What is Cosmos?
Cosmos (ATOM) is a platform, aimed at creating a decentralized, responsive, reliable and low-cost blockchain interaction system to spread the power of this technology. It is a project that aims to create an infrastructure that allows several independent blockchains to be combined and interoperable with each other. Blockchains, the values and applications within them can exchange data through a standard that guarantees these transactions and their rapid execution.
Background of the project
The Cosmos project was created by the Interchain Foundation, a company based in Switzerland. A key piece of technology for this project began to be developed in 2014. The cryptocurrency was not launched until 2017, after an ICO that raised about $17 million.
The most important professionals within the project will be Jae Kwon, Ethan Buchman, and Peng Joon. Kwon is the CEO and founder. Buchman is the technical director and founder of the project, and finally, Jun is the chief designer of this innovative network of networks.
How does Cosmos Network work?
Cosmos aims to solve any problems that arise using a number of tools at its disposal, such as:
Tendermint is a low-level protocol consisting of two main parts: the blockchain consensus mechanism and the common application interface. To understand a bit about what this means, know that there are three conceptual layers in the blockchain: networks, consensus, and application layer. Tendermint prepares network and consensus packages so teams can focus on their applications and avoid hundreds of hours of complex code. Tendermint is not a blockchain per se, but an open-source developer tool. It provides a customizable framework for blockchain applications.
Tendermint consists of two main parts:
- Tendermint Core
- Application BlockChain Interface (ABCI)
There is one particular subtlety: the Tendermint consensus is the Proof of Stake (PoS) algorithm. It can be reconfigured into other forms of PoS, such as delegated PoS or Proof of Authority consensus.
The PoS model preference is a big part of what makes Tendermint compliant, along with instant finality, thousands of transactions per second, and increased security.
This is a set of technological tools to simplify the process of creating secure blockchain applications based on Tendermint. According to the developers, with its help, blockchain creation should be simplified to the extent that the whole process will be no more complicated than coding several modules.
The next link in the Cosmos network is the inter-blockchain communication protocol (IBC). This software connects zones and hubs in the network and enables the exchange of tokens between heterogeneous circuits.
It is important to note that Cosmos refers to individual applications as heterogeneous chains. This is because each chain or application in the network has its own layer architecture and sovereignty. In short, this means that an IBC can connect chains even though each chain has its own software stack (based on Tendermint) and independent management. The main advantage of an IBC is the exchange of tokens between chains.
What is ATOM staking?
Staking is the procedure of placing funds on an atom crypto wallet app such as Guarda to maintain all transactions on the blockchain. In fact, it consists of freezing a certain amount of cryptocurrency in order to get a reward. Cosmos is a comprehensive solution to the scalability and interoperability problems that the blockchain industry is trying to solve with the Proof-of-Stake mechanism. Atom (ATOM) is Cosmos Hub's only currency. Transactions are handled by validators. By creating blocks, these validators receive remuneration, which is distributed among their delegates depending on the validator's commission rate.Stake ATOM