The ERC-20 is neither a form of technology nor a type of software nor a unique piece of code. Then what? It’s rather a technical specification that a new token on the platform implements.
What is Cosmos coin?
Cosmos network was originally designed to solve the typical problems of major cryptocurrencies like Bitcoin, Ethereum and Litecoin: scalability and interoperability. Instead of building one more blockchain with its advantages and flaws, the developers of Cosmos aimed much farther – to create an “internet of blockchains” capable of solving all problems at once.
Technically, Cosmos consists of several independent blockchains. They are called “Zones” and attached directly to the central blockchain (“Hub”). The whitepaper of the Cosmos project explains the details:
“The zones are powered by Tendermint Core, which provides a high-performance, consistent, secure PBFT-like consensus engine, where strict fork-accountability guarantees hold over the behavior of malicious actors. Tendermint Core’s BFT consensus algorithm is well suited for scaling public proof-of-stake blockchains.”
While the “Zones” can have their own cryptocurrency, the native coin of Cosmos blockchain itself is a token with the ticker ATOM which was designed solely for staking on the Cosmos blockchain (in comparison to BTC or DASH created as a medium of exchange). Nevertheless, the use cases of Cosmos blockchain are quite common and anyone may need ATOM tokens for working with a decentralized exchange, making cross-chain transactions or, say, Ethereum scaling.
How to store Cosmos?
In case you understand the advantages of Cosmos network well and already possess a certain amount of ATOM tokens (or maybe you’re just planning this purchase), you’re most likely to know that a trustworthy cryptocurrency wallet standing separately from the exchange would be the best way to keep your money safe. Though the range of storages for Cosmos assets is not so wide on the market right now, you should be observant and accurate while making a choice. The Guarda team has conducted a research in the field to find out the basic markers of a proper storage for your funds. Before trusting an unknown service with your money, look through the points below and make sure the wallet you’re going to use meets all the requirements.
Focus on security
When it comes to storing money, the highest priority should be given to the security of your wallet. All its fancy features will do no good if the funds are not safe enough. But what is “safe”? Basically, we recommend using custody-free wallets since they are known to be more reliable. In comparison to custodial storages, non-custodial ones significantly reduce the risks of losing money because they don’t keep or share with any third-party services the users’ personal data or private keys. This principle puts the users’ fully in charge of their own money.
Find a frequently updated wallet
In FinTech, security equals constant development. A reliable product is the one that is being updated frequently. You can estimate the activity of the wallet’s development team and thereby the service’s reliability by checking its official website, networking pages and community chats where all the new features, latest improvements and bug fixes are normally announced. If you observe the long periods of silence, it’s better to go and find some other variant with a more active development team.
Read the reviews on the wallet
Don’t underestimate regular user content. After reading the official information on the wallet from its website, it’s quite useful to check the unbiased user comments as well. They will help not only to evaluate the wallet’s trustworthiness but also to understand its special features and peculiarities better. Explore the dedicated pages in App Store or Google Play in case of a mobile application as well as the specialized review platforms like Trustpilot.
While looking through the reviews, pay attention also to the developer’s replies. Do the wallet representatives answer quickly and politely? If you see a bunch of unattended inquiries, it is definitely a bad sign. You’d better find some other service with active and caring tech support.
Get familiar with the wallet community
Joining the wallet community is highly recommended for those who are new to blockchain technology and cryptocurrency market in particular. Even if you’re not a company type, you’ll find the advantages of crypto communities very soon. Remember that it’s not just a social club but a great source of information. The experienced members of the community will be glad to share their valuable knowledge with you, help you to navigate in the sea of information and give you some advice about managing your assets wisely. In order to find these crypto enthusiasts go to the wallet’s Twitter, Facebook, Telegram, Reddit, Discord, Steemit and GitHub.
Begin using the wallet
When you successfully went through all the criteria listed above and finally made a choice, it’s time to give a try to your new wallet. Usually, you can create a wallet very quickly and easily. In the next paragraph, we will explain to you how to set up a wallet for Cosmos step by step. Though Guarda supports Cosmos on multiple platforms (web, desktop and Chrome extension by now), we decided to give the detailed instructions for our web version as a basic one.
Create a Cosmos (ATOM) wallet by following these 4 steps:
- Click “Sign In” on the main page of Guarda Wallet website;
- Think of a strong password for your Cosmos wallet;
- Download the backup;
- Your Cosmos wallet has just been created!
Step 1. The button you’re looking for is situated in the upper right corner of the Guarda Wallet website. Once you’ll click it, you’ll be redirected to the welcome screen. Choose to create a new wallet again in order to proceed. If you would like to find some extra information on the Cosmos wallet you’re about to create, please, check the Web Wallet page.
Step 2. Making up a strong password for your new Cosmos wallet is essential. To protect your crypto assets properly, try not to repeat the same password you already use for some other services. Choose a combination of upper/lowercase letters, numbers and symbols. You can find some helpful information on cryptocurrency wallet passwords in our guide.
Step 3. Downloading your backup file and finding a safe place to keep it in is extremely important. You can only log into your Cosmos wallet with a combination of Guarda wallet backup and the wallet password. As we already mentioned, all Guarda wallets are non-custodial. Hence, the company doesn’t store your backups and cannot access them. Due to this, we won’t be able to restore them in case of loss. Please, make sure to save your backup file and never share it with anyone.
Step 4. Your new wallet for Cosmos is all set up! Now you can manage ATOM tokens safely and smoothly with all the features that the Guarda team has prepared for you. Enjoy!