In this article, we will take a deep, in-depth look at the Cosmos Network project. With this Cosmos Network Overview, you will encounter all the pros and cons of the Cosmos Network. We hope this article can help boost your understanding of the Cosmos Network.
Not only this, we are ever-ready to let you know what the Cosmos Network envisions to bring to its society and global population. Are you interested to learn more about the Cosmos Network? Then, continue to read our Cosmos Network overview. Cosmos Network brings the next level of blockchain technology closer.
Table of contents
The Cosmos Network is not a centralized network. In fact, it is a community-driven, decentralized and independent platform. Moreover, the Cosmos project forms a gateway that will help build an entirely new token economy. To clarify, this means that the Cosmos Network takes orders from nowhere when operating.
However, there are two main concepts that you need to know in this Cosmos Network overview as a crypto advocate. These are Hub and Zones. Briefly, the Hub and Zones concepts join in setting a unique decentralized approach that is highly scalable in function.
Alongside being a blockchain hub, its native token ATOM empowers the overall ecosystem day by day. You can redeem ATOM tokens via a hybrid Proof-of-Stake (PoS) mechanism.
In brief, Cosmos serves as a home for the inter-chain ecosystem. Moreover, it does this by bringing other existing blockchain projects to scale and interoperate with one another. Thus, Cosmos is the first project that aids other blockchains to interoperate with each other.
Before the Cosmos project, blockchains were only processing small amounts of transactions per second. Bringing several other blockchains to work on one forum, helps the protocols to unfollow one chain rule technique when operating.
Therefore, Cosmos works by solving the hardest blockchain issues such as scalability, usability, and more. Along with this, the Cosmos protocol has tools for building interoperable application-specific chains. Sounds good, doesn’t it?
Cosmos development Kit (SDK), Tendermint, Inter-Blockchain Communication protocol (IBC), are parts of the Cosmos tool.
Keeping these in mind, the Cosmos Network looks like an excellent and eye-catching project. Moreover, the project proves to offer seamless features that are worth a try.
It is worth mentioning that back in early 2019, Cosmos expanded its services and availability broadly. So naturally, this made it the hottest blockchain project at that time.
In addition, individual interest in the Cosmos project greatly inspired ATOM to the mainstream at that time. As a result, ATOM price is $13.47, with a market capitalization of $3,704,703,881 at the time of writing, according to Coingecko data.
Byzantine Fault Tolerant algorithms empower the Cosmos project. This rates Cosmos as a customized, scalable, and interoperable project.
As per what most people think, the Cosmos Network could fully become the “Internet of Blockchains”. Of note, this is because of its good features. But, aside from this, one of the Cosmos end goals is to make blockchain tech easy to use by everyone.
Since its inception in 2014, the Cosmos Network has been active in service to date. As a result, the Cosmos project has seen forward growth on its network.
Blockchain advocates Jae Kwon, Zarko Milosevic, and Ethan Buchman are the Co-Founders and leaders behind the success of the Cosmos project.
Furthermore, the Co-Founders’ mission is to enhance the Cosmos Network’s user-reach everywhere. In other words, they also aim to create an impactful and tech-driven society mainly for Cosmos.
Also, many developers usually use the Cosmos Network to build insightful dApps.
Most importantly, the Co-Founders’ mission is to create educational resources for a wider audience within the Cosmos Network. Notably, this is one of the exciting features that the Co-Founders are aiming for.
No rush. Take a deep dive tour in this Cosmos Network overview to know a few primary parts of the Cosmos Network.
We cannot do a Cosmos Network review without talking about Tendermint Core. It is one of Cosmos’s main technologies. Moreover, it is the PoS protocol that mainly empowers the Cosmos Hub and the Cosmos SDK.
In addition, the Tendermint Core holds the overall Tendermint BFT algorithm. This Core protocol checks the inter-blockchain communication (IBC) protocol as well.
