What is Cosmos in this Blockchain Industry? Exploring Cosmos and the background surrounding the ATOM cryptocurrency makes us confident in its development in the future. Let’s find out with Cove Markets in this article!
What is Cosmos (ATOM)?
Cosmos is a decentralized network of independent parallel blockchains, each powered by BFT consensus algorithms like Tendermint. Its vision is to create an Internet of Blockchains, where any blockchain can transact with any other, enabling cross-chain applications and a multi-chain ecosystem.
In other words, Cosmos is an ecosystem of blockchains that can scale and interoperate with each other. Blockchains before Cosmos were siloed and unable to communicate with each other. They were hard to build and could only handle a small number of transactions per second. Cosmos blockchain solves these problems with a new technology vision. To understand this vision, we need to go back to the fundamentals of blockchain technology.
Background of Cosmos
Years before Cosmos’s inception, its history began. The platform was created by Jae Kwon, a well-known blockchain engineer, who introduced Tendermint to the market in 2014. Eventually, Kwon collaborated with Ethan Buchman and Zarko Milosevic, two additional notable crypto engineers.
Cosmos successfully used an ICO to secure Cosmos in April 2017. Amazingly, the platform arrived at its destination in just 29 minutes. With the introduction of Game of Stakes in December 2018, the network started doing extensive testing. After less than four months, the official main net for Cosmos became live.
How Does Cosmos Work?
The Cosmos network was founded in 2014 by Buchman and Kwon to create a network of different but interoperable blockchains. The network consists of the Proof of Stake blockchain mainnet and custom blockchains called Zones.
The Cosmos Hub is the leading chain that transfers assets and data between connected Zones. It provides a shared layer of security, and all of these work together using Tendermint, Cosmos’ custom consensus mechanism. The standard application interface allows users of the Cosmos network to pay fees in the network’s Cosmos crypto.
The three layers of the Cosmos network are:
- Application: Updates the state of the network by processing transactions.
- Networking: Enables communication between transactions and blockchains.
- Consensus: Arrange nodes so that they will accept new transactions.
Cosmos blokchain relies on a set of open-source tools to allow developers to build blockchain applications that tie all the layers together. For example, Tendermint makes it easy to create a blockchain application by encapsulating the networking and consensus layers. Blockchain developers can focus on the application layer, saving time and resources.
What Problems Does Cosmos Solve?
Cosmos’s primary objective is to address the market’s lack of interoperability. The entire blockchain industry includes a broad range of services and features. But right now, each blockchain functions independently. This reduces the market’s total capacity to carry out crucial duties like advocating for additional crypto-friendly legislation or other critical advancements in the sector.
Different blockchains can live with their unique use cases thanks to Cosmos. As a result, engineers can concentrate their efforts on improvements rather than marketing and other competitive-related tasks. Even better, Cosmos enables other blockchains to use the features of different platforms to enhance their usability.
The Cosmos Team
- The co-creator of Cosmos and the founder and CEO of Tendermint is Jae Kwon. His educational background includes computer science, distributed systems, and blockchain software architecture. One of the open-source projects on which Jae has worked is a bitcoin exchange.
- Co-founder of the Tendermint and Cosmos projects is Ethan Buchman. He graduated from the University of Guelph with a BSc in Physical Science and a MASc in Engineering Systems and Computing (Canada). Additionally, he owns CoinCulture CryptoConsulting, which provides technical and non-technical audiences with in-depth education on blockchain technology.
After writing the Cosmos white paper, Kwon and Buchman later published the software in 2019.
Some of Cosmos Partnerships, Integrations, And Collaborations:
- Binance Chain: Binance Chain is built on the forked Tendermint and Cosmos SDK.The Cosmos ecosystem forms the foundation for both the Binance Chain and Binance DEX and proves that the Cosmos Network platform is functional and practical.
- OKChain from OKEx: The blockchain used by OKEx is known as OKChain and is based on the Cosmos SDK. OKEx and Binance have chosen Cosmos as the basis for their blockchain technology and have significantly boosted the Cosmos Network’s reputation.
- Akash Network: Akash has professed its love for Cosmos technology, claiming to have supported the SDK since 2018. They proudly announced that Akash was built on top of Tendermint software.
- Band Protocol: A data distribution network named D3N would be introduced as part of Band Protocol 2.0, which the company disclosed in January 2020. The Cosmos-SDK was used to launch this D3N, a dedicated blockchain that supports data oracle on various blockchains.
