In our commitment to continually broaden our offerings, we are introducing a new project addition: Cosmos. Cosmos Network is a decentralized network of independent, scalable, and interoperable blockchains that enables seamless communication and value exchange between different blockchain ecosystems.
In this article, we will explore the Cosmos Network, discussing how it works, Cosmos SDK, and its native token, ATOM. We'll examine the ATOM statistics and the features of the Cosmos Network. Finally, we'll conclude by providing a step-by-step guide on how to purchase ATOM.
What Is Cosmos Network?
A major challenge in blockchain technology today is fragmentation, which is the presence of numerous individual blockchains, each with its distinct features and capabilities. This diversity makes it challenging for blockchains to effectively communicate with one another and share data (interoperability). Cosmos Network addresses and resolves this issue by furnishing a framework for constructing interconnected blockchains.
Cosmos Network comprises independent, scalable, and interoperable blockchains, offering a solution to the problem of blockchain fragmentation by facilitating seamless communication between different blockchains. The network consists of two primary components: the Cosmos Hub and the Tendermint BFT consensus algorithm. The Cosmos Hub serves as the central blockchain connecting all others within the Cosmos Network, while the Tendermint BFT consensus algorithm ensures fast and secure consensus across all participating blockchains.
Tendermint Byzantine Fault Tolerant (BFT) consensus plays a pivotal role in enhancing the capabilities of the Cosmos Network. As a fast and secure algorithm capable of withstanding up to 1/3 of faulty nodes, Tendermint BFT addresses crucial aspects for Cosmos. Its application in the Inter-Blockchain Communication (IBC) protocol enables seamless interoperability, allowing different blockchains within the Cosmos Network to communicate and share assets and data.
Tendermint BFT also significantly contributes to the scalability of the Cosmos Network by swiftly finalizing blocks, thereby enabling high transaction throughput. The security aspect is paramount, with Tendermint BFT providing resilience against up to 1/3 of faulty nodes.
The Cosmos Network stands out as unique because it is the first blockchain network to effectively tackle the problem of blockchain fragmentation. It achieves this by providing a comprehensive framework for constructing interconnected blockchains.
What Is Cosmos SDK?
The Cosmos SDK stands as an open-source framework tailored for the construction of multi-asset public Proof-of-Stake (PoS) blockchains, including the Cosmos Hub, and permissioned Proof-of-Authority (PoA) blockchains. Referred to as application-specific blockchains, these blockchains are developed using the Cosmos SDK, offering a versatile solution for developers.
The primary objective of the Cosmos SDK is to empower developers to effortlessly design custom blockchains from the ground up, fostering native interoperability with other blockchains. Positioned as an npm-like framework, the Cosmos SDK utilizes CometBFT to facilitate the creation of secure blockchain applications.
Its modular architecture, comprising open-source and readily available components, allows for seamless integration, and developers can easily create or integrate modules to enhance their blockchain applications. The Cosmos SDK employs a capabilities-based system, enabling developers to enhance security reasoning in interactions between modules, as explored in the Object-Capability Model.
The Cosmos SDK emerges as the most advanced framework for constructing application-specific blockchains, offering several compelling reasons for decentralized application development:
- CometBFT Consensus Engine: The default consensus engine, CometBFT, is the most mature BFT consensus engine globally, widely acknowledged and used across the industry.
- Modularity and Open Source: With its open-source nature and modular design, the Cosmos SDK simplifies blockchain construction. As the ecosystem of open-source Cosmos SDK modules expands, building intricate decentralized platforms becomes increasingly straightforward.
- Security-Focused Design: Inspired by capabilities-based security and informed by extensive experience with blockchain state-machines, the Cosmos SDK provides a highly secure environment for blockchain development.
- Proven Track Record: The Cosmos SDK has been successfully utilized to construct various application-specific blockchains, including well-known examples such as Cosmos Hub, IRIS Hub, Binance Chain, Terra, and Kava, highlighting its reliability and widespread adoption in production environments.
What Is the ATOM Coin?
The ATOM token is the native token of the Cosmos Hub, It is a multi-asset ledger that allows for the transfer of tokens between different blockchains. ATOM tokens are used to pay for transaction fees on the Cosmos Hub, and they can also be staked to earn rewards. Additionally, ATOM holders can vote on governance proposals to change the parameters of the Cosmos Hub.
ATOM is a proof-of-stake (PoS) token, this means that ATOM holders can earn rewards by staking their tokens, which helps to secure the Cosmos Network. ATOM tokens have a number of utilities. They can be used to pay for transaction fees on the Cosmos Hub, and they can also be staked to earn rewards. Additionally, ATOM holders can vote on governance proposals to change the parameters of the Cosmos Hub.
The tokenomics of ATOM are designed to incentivize long-term holding. ATOM holders who stake their tokens earn rewards, and they also have the right to vote on governance proposals. This helps to create a strong community of ATOM holders who are invested in the long-term success of the Cosmos Network.
ATOM Statistics (November 14, 2023):
Market Capitalization: $3.5 Billion
Total Supply: 374,646,128 ATOM
Circulating Supply: 374,646,128 ATOM
Trading Price: $9.37
Features of Cosmos Network
Cosmos Network provides a range of features, including:
- Scalability: The Cosmos Network is highly scalable, with the ability to manage a transaction throughput of up to 10,000 transactions per second. This is made possible through technologies like Tendermint, Zonal isolation and Inter-Blockchain Communication (IBC).
- Interoperability: Cosmos Network is an interoperable blockchain platform. This means that blockchains in the Cosmos Network can communicate with each other and share data. This is done through IBC, which allows users to transfer assets and data between different blockchains.
- Security: Cosmos Network is a secure blockchain platform which is able to tolerate up to 1/3 of faulty nodes.
- Modularity: Cosmos Network is a modular blockchain platform. This implies that it consists of various interchangeable modules, simplifying the process for developers to create web applications and blockchains on the Cosmos Network.
- Developer-friendliness: Cosmos Network is a developer-friendly blockchain platform. This is made possible by the Cosmos development kit (SDK), Tendermint Core and Cosmwasm.
- Strong Community: Cosmos Network has a strong and active community. This community is made up of developers, users, and investors who are all working to make the Cosmos Network a success.
Where to Buy and Trade ATOM Tokens?
CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 700+ tokens supported, including ATOM, users can now trade easily and seamlessly. To purchase ATOM cryptocurrency on CoinEx, follow the steps below.
- Create an Account: Start by signing up for a CoinEx account.
- Deposit Funds: After logging in, deposit funds into your CoinEx account using any supported cryptocurrencies or deposit methods available on the exchange. Having funds in your account enables you to execute trades seamlessly.
- Navigate to ATOM Trading Page: Once your account is funded, go to the dedicated ATOM trading page on CoinEx. You can find a search box and enter the term ATOM to swiftly locate the trading pair associated with ATOM tokens.
- Choose a Trading Pair: Select the desired trading pair that matches ATOM with another cryptocurrency. For instance, you may choose ATOM/USDT if you wish to trade USDT for ATOM.
- Specify the Purchase Amount: The next step is to specify the number of ATOM you wish to acquire. You have the option to either purchase them at the current market price or set a limit for your desired buying price on the trading page.
- Execute the Trade: With the specified amount, proceed to execute the trade. Confirm the details, and if you are satisfied, submit the order.
By following these comprehensive steps, you can easily trade ATOM tokens on CoinEx, taking advantage of the available trading pairs.