Cosmos (ATOM) - a cryptocurrency that is to be the internet of the blockchain network

The Cosmos network is based on the Tendermint consensus algorithm. However, this is not one of many original projects that is just looking for its place on the market. Already uses it, among others blockchain Binance - the world's largest cryptocurrency exchange. Only this information would be enough for a recommendation to take a closer look at Cosmos, but that's not all of its advantages.

We continue the series of Forex Club portal, in which we describe the most interesting, largest and best known cryptocurrency projects in the world. Today it's time for the Cosmos network and the Atom cryptocurrency built on it.

Internet blockchain network

Cosmos is a network whose greatest asset is connecting and building cooperation between different networks blockchain. This is why it is said that it can become the "internet of the blockchain network" because it enables different chains to operate compatible while maintaining their decentralization. Currently, communication between separate blockchains is difficult, and in many cases even impossible. So it is impossible to quickly and easily carry out transactions between them.

Cosmos can remedy this problem. Its structure is more complex than other networks and is based on a large number of block chains that are independent of each other. They are called "zons" that can exchange information via the Inter Blockchain Communication protocol. Hubs are watching over it. Everything is based on the proprietary Tendermint consensus algorithm.

The work of the team of programmers has already been appreciated by the best in the world and the solution is used by the world's largest cryptocurrency exchange, Binance, which issued its cryptocurrency thanks to it - Binance Coin (BNB). The Cosmos network is based on the ATOM cryptocurrency. As at 4.03.2020/190,6/238, there are already over XNUMX million units in circulation out of almost XNUMX million available.

Easy ICO for USD 17,3 million

The Tendermint Cosmos consensus algorithm was created before the ICO, which has won recognition from investors, because it is rare in the cryptocurrency market. Most often, a business plan is created first, then financing is obtained, and only at the end is the product created. It is not surprising that during the sale of tokens in April 2017, the equivalent of USD 17,3 million was deposited very quickly Bitcoinach (BTC) and Ethereum (ETH).

How the Cosmos network works

The undoubted advantage of the network is that it can be used to program applications based on many programming languages: Java  C ++, Go, Solidity. Thanks to this, virtually any application can be launched on the network.

In a network, especially distributed, however, communication is the most important thing. It is responsible for hubs that exchange data in real time and allow you to trade tokens from various networks. They are a kind of intermediaries between networks that until now were not compatible and could not exchange information. The Cosmos network also allows communication between private blockchains through the ability to quickly copy the state of the network with which it communicates.

The Proof of Stake consensus algorithm called Tendermint is practically the heart of the network. It is thanks to him that it is not possible to divide the network, which resulted in loud and usually unfortunate "forks" in some cryptocurrency projects. It is simply technically impossible here.

Tendermint also supports the approval of new transactions and the creation of new ATOM units. Validators who have the largest number of units deal with this. There are currently 100 validators, and every 10 years their number is to increase by 13%. A maximum of 300 validators are to operate on the network. To earn on it, you do not need a large number of ATOM units. You can pass them on to the validator, who in turn assigns us a part of the fee for block approval, proportional to the units awarded.

Cosmos quotes (ATOM)

As of 04.03.2020/3,85/35, you will pay USD 3.06.2019 for Atom. Units can be bought on one of 7,23 cryptocurrency exchanges. The peak of quotations took place on 190,6, when the price of Atom reached USD 773. There are currently XNUMX million units traded and the cryptocurrency capitalization exceeds USD XNUMX million.