- e-Money: Other blockchain startups might operate on top of different platforms, but e-Money chose to utilize Cosmos Network’s technology to issue their tokens.
- Tendermint Core and Cosmos SDK help power Persistence’s blockchain technology, making it more mainstream in the future.
- Aragon: Aragon Chain is a blockchain optimized for DAO activity, powered by the SDK with EVM (Ethereum Virtual Machine) module.
- Sentinel:Sentinel is a dVPN that strives to provide the same level of security and privacy as NordVPN, Private Internet Access, and VyprVPN. The Sentinel network is a decentralized network running on the Cosmos SDK.
- IRISnet: IRISnet is a service infrastructure and protocol that utilizes Cosmos SDK/Tendermint to help distributed business applications or business DApps. IRISnet’s technology is built on top of the Cosmos ecosystem.
In addition, Cosmos also has partnerships with FOAM, Comdex, Loom, Hyperledger Burrow, Playlist, Terra Protocol, and Regen Network.
What Is ATOM Token?
Cosmos is a blockchain that offers free tools for programmers to build their inter-operable blockchains. ATOM is the native coin of Cosmos. One of their main issues is that blockchains are developed independently and that only a small number of them can exchange data with one another.
Basic Information About ATOM
ATOM Key metrics
- Token name: Cosmos
- Ticker: ATOM
- Token Standard: Cosmos
- Contract: IBC/27394FB092D2ECCD56123C74F36E4C1F926001CEADA9CA97EA622B25F41E5EB2
- Token use cases: Utility, Governance
- Circulating Supply: 222,870,768.22 ATOM
- Total Supply: 906,245,118 ATOM
- Public Fundraiser: 68%
- Seeds: 10%
- Strategic: 10%
- Tendermint Team: 7%
- Interchain Foundation: 5%
- Seed Round: Sale conducted at a rate of 1 ATOM = 0.025 USD and raised a total of USD 300,000, selling 5.08% of total token supply.
- Strategic: Sale conducted at a rate of 1 ATOM = 0.08 USD and raised a total of USD $1.3295 MM, selling 7.03% of the total token supply.
Public sale: Public Fundraiser sale was conducted in April 2017 for a total raise of ~$16 MM USD worth of ETH at ~$0.10 per ATOM for 67.86% of the total token supply.
Price of ATOM Today
- The price of ATOM today is about $4.36. The market capitalization is around $3,758,032,181, which means it is in the top 10 in terms of market capitalization.
- 24-hour trading volume is approximately $2,907,275,214.
- Market cap: $3,012,313,543
The ATOM price today could be different tomorrow, so check back often to see the price.
What is ATOM Used For?
Three applications for ATOM include the prevention of spam, staking tokens, and voting in government.
- The usage of ATOMs for fee payment acts as a spam protection measure. Like how Ethereum’s “gas” works, the charge might be based on how much computing the transaction requires.
- ATOM can be “connected” to get block rewards as staking tokens. The quantity of ATOM staked determines the Cosmos Hub’s financial security. The cost of attacking the network increases when more ATOM are collateralized, and more “skin” is at risk. As a result, the network’s economic security increases as more ATOM are bonded.
- By using their staked ATOM to cast a vote on proposals, ATOM owners can control how the Cosmos Hub is run.
How to Buy ATOM Crypto?
The following exchanges currently offer Cosmos for sale:
- Uphold. One of the best exchanges with a large selection of cryptocurrencies for people in the US and the UK. They also provide staking for Cosmos. The Netherlands and Germany are forbidden.
- Binance. Best for much of the world, including Australia, Canada, Singapore, and the UK. Citizens of the USA cannot purchase most tokens. 10% off all trading costs can be obtained by using the promotional code EE59L0QP.
- KuCoin. More than 300 different well-known tokens can presently be traded on this exchange for cryptocurrencies. It frequently offers purchase opportunities for new tokens initially. Residents of the United States & other countries are currently accepted in this exchange.
- Huobi Global. With a cumulative trading volume of US $1 trillion since its establishment in 2013, Huobi Global has grown to become one of the largest digital asset exchanges in the world. It should be mentioned that Huobi Global does not currently accept residents of the USA or Canada.
- WazirX. Because this exchange is a member of the Binance Group, a high level of quality is guaranteed. The most acceptable deal is available to Indian citizens.
