InstaForex

September 20, 2021

Get to Know Crypto: Cosmos (ATOM), ‘Internet Of Blockchains’

 Cosmos (ATOM) has recently repeatedly highlighted its performance as one of the dumping of cryptocurrencies available.


The most important thing you need to know, Cosmos (ATOM) and Atomic Coin (ATOM) are not the same project. Atomic Coin was disbanded as an exit scam in early 2018.


Trivia Cosmos (ATOM)



The company responsible for its establishment is Tendermint Inc (formerly known as Al In Bits Inc).

Co -developed with the Tendermint consensus algorithm in 2014 by Jae Kwon and Ethan Buchman.

Launched in March 2019 with support from a non-profit organization, The Interchain Foundation (ICF).

Known as the "internet of blockchains" with the objective of building a network of blockchains that can communicate with each other in a decentralized manner and highlight four important aspects of technology:

Scalability

Control each other

Consumption

Administration

Has 3 main technologies to support its objectives:

Tendermint

Considered the backbone of the Cosmos network in the presence of Tendermint Byzantine Fault Tolerance (BFT)

Function: allows developers to build blockchains based on proof-of-stake (PoS).

Capable of handling 10,000 transactions per second for 250 bytes transactions.

Cosmos SDK

Is a technology that helps developers to build applications on the Tendermint -based blockchain.

Inter-Blockchain Communications (IBC)

Paired with Tendermint

Allows multiple different blockchains to unite and connect with each other.

This is the primary layer to tokens, data, and digital asset exchange for the entire blockchains.

Cosmos network design can be divided into two components:

Zones - which serve as independent blockchains

Hub - acts as the center of connected blockchains

The token found in the Cosmos network is ATOM

The maximum number, 279,433,922 ATOMS

Current cycle supply (at the time this article was written): 221,649,318.52 ATOMS

Used as coin staking and payment transactions.

Not mined but generated via a hybrid PoS algorithm.

Available at Binance, Coinbase, Huobi, and KuCoin.

So far, some may still be skeptical of Cosmos’s capabilities but did you know some well-known cryptocurrencies like Binance Coin (BNB) and Terra (LUNA) have been generated using the Cosmos SDK.