What is Cosmos (ATOM)?
Cosmos (ATOM) is a decentralized network of autonomous blockchains hoped to be the base for the next phase of internet technologies by its founder, All In Bits Inc (dba Tendermint Inc).
There are several separate, parallel blockchains in the Cosmos network, called zones, each operated by classical Byzantine fault-tolerant (BFT) consensus protocols such as Tendermint (already used by platforms like ErisDB).
With regards to other areas, certain zones serve as nodes, enabling several zones to interoperate across a common hub.
Instead of Proof-of-Work, the design is a more general implementation of the idea of Bitcoin sidechains, utilizing classic BFT and Proof-of-Stake algorithms.
How does Cosmos Work?
Cosmos may communicate with many other apps and coins, something that other blockchains can’t do well. You can plug every blockchain device into the Cosmos hub by establishing a new region, and transfer tokens between those zones back and forth without the need for an intermediary.
Atoms are used to pay fines as a tool for spam protection. The charge can be equal to the sum of measurement that the transaction takes, analogous to the “gas” definition of Ethereum. In-protocol fee allocation is conducted and a protocol specification is defined here.
Atoms may be “bonded” as staking tokens to obtain block prizes. The economic stability of the Universe Center relies on the number of atoms at risk. The further collateralized atoms, the more “skin” is at stake, and the greater the cost of attacking the network. Thus, the more bonded atoms there are, the stronger the network’s economic stability.
Keepers of Atoms will rule the Universe Center by voting with their staked Atoms on proposals. Cosmos has a capacity of 237,928,231 ATOM coins.
ATOM is not manipulated. Instead, through a hybrid PoS algorithm, it is won. The further ATOM stakes, the more probable it is to become a validator node to verify a transaction and receive tokens, while delegating your tokens and earning a part of the prizes is also feasible.
When a node is found to behave dishonestly, it is withdrawn from the network automatically and the ATOM balance is retained for 21 days as the accidents are reviewed. Then the stacked coins are lost. The assault in summer 2019 abolished the waiting period of 21 days and allowed bad actors to delete tokens until they were killed.
What is the History of Cosmos?
In 2014, Cosmos was founded invented by Jae Kwon, and a year after, Ethan Buchman followed him. They developed the SDK of the network to reduce the barrier to entry for the creation of blockchains and establish a decentralized area for individual chains to connect with each other.
Via Cosmos hubs, individual chains (which can reflect decentralized apps, intranets, and more) are separated into zones and linked. These hubs verify and have crosschain compatibility for transactions. This is what makes transfers of data and meaning.
Ths Cosmos ICO was held on April 6, 2019, collecting ETH, BTC, and USD worth $17.3 million. The ICO sold approximately 75% of the usable token stock, with 5% kept for seed holders, and 10% each owned by Everyone in Bits and the Interchain Base.
Each specific chain should choose its own autonomous management to operate it. They have their own tech stack (rooted via the Cosmos SDK in Tendermint Core), and the other zones don’t impact them.
To make conversions between a Proof-of-Work (PoW) chain and the native PoS framework in Tendermint Core, pegged tokens (currently, a pegged Ethereum token named Ethermint is the only accessible Peg-Zone) are produced.
How do I hold Cosmos (ATOM)?
Users can download Trust Wallet for Cosmos (ATOM).
One of the most well-known, all-around wallets for ATOM and other digital commodities is the Atomic Wallet. The multicurrency wallet with a cross-chain Atomic Swap technology is the first non-custodial wallet that embraces over 300 separate digital currencies and all global blockchain networks.
Several crypto tokens and cryptocurrency wallets function with the smartphone app. You’re in charge of your funds with the Confidence Wallet. Your cryptocurrency inside the mobile app is obtained, sent, processed, and traded.