You must have heard the name of digital currency Cosmas or atom (ATOM). Cosmos is actually a decentralized network of parallel and independent blockchains. Cosmas is an ecosystem of blockchains that can scale and work together. Before the introduction of Cosmas, blockchains were isolated from each other and could not communicate without the help of third-party tools. But the Cosmos platform, using new technologies, created the Blockchain Internet, which enables the communication between blockchains.
In this article, we are going to introduce you to the Cosmas network and its native currency, the Atom cryptocurrency. In order to have a proper understanding of Cosmas, you need to know its place in the blockchain world. For this reason, we will first discuss the current blockchain technology and the position of the Cosmos platform among them. Then we will explain the essential features of the Cosmas network and Atom digital currency, and finally, we will check how to buy and sell ATOM cryptocurrency. In the continuation of this article, Asia Signal experts will give a complete description of the Cosmos ATOM token and the latest news related to Cosmos ATOM tokens.
What is the cosmos?
Cosmos Network is a network project that facilitates communication and interaction between blockchains with the help of its various and unique features. The Cosmas development team refers to this project as the "Internet of blockchains" because it is considered the communication platform of the blockchain world. The goal of the Cosmas project is straightforward: every blockchain can communicate with other blockchains, share data and transact. When all blockchains can communicate with each other, other networks will no longer compete to become the best and first blockchains in the market. Instead, different blockchains will work together with their specific functions and benefits. Cosmas has a complete technology stack that enables the communication between blockchains. In addition, it has provided a simple development process that anyone can design their blockchain within a few months or weeks (instead of a few years). Facilitating the process of building Blockchain and the possibility of their communication with each other are the essential features of the Cosmas network. Cosmos currency, with the specific name of atom digital currency (ATOM), is the native currency of the Cosmos ecosystem. The functions and unique position of Cosmas in the blockchain field have made this cryptocurrency popular. It was able to stabilize its position among the top 25 digital currencies in just a few years. In this article, the term "Cosmas" relates to the Cosmos ecosystem and project. Whenever we want to refer to the native currency of the project, we will use the word "Cosma's digital currency or ATOM.”
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ATOM digital currency
As we said, the Cosmos network can be considered one of the most well-known networks in the blockchain world. This network has a structure and unique goals compared to other similar blockchain projects, which makes it very different from other examples.
In fact, most blockchains worldwide are made for users and investors. This is while the Cosmos project has been created for other blockchains. The main goal of this project is to establish a connection between different blockchains.
This project provides the possibility of mutual communication between different blockchains. This issue has become very serious due to the increase in blockchains worldwide. This feature allows all of them to act as a single platform, leading many to consider Cosmos as the Internet of Blockchains.
ATOM currency is the native token of this network, which organizes its token economy. Processes such as paying fees, receiving bonuses, voting rights, etc., are among the actions that are possible with the help of this digital currency. This has made this currency known as an essential element in this network.
History of Cosmos Atom digital currency
Cosmos digital currency entered the market in 2014, and as we said, it uses the consensus protocol called "Tendermint.” The creators of this digital currency are Jae Kwon, Zarko Milosevic, and Ethan Buchman. These three people are considered the founders of Cosmos company.
In 2021, Jae Kwon, considered the leading creator of this currency, refused to continue working on the project and left it. He then joined the Tendermint project, but according to rumors, he still claims to be part of the ATOM project. It should be noted that other members of the board of directors of this digital currency have resigned from their positions and are now working in different sectors.
The purpose of the creation and supply of Cosmos digital currency
As you read, the purpose of creating and offering Cosmos is quite apparent. Blockchain Cosmos aims to be a global platform for all existing blockchains and, as its name suggests, play the role of the "Internet of Blockchains.” The goals of this cryptocurrency can be listed as follows:
- Enabling each blockchain to communicate with each other
- Sharing data between different blockchains
- A transaction between any person, with another person
If you know a little about the world of digital currencies, you know very well that there is tough competition between different blockchains to be at the top of the list of the most potent blockchains. Cosmos’s goal is to make all these blockchains coexist peacefully with each other with their characteristics and attributes!
How does the Cosmos ecosystem work?
As we said, the primary function of Cosmos is to create a platform for blockchains to communicate with each other. But the question is, how does this cryptocurrency make this goal a reality? You should know that this cryptocurrency uses many tools to achieve its goal. In addition, it also follows specific protocols. This protocol is one of the main tools of this platform and checks each blockchain separately and independently. Each of these blockchains is known as a network or zone.
The performance of each of these zones is entirely independent of the other, and every event that occurs inside it is separate from other networks. Issues including offering new tokens and performing any required transaction will be possible easily in any of the networks, apart from the Cosmos platform. All these networks come together on a platform called "Cosmos Hub" and can collaborate on the platform of this network.
The cosmos ecosystem has three main components:
- Tendermint Core, or the driving engine of this blockchain, is responsible for consensus.
- The Inter Blockchain Communication (IBC) protocol enables the communication between the networks of this ecosystem.