How to Store ATOM Coins?
It’s simple to store an ATOM. You can use a desktop or mobile wallet program like the Atomic Wallet. You can access your ATOM whenever you need to use this simple-to-use option.
A hardware wallet is the best choice if you intend to invest significantly in ATOM or if you intend to hold onto this cryptocurrency for an extended period. Hardware wallets put your cryptocurrency in “cold storage” offline. Online predators cannot access your possessions thanks to this method—both the more sophisticated Ledger Nano X and the Ledger Nano S support Cosmos (ATOM).
Goals of Cosmos
With the help of several open-source tools, the Cosmos developers hope to realize its vision. Three different technologies make up the Cosmos network. The Inter-Blockchain Communication (IBC) protocol, the Tendermint protocol, which is in charge of governance and the Cosmos software development kit (SDK) make constructing apps straightforward.
The network supports token, data, and asset swaps between blockchains. The more connected the network gets, the greater the potential for passive revenue to be created through staking. The Hubs that connect all these fluctuating blockchains require validators to stake the ATOM currency, which will earn ATOMs for betting.
Prospect Of ATOM
As expectation, the maximum price in 2023 should be $13.08, and the average price the following year should be around $18.54. The website predicts a fee of $26.93 for 2024 and indicates a price of roughly $39.51 one year later. It expects that the average cost of Cosmos will be $56.31 in 2026 and that it will be approximately $78.70 in 2027
It’s predicted that the average price will be $113.23 in 2028 and that ATOM will increase to $159.78 the following year. According to its Cosmos price forecast, the coin would cost an average of $236.75 by 2030.
How to earn ATOM tokens?
There is no one-size-fits-all answer to this question, as the best way to earn ATOM tokens may vary depending on the individual’s circumstances and goals. However, some methods of making ATOM crypto include participating in the Cosmos network by running a validator node, delegating one’s stake to a validator, or participating in governance. Additionally, Cosmos tokens can be purchased on cryptocurrency exchanges.
Should you invest in Cosmos?
Cosmos is a good investment for those looking for a long-term hold. The project has a lot of potential, and its technology is very advanced. However, it is essential to remember that investing in any cryptocurrency is risky, and you should never invest more than you can afford to lose.
Is investing in ATOM risky?
Cosmos appears to be in a solid position to withstand the test of time and has a lot of long-term potential. Do not spend money you cannot afford to lose because this is still a volatile and high-risk industry.
Why is Cosmos popular?
There are many reasons why Cosmos is famous. Some people find it helpful in understanding the universe, while others find its concepts useful in making predictions. Additionally, many people find the series enjoyable and entertaining.
Is it the right time to buy token ATOM?
Yes, based on ATOM’s price forecast and prior performance, the coin may reach a price of $30 this year and represent a wise investment. It is more than just a link between blockchains; its features provide it a competitive advantage. ATOM coins can be purchased via a cryptocurrency exchange.
What can I buy with ATOM?
ATOM Cosmos can be used to purchase a variety of goods and services. Some of the things that can be bought with ATOM Cosmos include:
- Video games
- Digital content
- In-game items
- Online services
How is Cosmos different from other blockchain projects?
The Cosmos Network is a network of independent, parallel blockchains, each powered by BFT consensus algorithms like Tendermint. The project’s vision is to “build an Internet of Blockchains,” where different blockchains can communicate with each other in a decentralized way.
Other projects tend to be focused on a single blockchain or a group of closely related blockchains. Cosmos is unique in its focus on interoperability between different blockchains.
Can I convert Cosmos coins to other currencies?
Yes, you can convert Cosmos coins to other currencies on exchange platforms like Binance, Coinbase and more.
How can I find more information about Cosmos?
The best way to find more information about Cosmos is to join the community and ask questions. The community can be found at https://cosmos.network/community.
Above is the information What is Cosmos and information related to Cosmos crypto that Cove Markets has aggregated to send to you. Hopefully, through the article, you have better understood Cosmos, making a wise decision in choosing a virtual currency project for investment in the future.
Disclaimer. This is not monetary guidance. Mentioning coins and tokens doesn’t imply that you should buy, sell, or take part in the interconnected network. We urge you to conduct your research and make your own decisions about your investments.
Disclaimer: The information provided in this article is not investment advice from Cove Markets. Cryptocurrency investment activities are yet to be recognized and protected by the laws in some countries. Cryptocurrencies always contain financial risks.