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What is Cosmos Network?

by BlockchainX 22 days ago in cryptocurrency

The goal of Cosmos is simple: allow any blockchain to communicate, share data, and transact with anyone else.

What is Cosmos?

This time we come to talk about Cosmos Network ( ATOM ) token , a project that has been going on for a while but which we had not talked about in cryptoshitcompra and in this article we will give all the information about Cosmos Network and we will explain how to buy ATOM Token in a simple.

At the moment, a blockchain tends to act as its own universe with almost no way of communicating with the world outside of its network, without the help of third parties anyway.

As a result, disputes, tribalism, and maximalism among supporters of the various blockchain development company have become the norm. But can there be a chain of blocks to unite them all? Take a trip as we explore Cosmos , the “Internet of Blockchains”.

What is Cosmos Network?

The goal of Cosmos is simple: allow any blockchain to communicate, share data, and transact with anyone else. By allowing many different blockchains to interoperate, there is less need for these networks to compete ruthlessly to be the one blockchain to rule them all. Instead, many different blockchains can coexist with their own specialized use cases and advantages.

Cosmos is a complete technology stack that goes beyond simply allowing different blockchains to connect and share data with each other. They have also created a streamlined development process that allows developers to create their own custom blockchain in months or even weeks, rather than years.

The combination of a relatively easy blockchain development services process with the ability of new and old blockchains to interoperate in case more application-specific and less general-purpose blockchains are developed.

Did you know

To show the power of Cosmos technology, the team created a copy of Ethereum in Cosmos called Ethermint. This version of Ethereum works exactly like the original Ethereum and is even compatible with existing smart contracts and Ethereum tools like MetaMask .

Who Invented the Cosmos?

Cosmos is based on the consensus protocol , Tendermint , which was created by Jae Kwon in 2014. To develop the complete interoperability ecosystem of Cosmos, Zarko Milosevic and Ethan Buchman joined Kwon; Subsequently, he resigned from the project in 2020.

A brief history of Cosmos

April 2017 - $ 17 million raised in the first 29 minutes of the initial Cosmos token sale.

December 2018 - Game of Stakes is launched, extensively testing the Cosmos network for the first time.

March 2019 - The official Cosmos main net is launched.

November 2019 : Kava Labs becomes one of the first projects created with the Cosmos SDK to launch its mainnet.

February 2020 - The Cosmos team splits and founder Jae Kwon resigns as CEO.

September 2020 - Cosmos partners with Nym to bring anonymous credentials to the Cosmos ecosystem.

February 2021: Cosmos launches Stargate , which includes the first public launch of the Inter-Blockchain Communication (IBC) protocol.

What's so special about it?

Cosmos is more similar to the Polkadot project , which also seeks to create an ecosystem of interoperable blockchain networks. However, unlike Polkadot, Cosmos prioritizes the sovereignty of independent blockchains, which means that they must ensure, have their own governance, and run their own validators.

Cosmos technology is based on:

Tendermint - A consensus protocol that allows developers to create a proof-of-stake blockchain that is fast, scalable, and secure.

Cosmos SDK : allows developers to build Tendermint-based blockchain development company applications.

The Inter-Blockchain Communication Protocol (IBC) : A system that allows different blockchains to connect and communicate with each other.

What is Tendermint?

Tendermint is open source software that can be used to achieve Byzantine Fault Tolerance (BFT) in decentralized networks like Cosmos. In simple terms, BFT means that a decentralized network can continue to operate safely and achieve consensus on its current state even if some actors involved in the process have failed or are malicious.

Cosmos is just one of several platforms built around the Tendermint consensus engine; others include:

Ethermint - A scalable and interoperable hybrid blockchain built with the Cosmos SDK and Tendermint.

Terra - A delegated proof-of-stake (dPoS) platform designed for stable coins as a payment solution on the blockchain.

Regen Network - A decentralized marketplace for green assets, data, and climate deals.

What else is different?

Blockchains communicate with each other in the Cosmos ecosystem through a hub and zone model. For example, if you want to connect Ethereum and Bitcoin through Cosmos, both blockchains should connect to their own zone. The Ethereum zone and the Bitcoin zone would each connect to a hub and through this shared hub, Ether and Bitcoin could be transferred between them.

What are the atoms?

The native tokens of the Cosmos network are called ATOM. The ATOM tenure gives the holder the ability to stake and validate blocks, vote on governance issues, and pay transaction fees.

ATOM Price

The initial ATOM tokens were created when the Cosmos mainnet was launched and distributed to initial donors, token sale participants, the Cosmos Foundation, and core developers. New ATOMs are generated as rewards for network validators.

The future

Each change, update or activation of functions in the Cosmos protocol depends on the approval of the ATOM holders. Because the Cosmos network was launched relatively recently and is still in its development stage, you have not yet fully realized the vision set out in your white paper .

However, with the release of the Stargate update, blockchains can now communicate with each other thanks to the Inter-Blockchain Communication (IBC) protocol, which developers can now freely build with. On top of this, the Stargate update brings with it automatic updates, full-featured thin clients, and 100x efficiency gains, making Cosmos a force to be reckoned with.

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