Extensively, the Tendermint Core further connects consensus and network layers. This way, it helps to effectively enhance the smooth transfer of the Cosmos Networks hub and zones.
The second primary feature to discuss in this Cosmos Network overview article is the Application Blockchain Interface. ABCI plays a main role in the Cosmos Network project. Quick note, the ABCI allows decentralized applications (dApps. in many programming languages.
However, this is because the ABCI protocol has no restrictions on the programming language. Therefore, it helps developers to build a portion of the application via the Cosmos blockchain in any language without having trouble.
In particular, ABCI runs as a link that connects Tendermint Core and the Cosmos SDK.
Is today your first time hearing about the Cosmos SDK? If yes, then continue reading our Cosmos Network overview for more info about it. Its function and use cases.
The Cosmos development kit or SDK is a developer-friendly interface. Moreover, it serves to offer the basics of blockchain tech framework for developers. All these happen within the Cosmos community. As such, Cosmos SDK appears as the application layer within the Cosmos Network environment.
In addition to its main function, Cosmos SDK works to minimize all sorts of complexity. By facilitating the platform, Cosmos SDK routinely provides a widespread range of everyday blockchain functions. This includes blockchain governance, tokens, and staking.
Moreover, by introducing the required plugins, developers get the option to add more easy-to-follow features of their choice. Doing this also helps developers embark on building strong ties for creating dApps.
Several different factors fuel the unique nature of the Cosmos Network. The unique appearance of the Cosmos Network enhances its usability landscape. To be specific, Cosmos is dubbed as “Blockchain 3.0” due to its function.
This far in the Cosmos Network overview, understand that the Cosmos Network is much more than just user-friendly. It is more concerned with fragmentation.
This section of our Cosmos Network overview talks about ATOM. The Cosmos native token. You might be wondering, what’s ATOM’s total supply, and how many ATOM are currently in circulation? Cosmos has a total supply of over 260,906,513 to be precise.
At press time, more than 203,121,910 are in circulation. The ATOM crypto is not mineable instead, users can easily earn it through staking. Historically, about two private sales of the ATOM token took place in January 2017. The sale was then followed by another public sale in April last year.
The auction raised a $16 million sale in total at that time. In particular, the total of $16 million sales is equivalent to almost $0.10 per ATOM token.
By sharing the ATOM tokens, almost 80% was given to investors. With this, the 20% left was shared between two other companies. These companies are Bit In and the Interchain Foundation.
The short answer to this question is always yes. The Cosmos Network is highly secured in itself. Its function is entirely based on Proof-of-Stake (PoS) consensus mechanism. The usage of PoS empowers the Cosmos Network security.
With this said, the Network automatically selects validators nodes that are capable of staking. In this way, the network eventually picks validator nodes that can stake a high amount of ATOM tokens to verify transactions. They do this by ensuring authenticity and security anytime transactions take place via the Cosmos Network.
More importantly, validators’ nodes earn rewards at all times for every successful verification. On the other hand, the other nodes that do not operate in a trustworthy manner eventually end up losing their already staked tokens.
Based on our current analysis and observations portrayed in this Cosmos Network overview, we can strongly say that the Cosmos Network is very secure.
Hey crypto lover, worry less about where you can trade Cosmos native token (ATOM). In particular, the ATOM token is available for trading on many reputable crypto exchanges worldwide.
To count a few, traders can buy and sell ATOM on Binance, OKEx, Coinbase, and more other exchanges. Also, it is quite easy to find ATOM’s trading pairs with more fiat-based currencies.
Hope you have enjoyed every piece of our Cosmos Network overview. To this far end, we have discussed the origin, the concept of the Cosmos Network, how to secure the platform is, and more. At least, after reading our Cosmos Network overview article, you now know about Cosmos and its native token ATOM.
Still, consider reading again this Cosmos Network overview for more knowledge and deeper understanding if you’re still unsure about Cosmos.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.