Cosmos is a project focused on solving the problem of interaction between blockchains. The team calls it the Internet of blockchains, which is almost always a good way to describe its use as any. Through its design, Cosmos hopes to bring both collaboration and measurement solutions to the blockchain environment.
The Cosmos network is a network divided into independent, measurable, and interactive blockchains, each supported by a Byzantine Fault-Tolerant (BFT) compatible algorithm such as Tendermint Core. The Cosmos looks to solve three key issues in the blockchain: sovereignty, scalability, and sustainability. Cosmos is about a world of multiple chains where many independent blockchains connect data and tokens together seamlessly. This creates a cooperative ecosystem because there is no project or blockchain in the ecosystem that is here to be taken away by someone else, instead Cosmos unites them all.
The history of Cosmos began on June 26, 2016, by its creator Jae Kwon, and held its ICO in 2017, raising $17 million. Looking back, it seems that this project was undervalued. The team has invested in developing some of the most important buildings of the Cosmos.
The Cosmos network launched its main net in 2019 and has seen growing popularity within the crypto space ever since. The projects launched at Cosmos and its Tendermint ecosystem include Binance Chain, Terra, and Aragon, among many others.
A crucial concern of others in the crypto industry is focused on the levels of diversity seen in blockchain networks. There are hundreds of them, but very few of them can communicate.
Cosmos is built with a very clear vision- To make it easier for developers to blockchains and break the barriers between blockchains by allowing them to interact. To achieve this vision, a set of open-source tools such as Tendermint, Cosmos SDK, and IBC are designed that allow people to build custom, secure, easy-to-use blockchain applications.
Cosmos has three essential elements, Tendermint, Inter-blockchain Communications Protocol (IBC), and the Cosmos SDK.
· Tendermint assists developers to create blockchains without coding from scratch, powered by Tendermint Core.
· IBC is a medium that makes information flow freely and securely between sections.
· The Cosmos SDK provides sections with the most common functions, such as governance, tokens, and staking.
The Cosmos network consists of three layers:
1. Application - Processes transactions and updates network status
2. Networking - Allows the information between transactions and blockchains
3. Consensus - Helps nodes to sync current system status
The use cases of ATOM tokens are: · As a way to prevent spam, ATOM is used to make payments. The amount may be equal to the amount of the calculation required per transaction, similar to Ethereum's "gas" concept. · Like staking tokens, ATOM can be "tied up" to win block prizes. The economic security of the Cosmos Hub is a function of the ATOM value attached to the pole. The more ATOM becomes collateral, the more “skin” it is at risk and the higher the cost of network attacks. Therefore, the more ATOM is tied up, the greater the economic security of the network. · ATOM owners may control the Cosmos Hub by voting for proposals with their fixed ATOM.
Cosmos itself is a highly progressive project that aims to be a blockchain that will draw all other blockchains into its corporate space. Therefore, a few blockchains and projects have been built in the Cosmos, and some of the names are; Osmosis Persistence Akash Network Regen Sentinel Juno
DATE | NEWS/EVENTS | IMPACT |
07/05/2022 | TerraUSD and LUNA both collapsed and as a result, a number of crypto platforms folded in the aftermath | -38% Decrease |
21/02/2022 | pSTAKE Finance brings liquid staking and new airdrop into the Cosmos ecosystem | +25% Increase |
30/12/2021 | ATOM's ecosystem expanded to 28 live and interconnected chains worth more than $68 billion in total value, surging its prices | +38% Increase |
08/09/2021 | Cosmos and decentralized application platform (dapp) Axelar joined hands with decentralized exchange Pangolin | +71% Increase |
Cosmos and Tendermint are both very interesting projects out there. They are bringing a new level of flexibility and collaboration to blockchains, something they really need right now. Only time will tell how we will hold on to other competitors in the collaborative space like Cardano, ICON, etc.
However, technology is fascinating, and they seem to have a passionate and dedicated team behind them. Hopefully, they will get all their launches in place. In order to get a quick standard acquisition, the problem of balance and interaction needs to be solved. May be Cosmos Blockchain will open the way.
Cosmos Hub