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Cosmos(ATOM)
Cosmos (ATOM)
2022-10-13 10:06:15
ATOM-2.41%
10.214 USDT

Cosmos is a project that aims to create a network of crypto networks that are united by open-source tools for streamlining transactions between them. This focus on customizability and interoperability is what sets Cosmos apart from other projects.

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Cosmos is a project that aims to create a network of crypto networks that are united by open-source tools for streamlining transactions between them. This focus on customizability and interoperability is what sets Cosmos apart from other projects.


The Cosmos network does not prioritize its own blockchain over others. Instead, its goal is to create an ecosystem of interconnected blockchains that can share data and tokens without the need for a central party. New independent blockchains created within the Cosmos network (called "zones") are connected to the Cosmos Hub, which maintains a record of the state of each zone. The Cosmos Hub is a proof-of-stake blockchain that uses the native ATOM cryptocurrency for transaction fees. 


Cosmos provides the foundation for a worldwide token economy through its communication protocol (IBC protocol), consensus engine (Tendermint Core), and software development kit (Cosmos SDK). These tools allow for the creation of customized blockchains, making a connected global blockchain economy possible.


Source - v1.cosmos.network


Users who want to stay informed about the current development status of Cosmos can follow its website roadmap. The Cosmos blog includes tips and tutorials on the network and its evolving technology, and provides regular updates from the Cosmos team.


The Cosmos network is made up of three layers: the Application layer, which processes transactions and updates the state of the network; the Networking layer, which allows communication between transactions and blockchains; and the Consensus layer, which helps nodes agree on the current state of the system. All of these layers are tied together by a set of open-source tools, which allow developers to build blockchain applications.


Tendermint

The most important part of this layered design is the Tendermint BFT engine. This is the part of the network that allows developers to build blockchains without having to code them from scratch. Tendermint BFT is an algorithm used by the network of computers running the Cosmos software to secure the network, validate transactions and commit blocks to the blockchain. It connects to applications through a protocol called the Application Blockchain Interface.


Tendermint BFT

Tendermint Core, a proof-of-stake (PoS) governance mechanism, is central to Tendermint. Tendermint Core keeps the distributed network of computers running Cosmos Hub in sync. To become a validator and have voting power on the blockchain, a node needs to stake ATOM. The amount of ATOM staked determines the node's voting power. If a user doesn't want to be a validator, they can delegate their tokens to another validator. The user will still earn a portion of the block reward this way. Validators are incentivized to perform well because users can switch which validator they delegate their ATOM to. 


Tendermint blockchains are some of the most secure and scalable compared to other cryptocurrency blockchains. They can handle up to 10,000 transactions per second and continue to operate even if one-third of validator nodes are offline or trying to corrupt the network. With Tendermint, it is possible to create customizable, secure, and scalable blockchains from the ground up in just weeks.


Cosmos Hub

The Cosmos network was created with the intention of having multiple independent blockchains, called "zones," that could interact with each other. The Cosmos Hub was the first blockchain launched on the network and acts as an intermediary between all the different zones. Its main purpose is to keep track of the states of all the other zones and facilitate interoperability between them.


Source - hub.cosmos.network


IBC Protocol

Zones connecting to the Cosmos Hub do so through the Inter-Blockchain Communication protocol (IBC), a mechanism that allows for secure and free information exchange between all connected zones. Once a zone connects to the Cosmos Hub, it becomes interoperable with all other zones connected to the hub, regardless of differing applications, validators and consensus mechanisms.


The Inter-Blockchain Communication Protocol already allows for all substrate-based blockchains, such as PolkaDot and Kusama, to be connected. Any proof of stake blockchain can be connected to Cosmos Hub, and the interoperability process is similar to wrapped tokens on Ethereum.


Cosmos SDK

The Cosmos software development kit (SDK) allows developers to build blockchains using the Tendermint consensus algorithm with a minimum of complexity. The SDK offers the most common functionality found among blockchains, such as staking, governance, and tokens. Developers can create plugins to add any additional features they want.


Cosmos has done an amazing job at getting projects onto their ecosystem. With RUNE (a cross-chain AMM) and Chainlink (a price oracle) already in place, and more L1 chains being developed, it will be exciting to see how Cosmos uses blockchain interoperability to further develop cryptocurrency as a whole and connect different networks.


ATOM is the native token of the Cosmos blockchain system, its primary use is for staking and users who stake ATOM and validate the Cosmos blockchain are rewarded with transaction fees and even more ATOM. Holding ATOM is a great way to invest in the future of the Cosmos ecosystem.


Important Cosmos (ATOM) links:

Cosmos Homepage

Block Explorer 

Cosmos Whitepaper

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