What is Cosmos ?
The Cosmos project attempts to build a platform of the “Internet of Blockchains” by making it easier to interact between blockchains. This protocol, named Inter-Blockchain Communication (IBC), was launched during the initial quarters of 2021.
Here, multiple blockchains collaborate to bring down the necessity for a unilateral blockchain to regulate the rest. Additionally, it allows developers to design their blockchain in a very short time frame.
About Cosmos Coin:
Cosmos is a cryptocurrency founded by Jae Kwon in January 2014.
Primary features of Cosmos
- Tendermint is a concurrency protocol that allows developers to create a bespoke blockchain that is fast and secure.
- The Cosmos SDK allows developers to design an application on top of the above mentioned Tendermint based blockchains.
- The Inter-Blockchain Communication protocol (IBC) allows various interconnected blockchains to communicate within them.
- Cosmos uses hubs for such IBS based connectivity solutions instead of conventional bridges. Hubs are basically cosmos blockchains that act as a single point to interrelate with other connected chains.
Is Cosmos a promising cryptocurrency?
According to the 2021 Mid Crypto Market Analysis, the ATOM coin price may give an expected return of 136.6%. First of all, ATOMS can be expanded as a token of the Cosmos network. Users must keep ATOMs to stake and validate the block.
How to use Cosmos?
The Cosmos platform ensures greater scalability, interoperability, usability and sovereignty. Here are three uses of the COSMOS platform:
Governance: By holding a stake in ATOM, other participants can join the cosmos hubs and will get the option to reduce the stake.
Payments of transaction fee: Photons is a token that enables the payment of transaction fees on other cosmos platforms.
Development: Developers can design their custom blockchain using Cosmos SDK.
Pros & Cons of Cosmos
- Higher scalability factor: Relatively faster way to process transactions due to their Proof of Stake algorithm that enables >1000 TPS
- Staking Cosmos network: After the successful validation of stake of ATOMs, users (liquidity providers) are rewarded.
- Enable Day Trading: Ethereum blockchain makes transaction processing and reporting efficient.
- Credibility: Many well-established blockchains have moved on into the Cosmos network for better interoperability.
If any of your representatives in the cosmos network lost their token through misconduct, your token would also be slashed in that process.
Cosmos is the pioneer who uses interoperability in their protocols. Now competitors such as Chainlink, Polkadot have started their operations in the market.
Trade Cosmos on CoinSwitch kuber
- Start investing and trading in Cosmos with just Rs.100.
- Allows instant withdrawal and deposit directly to bank accounts.
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- UI built for great customer experience
- Easily track your transactions and manage your crypto portfolio.
Cosmos ICO summary
Initial coin offering (ICO) for the Cosmos was held in April 2017, which landed at a slot of $17 million within an hour. The total ATOM supply at present is at 236 million ATOMs.
FAQ's on Cosmos
1. How do I get ATOM?
Participate in the fundraiser event conducted by Cosmos network and log on to the fundraiser.
2. Does Cosmos have a token?
Yes. There are two main tokens: ATOM coin
and Photons. But in a Cosmos Hub, we can witness many other tokens.
3. Is ATOM listed on exchanges?
4. Is Cosmos Coin Safe?
Cosmos uses a proof-of-stake algorithm and not a proof-of-work. POW enables better security than POS. But, the behaviour of cosmos stakes is wavy, which shows ATOM can increase in the near time.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.