What is Cosmos (ATOM)? Where to buy ATOM?

Cosmos (ATOM), an ecosystem of interconnected blockchain networks, was developed to find solutions to scalability and power consumption problems, which are considered the biggest problems in the blockchain industry.

Saying that the Bitcoin network is slow and expensive due to the Proof of Work (PoW) consensus algorithm, the developers at Cosmos claim that they want to offer an alternative to the industry.

The Cosmos protocol, which uses a reworked Proof of Stake (PoS) consensus algorithm, dates back to 2014, when Tendermint was founded, which was involved in the development of the network. The Cosmos protocol white paper was published in 2016 and ATOM sales started in 2017.

It may interest you: What is Uniswap? How does it work? Where to get UNI?

Among the objectives of the project is to offer modular protocols for decentralized applications (DApp). Thus, developers will be able to integrate blockchain technology into their projects without any difficulty.

The Cosmos protocol also makes it possible to exchange data between different blockchain networks, called Interblockchain Communication.

The unifying effect of the Cosmos

As is known, blockchain networks are like closed-loop systems and cannot receive information from the outside and cannot easily send data abroad. There are hundreds of different blockchain networks in the ecosystem, but few of them can exchange data with each other.

The Cosmos project makes communication between blockchain networks possible.

Cosmos, defined as “Blockchain 3.0” by its developers, offers a modular software development kit. Therefore, developers can easily integrate their projects using pieces of code that already exist on the web. It is believed that over time, even complex applications can be easily built on the Cosmos network.

It may interest you: What is the compound protocol (COMP)? How does it work?

When it comes to scalability, where Cosmos developers focus on detail, processing speed comes to the fore. Compared to blockchain networks like Bitcoin and Ethereum, it is possible to process many more transactions per second.

Cosmos Technical Data (ATOM)

The network’s native token, ATOM, can produce a maximum of 279,709,323 units. At the time of writing, there were 221,924,720 ATOMs in circulation. These cryptocurrencies are not mined as in PoW systems, but are obtained through bets.

Reaching users with two special sales in January 2017, ATOM was priced at $ 0.10 at the time and had a market value of $ 16 million. During the sale, 80 percent of the total supply was allocated to investors and the remaining 20 percent to two companies, All In Bits and the Interchain Foundation.

At the time of writing, ATOM was trading for more than $ 40 and its market capitalization had exceeded $ 8.9 billion.

Cosmos network security

The Cosmos protocol works with a Proof-of-Stake (PoS) consensus algorithm. In other words, it’s not the one with the most powerful computer, but the one with the most savings.

The node with the most ATOMs has the best chance of verifying transactions and earning rewards. Nodes that do not comply with the rules can be penalized and even risk losing their tokens.

Where to buy Cosmos (ATOM)?

Cosmos is a highly liquid currency. It is on almost all cryptocurrency exchanges.

According to data from CoinMarketCap, the highest trading volume is seen in the major names in the crypto money ecosystem such as Binance, Upbit, Coinbase, and OKEx. There are trading pairs available with many fiat currencies. Exchanges like BtcTurk, Paribu, and BitTurk have ATOM / TRY trading pairs.

These articles may also be interested in:

DISCLAIMER: The statements contained in this document are not investment advice. Never trade without thoroughly researching the markets and getting feedback from different circles. Read reviews from investors you trust and see their opinions. Remember that every investment transaction involves risk. Make your own decision when taking any action. Cointelegraph is not responsible, directly or indirectly, for any damages or losses arising out of or alleged to arise out of its investment products or services.

Bir cevap yazın

E-posta hesabınız yayımlanmayacak. Gerekli alanlar * ile işaretlenmişlerdir

Başa dön tuşu