Buy Cosmos (ATOM)
What is Cosmos (ATOM)?
Cosmos defines itself as "The internet of blockchains." This universe is blockchain 3.0. Where Bitcoin (1.0) and Ethereum (2.0) led the way, Cosmos goes a step further and connects blockchains in their own unique way.
Cosmos is a project that aims to unify crypto-networks through open-source tools and seamless transactions between multiple different blockchains. The team, which calls itself "The Internet of Blockchain", has created key customisable and interoperable software development kits (SDKs) that can be used to build on the Cosmos network.
The goal of Cosmos is not to create its own network, but to foster an ecosystem of different blockchains that can share data between all participants. New blockchains created within the Cosmos ecosystem will be connected to the Cosmos Hub. The Cosmos Zone keeps a record of all interoperable blockchains (also called zones). These zones are built using the Cosmos SDK standard consensus layer.
The Cosmos mainnet uses validators to determine voting power, and these are based on the amount of ATOM (the blockchains' utility token) deployed. Validators can propose new blocks for others to vote on. A successful vote produces a reward that is given to the validator and to the users who have deployed their tokens at that validator.
How does Cosmos work?
As mentioned, they call themselves the Internet of Blockchains because they can connect different blockchains. This makes them especially popular among developers because what they write is not only usable on one blockchain.
Cosmos is very scalable because at the beginning they only had 100 validators. Meaning they could quickly finish validating a block. They work with delegated proof of stake and there is a maximum of 300 validators over time. These validators are chosen on reliability and you can mainly find them at exchanges and other big players, who cannot afford a slash (penalty).
Cosmos has built a network to connect blockchains. Its main components are:
1. Network: Tendermint Core. This is an open source development platform for developers. It allows you to program in almost any common computer language. A developer can focus on programming, Tendermint Core pretty much does the rest. Works with BFT.
2. Applications: Cosmos SDK. The application layer has an SDK (Software Development Kit), which you can think of as a block box from which you can choose to create a build. This simplifies creating an application, because you only have to choose what you need for a particular component. All the blocks together then form the complete application.
3. Consensus algorithm: IBC. The IBC (Inter Blockchain Communication) Protocol provides communication between blockchains, the name explains a lot. You can think of this protocol as a hub between different blockchains with zones. The hub connects other blockchains as well as other hubs. Even with blockchains outside this network, communication and thus exchange of cryptocurrency and information can still take place.
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Extra information about Cosmos (ATOM)
What can ATOM be used for?
The ATOM coin can be used for governance. Atom is a Proof-of-Stake coin, which means you can delegate your coins into a validator pool and earn rewards based on your holdings. The more ATOM you wager, the more you earn. However, wagering locks your ATOM, and unlocking ATOM coins can take up to 21 days. Staking your ATOM coins reduces misbehaviour on the network, and gives the network better security.
Who are the founders of Cosmos?
A well-known developer Jae Kwon and Ethan Buchman co-founded the Cosmos network in 2014. Tendermint was one of their first consensus algorithms that would later be used to power the Cosmos blockchain.
How can I store ATOM?
You can store ATOM in the Anycoin Vault. In the Vault, you can easily and securely store, swap, sell or buy your crypto. This is because Anycoin Direct uses cold-storage, making it extra secure. By using the Anycoin Vault, you pay less transaction fees, your cryptocurrencies are securely stored and it offers you the ability to trade between cryptocurrencies easily and quickly. Currently, it is only possible to store Cosmos in the Anycoin Vault.
History of Cosmos
Starlog, 2014, Tendermint (software for securely replicating and application on many machines) was founded by Jae Kwon and Zarko Milosevic. In 2015, Ethan Buchman joined this team. This project involved searching for applications of BFT (Byzantine Fault Tolerance) in a proof of stake public network. The goal was to explore issues of scalability and usability, to boldly go where no man has gone before.
Cosmos' well-received white paper followed in 2016. Consequently, at an initial coin offering in 2017, they raised some $17 million for their project.
By 2018, with this money, they had gotten a team together and worked to fill in the black holes.
In 2019, Cosmos (ATOM) was finally launched.
Their best day was when Binance decided to also use Cosmos for their Binance Smart Chain. Little by little, they are gaining more and more followers.
The Interchain Foundation from Switzerland develops the software and the commercial arm Tendermint Inc. handles the execution of transactions.
Today they have dubbed themselves the Cosmos Hub.
Tokenomics ATOM
ATOM is the ticker symbol of their own blockchain, Cosmos. There are around 300 million of these Cosmos crypto on the market at the time of writing, and there is no limit to the number. Per year, around 40 million ATOM crypto come on the market.
The ATOM token also allows you to vote on the future of Cosmos. So it's a DAO (Decentralized Autonomous Organization), with participants who have the ATOM token also getting a vote. Most of the voters will probably be validators, because they have the most ATOM coins and the biggest interests.
What can Cosmos (ATOM) be used for?
The ATOM coin can be used for governance. Atom is a Proof-of-Stake coin, which means you can delegate your coins into a validator pool and earn rewards based on your holdings. The more ATOM you stake, the more you earn. However, staking locks your ATOM, and unlocking ATOM coins can take up to 21 days. Staking your ATOM coins reduces misbehavior on the network, and gives the network better security.
Who are the founders of Cosmos?
A well-known developer Jae Kwon and Ethan Buchman co-founded the Cosmos network in 2014. Tendermint was one of their first consensus algorithms that would later be used to power the Cosmos blockchain.
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