Cosmos is a project that aims to unite crypto networks via open-source tools and seamless transactions between multiple different blockchains. Dubbed as ‘The internet of blockchain’ the team has made significant customizable and interoperable software development kits (SDK’s) 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 of the participants. New blockchains created within the Cosmos ecosystem will be connected to the Cosmos Hub. The Cosmos Zone maintains a record of all interoperable blockchains (also called zones). These zones are built using the Cosmos SDK default consensus layer.
The Cosmos mainnet uses validators to determine voting power, and these are based on the amount of staked ATOM (the blockchains utility coin). Validators can propose new blocks on which other can vote. A successful vote provides a reward that will be given to the validator and the users who have staked their coins with that validator.
In the year 2014, the Cosmos network was launched by Jae Kwon and Ethan Buchman. The Proof-of-Stake based blockchain quickly gained popularity among the general public and quickly entered the top 100 in terms of market cap.
ATOM is the native cryptocurrency of the Cosmos network. ATOM is used to pay the network's transaction costs. Users can also stake ATOM and make decisions regarding the entire network through the governance token.
The Cosmos Hub is the center of the Cosmos network and ecosystem. All communications and blockchain connections converge here. This works through the Inter-Blockchain Communication Protocol (IBCP).
Cosmos statistics from the last 24 hours
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A clear pattern can be seen with Cosmos (ATOM). Whenever major updates are rolled out, Cosmos ATOM's price goes up. With the first major Delta Upgrade, ATOM's value quadrupled ($20). In 2022, Cosmos had a lot of upgrades planned. The result? A huge rally from late 2021 to Q2 2022, with ATOM hitting its all-time-high of $44.45.
During the last Cosmoverse conference, the ATOM 2.0 white paper was released. ATOM 2.0 restructures the Cosmos Hub center. Among other things, the Cosmos team aims to transform the ATOM governance token into a 'reserve currency'. The price of ATOM has been slowly rising since this update was announced, despite the ongoing bear market. The first components of ATOM 2.0 will launch during 2023.