- The Cosmos-SDK framework's modular design and full coordination with the BFT consensus algorithm make it easy to deploy and launch blockchains.
Tendermint is the driving engine of Cosmos blockchain!
Tendermint is an alternative to PBFT which means Practical Byzantine Fault Tolerance. The BFT system is a type of system that can tolerate up to one-third of ninety hostile forces in the same conditions as the Byzantine general's problem. A software trend reproduces a correct state on many devices securely and continuously, so every healthy device (honest and connected to the network) sees a transaction and reaches a post-calculation state. Also, as mentioned, even if a third of the devices are not responsible for any reason or intend to attack the network, this algorithm can continue to operate safely.
One of the attractive features of Tendermint is the separation of the consensus part from the application logic part. The second part is called ABCI and is similar to a socket in the network for communication. By separating these two parts, a wide range of programming languages can be used to develop the program logic and easily connect to the consensus part. The consensus section is also customizable.
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Briefly, Tendermint is a BFT community algorithm based on Proof of Stake (PoS) and Fast Finality and Fork Accountability – in the sense that rogue nodes can be identified and punished (Slash). This engine benefits from two-stage voting.
Tendermint's consensus algorithm has a high transaction rate. In the blog post of this collection, the rate of 10,000 transactions per second is mentioned, but in the investigations of Paradigm Investment Fund, the transaction rate of Cosmos Hub (and not the entire ecosystem at the same time) with a set of 64 active validators is estimated at around 4,000 transactions per second.
Cosmos software development kit
IBC communication protocol
The IBC Inter-Blockchain Communication Protocol is an open-source protocol that allows networks to communicate and transfer messages and assets in a trustless manner. For example, the Osmosis decentralized network and exchange can communicate with other networks of the Cosmos ecosystem and transfer assets with the help of this tool. You can see this connection in the figure below. The IBC protocol was launched in March 2021 and currently covers 44 networks.
One of the advantages of IBC, especially for smaller networks, is shown by Superfluid Staking; Usually, stray funds go from one network to another in pursuit of profit, and if the amount of capital outflow from a network is high, according to the proof-of-stake algorithm, it can endanger the security of the blockchain. Still, with the help of IBC and Superfluid Staking, It is possible to transfer the native digital currency of a small network and at the same time use it in DeFi protocols and profitable opportunities in other networks and still use it to maintain the security of the network.
Another advantage of this protocol is that there is no need to establish direct communication between two networks; Rather, networks can communicate by sending packets of information in embedded channels. These messages can be verified using light clients on the other side.
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What does atom staking mean?
Cosmos network reaches consensus by PoS method; Each Cosmos Hub network user has the choice to either join the network's list of active validators or t to entrust their atoms to them (so-called staking) vicariously. Each validator participates in creating and validating blocks and, through this participation, takes a share of network inflation (new atom tokens and transaction cost). These validators take a percentage as a commission to cover expenses and personal gain and distribute the rest of the reward to the users who have entrusted their atoms to them.
Note that after staking, if you intend to Undelegate and remove your ATOMs, you must wait 21 days for them to be unbonded. During this period, no reward will be given to your capital. You can easily do atom staking through different wallets.
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Cosmos digital currency usage
The uses of Cosmos are many and do not go beyond everything mentioned throughout the article. The most important and most common use of Cosmos can be expressed as follows:
First, the token on this network can be bought and sold like all the digital currencies in the market and can be traded and earned from it.
But the Cosmos platform, or its blockchain, allows users to easily create new blockchains and solve financial issues that may arise with the help of this network.
This network allows each blockchain to maintain its principle of sovereignty and pass transactions efficiently.
By using Cosmos tokens, i.e., Atom, you can get a share of the network block reward and a share of the transaction costs; This will be done through staking or running the validation node or by delegating atom tokens.
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Buy and sell Cosmos (Atom)
As you have noticed by now, Cosmos is a blockchain, and it is called a network that has been described so far. Now, the digital currency of this blockchain, its native token, is called Atom Cryptocurrency (ATOM).
Like all digital currencies in the market, buying and selling Atom digital currency can be done through extensive and reliable exchanges such as Bitpin, Binance, Kraken, or Poloniex. To buy and sell this currency, you must first register in the mentioned exchanges, buy or extract some of the standard currencies, and then trade the existing currencies in exchange for this currency.
Among other trading exchanges of Cosmos, the following can be mentioned:
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In this article, we discussed the Cosmos ecosystem and examined its purpose: to create interaction between blockchains - like the Internet for humans. We discussed this network and the ecosystem's technical and critical features, such as the Tendermint BFT consensus method, the Cosmos development kit, and the IBC communication protocol. We pointed out how, in the near future, with the update of the Interchain Account, many features will be added to this ecosystem, and the user experience will be improved. It will be significant. In the following, we examined the atom digital currency (ATOM) in more detail and discussed its role in network security. We also introduced wallets suitable for storage and ATOM sticks. In addition, we described the decision-making process in this network.
What do you think about the Cosmos ecosystem? Are you one of its users? Do you believe Cosmos and Atom will have a place in the multichain future? Please share your views with us.
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