it through the ITB protocol. For instance, Terra and Binance Chain are built with the Cosmos SDK.
- ATOM is the native asset of Cosmos and is used for on-chain governance. Specifically, ATOMs can be staked by zone validators to join hubs and conversely, their locked tokens would be slashed in case of malicious behavior (i.e., bonding mechanism). In addition, Cosmos Hub has a similar gas system as Ethereum, and requires ATOM to be used for transaction fees.
How To Buy Cosmos (ATOM) Coin
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How Much is a Cosmos (ATOM) Coin
Cosmos (ATOM) coin prices are updated instantly in USD, Euro, Sterling currencies in the following table.
Cosmos (ATOM) Coin Review
You can learn more about Cosmos (ATOM) coin reviews and information on cryptocurrencies by visiting their official page available in the following.
Website https://cosmos.network/ Github https://github.com/cosmos/cosmos-sdk Medium https://blog.cosmos.network/ Documentation https://docs.cosmos.network/ Community https://v1.cosmos.network/community Telegram https://t.me/cosmosproject Discord https://discord.gg/vcExX9T Youtube https://www.youtube.com/c/CosmosProject