![]() Overall, there were two private sales and one public sale of ATOM tokens in 2017. In terms of distribution of the initial token supply, the majority (75%) is dedicated to private and public sales, while the remaining (25%) is distributed among the initial donors, the Interchain Foundation, and Tendermint. Though the coins cannot be mined, they can only be earned through staking. Since there is no fixed maximum supply for the ATOM coins, more can be produced whenever there is a demand. The cost of the fees usually varies based on how much computing is necessary for transactions.īesides, don't forget that you can look at the Cosmos price chart above to see the current ATOM price. This is achieved by using ATOM to pay for fees. Lastly, ATOM can be used to prevent spam. This means that its holders are able to get access to the voting processes considering various changes to the network. Moreover, ATOM can also be used as a governance token. Talking about rewards, stakers can either get new ATOM tokens or a portion from transaction fees collected on the Cosmos Hub. Thus, it’s not convenient for hackers to breach the network because it would be too costly. How does it work? Essentially, the cost of attacking the network increases when more ATOM are collateralized since there is simply more value at risk. By staking ATOM coins, holders are able to generate staking rewards in addition to securing the network. It’s a framework that makes it easier to create secure blockchain apps on the Tendermint Core.ĪTOM coins contribute to the security of the Cosmos blockchain. Thus, it provides users with instant finality It’s a BFT consensus mechanism that completes a transaction once a new block is created. It’s compatible with any blockchain engine that offers instant finality, and it enables the transfer of value or data between different blockchains Inter-Blockchain Communication protocol (IBC).The three main tools that assist while creating blockchains on the Cosmos network include: Essentially, BFT enables the network to continuously reach a consensus even if some of the system nodes disagree with it. Each blockchain can choose its own BFT protocol. You can connect any blockchain system to Cosmos by creating a new zone, which allows for direct token transfers between different zones without the use of a middleman.īlockchains within the Cosmos network are driven by various Byzantine Fault-Tolerant (BFT) consensus protocols. The very first hub on the Cosmos network was developed in 2019 and called the Cosmos Hub.Ĭosmos is extremely interoperable with various crypto assets and applications. Each zone is connected to central blockchains that are referred to as hubs. These blockchains are referred to as zones. ![]() The network of Cosmos is constructed out of parallel blockchains. Peng Zhong stepped into his place as the CEO of the project.īesides, Jae Kwon, Zarko Milosevic, and Ethan Buchman also developed the Interchain Foundation, which is a non-profit organization that’s in charge of the development of the Cosmos network. Jae Kwon was the CEO of Tendermint, however, he gave away his position in 2020, remaining only the principal architect of the project. Tendermint is an open-source blockchain launcher that enables you to create applications in any language. They are also the founders of Tendermint, which is the main contributor to the Cosmos network. The founders of Cosmos are Jae Kwon, Zarko Milosevic, and Ethan Buchman. A year later, the initial token sale was held. The Cosmos whitepaper was released in 2016. It provides the Cosmos ecosystem with a strong interchain infrastructure, linking various blockchains and enabling transactions amongst a web of interconnected chains. In order to simplify communication between blockchains within Cosmos, it employs the Inter-Blockchain Communication (IBC) protocol. Exactly for this reason Cosmos is often referred to as Blockchain 3.0. However, the major goal of the project is to create a network of as many blockchains as possible which would allow them to easily communicate with each other. It achieves that by providing them with a modular framework. In addition to that, the Cosmos crypto project aims to simplify blockchain technology for developers. This involves slow and costly transactions as well as networks that are not environmentally friendly or scalable. If you’re wondering about the current Cosmos price, check out the ATOM price chart above.Ĭosmos is aimed at solving issues created by the Proof-of-Work consensus mechanism. ATOM is the native token of Cosmos, which is a network of independent blockchains.
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