Cosmos is an ecosystem of blockchains exclusively connected with each other by the Inter-Blockchain Communication protocol.
What is Cosmos?
- Cosmos is a decentralized network of independent blockchains, known as The Internet of Blockchains.
- ATOM tokens are earned through a hybrid proof-of-stake algorithm. It also has an important role in the network’s governance.
- Cosmos Hub – the flagship blockchain that connects with various other blockchains – serves as the economic center of Cosmos. It provides a marketplace, security, router, and custodian.
- The Inter-Blockchain Communication protocol (IBC) is used by Cosmos to connect apps and services together across otherwise isolated blockchains, allowing users to exchange assets and data freely.
|Total Token Supply||280,885,293|
|Current Circulating Supply||See Coinmarketcap|
|Market Capitalisation||See Coinmarketcap|
|Token Creation Date||2017|
|Can it be mined?||No|
Who is behind Cosmos?
Jae Kwon, Zarko Milosevic and Ethan Buchman are the co-founders of Cosmos. In 2020, Kwon stepped down and since then, Peng Zhong has been the CEO of Cosmos.
After the replacement of the new CEO, the board of directors focused more on developers’ experience on the network with a vision to create an enthusiastic community for Cosmos.
What is the purpose of Cosmos?
Cosmos’ main purpose is to offer an ecosystem of connected blockchains in order to solve Proof-of-Work protocols’ issues of scalability and usability. Furthermore, it aims to simplify blockchain technology for developers with a modular framework that demystifies decentralized apps to allow for a shallower learning curve.
- Cosmos’ marketplace is set to operate a next-generation decentralized exchange by swapping digital assets from across the interchain with low fees and instant transaction confirmation.
- ATOM tokens will be used to secure the main Cosmos blockchain in exchange for staking rewards.
- Users can join the network by connecting to the Cosmos Hub service via IBC protocol to become a validator.
- The Inter-Blockchain Communication protocol, in layman’s terms, enables cross-chain transfers where there was previously no ability to do so.
- Cosmos leverages two types of scalability solutions; vertical and horizontal. Vertical scalability allows thousands of transactions to be reached per second while Horizontal creates multiple parallel chains resulting in infinitely scalable blockchains.
- Although Cosmos is one of the earliest protocols targeting interoperability, there are newcomers such as Harmony (ONE) or Polkadot (DOT) which are targeting the same niche.
- As the crypto space develops, cross-chain bridges may also reduce the unique value proposition of the Cosmos chain. Cross-chain oracles may also help to reduce the gap in cross-chain interoperability.
News and Updates:
- Cosmos’ inner blockchain communication protocol (IBC) had been growing substantially since April, 2021, and on 3rd October, 2021 Cosmos reached a milestone in one million transfers on the protocol.
- Evmos, rebranded from Ethermint, will be launched in the Cosmos ecosystem allowing Ethereum-based contracts communication.
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