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About Cosmos
Key Points
- Cosmos aims to solve the “hardest problems” in the blockchain industry, including scalability, complexity, and environmental harm.
- The project consists of three layers: application, networking, and consensus.
- Cosmos uses a hybrid proof-of-stake algorithm and has a total supply of 260,906,513 ATOM tokens.
- ATOM tokens are earned through staking and are used for governance and security.
- The Cosmos network is secured through a proof-of-stake consensus algorithm, where validators stake ATOM tokens to participate in the network.
- Cosmos aims to enable interoperability between blockchains, allowing them to communicate with each other.
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About Cosmos: The Internet of Blockchains
Unveiling Cosmos (ATOM): A Revolutionary Blockchain Ecosystem
In essence, Cosmos presents itself as a pioneering project that tackles some of the most pressing challenges plaguing the blockchain industry. By offering a network of interconnected blockchains, it seeks to provide a remedy to the limitations of traditional proof-of-work protocols, such as those employed by Bitcoin, which are often slow, costly, unscalable, and environmentally detrimental.
The project’s overarching objectives also encompass simplifying blockchain technology and rendering it more accessible to developers through a modular framework that demystifies the development of decentralized applications. Furthermore, an Interblockchain Communication protocol facilitates seamless communication between disparate blockchain networks, thereby mitigating the risk of fragmentation within the industry.
Cosmos’ genesis can be traced back to 2014, when Tendermint, a pivotal contributor to the network, was established. In 2016, a seminal white paper for Cosmos was published, followed by a token sale the subsequent year. ATOM tokens are earned through a novel hybrid proof-of-stake algorithm, which plays a crucial role in maintaining the security of the Cosmos Hub, the project’s flagship blockchain. Furthermore, this cryptocurrency also assumes a vital role in the network’s governance framework.
The Visionaries Behind Cosmos: A Founding Team of Pioneers
The co-founders of Tendermint, the gateway to the Cosmos ecosystem, were Jae Kwon, Zarko Milosevic, and Ethan Buchman. Although Kwon remains listed as principal architect, he relinquished his CEO role in 2020. While he asserts his continued involvement in the project, his focus has shifted to other initiatives. Peng Zhong has since succeeded him as Tendermint’s CEO, and the board of directors has undergone a significant overhaul. The revamped leadership aims to enrich the developer experience, foster a vibrant community for Cosmos, and develop educational resources to raise awareness about the network’s capabilities among a broader audience.
Unveiling the Cosmos Ecosystem: A Comprehensive Overview
The Cosmos network is comprised of a tripartite architecture, consisting of the application layer, the networking layer, and the consensus layer, each playing a vital role in the network’s overall functionality.
The application layer facilitates the processing of transactions and updates the network’s state, while the networking layer enables seamless communication between transactions and blockchains. Meanwhile, the consensus layer plays a pivotal role in ensuring that nodes reach a collective agreement on the system’s current state.
Cosmos leverages a suite of open-source tools to seamlessly integrate disparate layers, thereby empowering developers to craft innovative decentralized applications (dApps).
Unveiling the Unparalleled Cosmos: A Beacon of Innovation
A pervasive concern within the crypto industry revolves around the pronounced fragmentation prevalent in blockchain networks. With hundreds in existence, a mere handful are capable of interoperating with one another. Cosmos seeks to revolutionize this paradigm by facilitating seamless communication among them.
Cosmos is aptly referred to as “Blockchain 3.0” – and as previously mentioned, a paramount objective is to ensure that its infrastructure is remarkably user-friendly. To achieve this, the Cosmos software development kit is designed with modularity in mind. This innovative approach enables the seamless construction of a network by leveraging existing, modular chunks of code. In the long run, it is envisioned that complex applications will be effortlessly built, thereby simplifying the development process.
Scalability is another paramount consideration, enabling a significantly higher throughput of transactions per second compared to traditional blockchains like Bitcoin and Ethereum. To achieve widespread adoption, blockchains must be capable of handling demand on par with, or even surpassing, that of established payment processing companies and websites.
What Is the Circulating Supply of Cosmos (ATOM) Coins?
ATOM boasts a precisely defined total supply of 260,906,513 units. As of the time of writing, approximately 203,121,910 of these tokens are in circulation. Notably, unlike traditional cryptocurrencies, ATOMs are not mined; instead, they are earned through a staking mechanism.
