What is Cosmos Network?
Cosmos is a network of parallel blockchains powered by the classic BFT consensus algorithm Tendermint 1. With the ambition of the future “Internet of Blockchains”, Cosmos develops an ecosystem of decentralized applications and services that connect and interact with each other.
How does Cosmos Network work?
The first blockchain of the Cosmos network is the Cosmos Hub. Cosmos Hub connects to many other blockchains in the network (also known as zones) through a novel inter-blockchain protocol. Cosmos Hub keeps track of hundreds of tokens and the total number of tokens of each connected zone. Tokens can be transferred from one zone to another without a liquid exchange between zones.
What problem does Cosmos solve?
Cosmos Network has solved problems that many other blockchains are facing today.
- Interoperability between blockchains
- Limited scalability due to the Proof of Work consensus mechanism
- Upgradability
Any blockchain (zone) can connect to Cosmos Hub to help Cosmos scale up to meet worldwide transaction needs. Cosmos Network solves the problem by:
- Using Tendermint BFT consensus mechanism
- Providing Cosmos SDK – Framework to help blockchain applications build and interact with each other, which is currently the world’s most used model for building blockchain
- Using Interblockchain Communication (IBC) to help networks work together while maintaining the privacy of each blockchain
Cosmos Network’s Consensus Mechanism
Cosmos Hub is the first blockchain of Cosmos Network that works on the Tendermint BFT consensus mechanism.
Unlike other blockchain consensus systems, Tendermint verifies payments of mobile-customers instantly and securely. With Tendermint’s forkless design, the mobile wallet can confirm transactions instantly, making payments more trustless and practical for smartphones.
Validators in Cosmos have a similar role to a Bitcoin miner, but instead use cryptographic signatures to vote. Non-validators can delegate their staking ATOM tokens to any validator for profits.
ATOM Token
ATOM is the utility token of the Cosmos Network platform, used for the following main purposes:
- To pay transaction fees in the Cosmos Hub network
- To reward validators and delegators when transactions arise
- Staking to participate in transaction processing in the system
- Voting for the development of the project
Specifications
- Ticker: ATOM
- Blockchain: Cosmos Hub
- Total supply: 279,360,626
- Circulating supply: 221,576,023
ATOM token Price today
How to buy ATOM
Cosmos Network (ATOM) has been listed on Attlas Exchange.
Traders can easily and securely buy ATOM with lowest fees on Attlas Exchange.
Step 1: Download the app and register an account
Step 2: Select Market on the toolbar at the main screen
Step 3: Select Spot
Step 4: Find ATOM
Step 5: Select Buy
Summary
This article is an overview of Cosmos Network (ATOM), not a financial advise.
Users are advised to do their own research before making any trading decisions.