In this article, What is Cosmos (ATOM)? We will try to answer the question and provide detailed information about the project.
In this article, What is Cosmos (ATOM)? We will try to answer the question and provide detailed information about the project.
What is Cosmos (ATOM)?
Cosmos is a network that connects many independent distributed ledgers (e.g. Ethereum, Bitcoin) to ensure interoperability between blockchains. Its purpose is to create “an Internet of Blockchains”, that is, “a network of blockchains where each participant can communicate with each other decentrally”.
Cosmos is built on a series of independent blockchains called zones powered by the Tendermint Core consensus mechanism, a Byzantine Fault Tolerance (BFT) consensus mechanism used to scale public Proof-of-Stake (PoS) blockchains.
Cosmos, defined as “Blockchain 3.0”, is based on three additional basic elements:
Cosmos Hub: The first of the “interconnected blockchains” called the Cosmos Network.
IBC Protocol: Inter-Blockchain Communication protocol is a standardized interoperability protocol that seeks to unite the global economy with blockchain technology.
Cosmos SDK: allows developers to create their own custom blockchains and link it through the ITB protocol. For example, Terra and Binance Chain were created with the Cosmos SDK.
ATOM is Cosmos’ local asset and is used for on-chain governance. In particular, ATOMs can be staked by region validators to join hubs and conversely, locked tokens can be hacked in the event of malicious behavior (i.e. the binding mechanism). Additionally, Cosmos Hub has a similar gas system to Ethereum and requires the use of ATOM for transaction fees.
Cosmos (ATOM) Coin Nedir?
ATOM is the natural asset of the Cosmos Hub and can be divided into 1 million micro ATOMs (uATOMs). The Cosmos project aims to build an entire ecosystem around a blockchain that runs on the Tendermint BFT consensus.
Developer SDKs and Cosmos chain, which provide inter-block communication through the “Hub-and-Zone” model, will serve as the first center where other chains and tokens can transfer information using Interblockchain Communication.
Cosmos Network is an ecosystem that focuses on the scalability and usability of blockchain solutions. Its core products are Tendermint consensus, Cosmos SDK and Interblockchain Communication (IBC), created with the vision of providing a “Blockchain Internet” with Bonded Proof-of-Stake mechanism, Cosmos uses a “Hub and Zone” model that will allow interblockchain transactions to take place. In essence it has the following properties:
Tendermint Core: Tendermint Core is a ready-to-use blockchain engine with the practical Byzantine fault-tolerant consensus protocol of the same name. This kernel can be used to create both public and private blockchains. The consensus mechanism offers instant certainty and security by prioritizing security over vitality.
Cosmos SDK: Cosmos SDK is a suite of tools that speeds up the development process for developers who want to create their own blockchains for their applications.
Interblockchain Communication: The next component of the Cosmos project, which provides developers with more tools to create their own blockchains, is to increase the interoperability of different chains, enabling transactions to occur between chains and layers. Using a combination of zones, freely traded between IBC compliant chains can be made in a crypto ecosystem.
To get the latest news To our Telegram channel, To our Twitter page and To our Facebook page You can subscribe.