In January 2017, two private sales took place, followed by a public sale in April of the same year, collectively raising a total of $16 million, which translates to approximately $0.10 per ATOM.
Delving into the token distribution, it is noteworthy that approximately 80% was allocated to investors, whereas the remaining 20% was divided between two entities: All In Bits and the Interchain Foundation.
Cosmos has likened ATOM tokens to the Application-Specific Integrated Circuit (ASIC) miners utilized in Bitcoin mining. As elucidated in a technical paper by the Tendermint team: “It constitutes a form of virtualized hardware (economic capital) that is requisite for participation as a keeper within the network.”
The Cosmos Network’s Security Mechanisms: A Robust Framework
As previously noted, Cosmos employs a proof-of-stake consensus algorithm, wherein validator nodes that stake a larger quantity of ATOM tokens are more likely to be selected to validate transactions and reap rewards. Conversely, nodes found to be engaging in dishonest behavior are penalized, potentially resulting in the forfeiture of their staked tokens.
Where to Acquire Cosmos (ATOM): A Comprehensive Guide
Cosmos is now accessible across a multitude of prominent exchanges, with many opting to purchase it on esteemed platforms such as Binance, Coinbase, and OKEx. Furthermore, trading pairs are available with a variety of fiat currencies, and you can discover more about the process of converting dollars and euros to cryptocurrency
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Tendermint: The Pioneering Consensus Algorithm
The cornerstone of this layered design is the Tendermint BFT engine, a pivotal component that empowers developers to craft blockchains without having to build them from the ground up. By consolidating essential blockchain processes, including peer-to-peer networking, consensus algorithms, and transaction processing, into a single, cohesive package, Tendermint greatly simplifies the process of creating a blockchain application, eliminating the need to start from scratch.
The Cosmos Hub and Its Constituent Zones
The Cosmos Hub, the inaugural blockchain on the Cosmos network, serves as a pivotal nexus, facilitating seamless interactions among the diverse, independent blockchains, dubbed “zones,” that comprise the Cosmos ecosystem. The validators of the Cosmos Hub are tasked with maintaining consensus across all zones, and in return, they receive fees for their services. The native cryptocurrency of the Cosmos Hub is ATOM, which is utilized to settle these fees.
Tendermint’s Byzantine Fault Tolerance (BFT): A Beacon of Resilience in Distributed Systems
At the core of Tendermint lies Tendermint Core, a sophisticated Proof-of-Stake (PoS) governance mechanism that guarantees seamless synchronization among the computers operating the Cosmos Hub. Leveraging the Tendermint Byzantine Fault Tolerance (BFT) consensus algorithm, a refined variant of PoS, this system enables validators to take turns in committing new blocks of transactions to the chain, ensuring a harmonious and efficient process.
The Cosmos SDK: A Pioneering Framework for Blockchain Development
The Cosmos team has also developed a comprehensive software development kit (SDK), which leverages Tendermint’s consensus algorithm to facilitate the creation of bespoke blockchains. Built upon a modular philosophy, the SDK enables developers to seamlessly integrate diverse modules, thereby crafting tailored blockchain solutions. Furthermore, the SDK’s flexibility accommodates a range of programming languages, thereby expanding its accessibility to a broader spectrum of developers.
Unveiling the Cosmos Interchain Accounts Evolution
The Interchain Foundation, a non-profit organization within the Cosmos ecosystem, has announced the rollout of the Interchain Accounts upgrade, effective February 17, 2022. Launched in April 2021, the Inter-Blockchain Communications (IBC) protocol has established itself as the Cosmos standard for seamless blockchain interoperability, enabling individual blockchains to exert control over accounts on separate chains. Currently, 38 projects are leveraging IBC, including notable implementations on Terra, Crypto.org chain, and Gravity bridge. The Interchain Accounts upgrade marks the most significant enhancement to the ecosystem since Stargate, which pioneered the connection of Cosmos blockchains via the standardized IBC protocol. This upgrade empowers users to engage in a range of activities across multiple blockchains, including staking, voting, token swapping, and more. By facilitating composability in IBC, the upgrade enables the deployment of innovative applications without necessitating a comprehensive Interchain upgrade.
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