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Cosmos Token (ATOM) in India — Step by Step Guide for Beginners

Buy Cosmos Token in India — Complete Guide for Beginners.

What is Cosmos?

Cosmos is a decentralized network of independent parallel blockchains, each powered by BFT consensus algorithms like Tendermint consensus. Cosmos is an ecosystem of blockchains that can scale and interoperate with each other. Before Cosmos, blockchains were siloed and unable to communicate with each other.

They were hard to build and could only handle a small number of transactions per second. Cosmos solves these problems with a new technology vision. In order to understand this vision, we need to go back to the fundamentals of blockchain technology.

Key elements of Cosmos include:

1. BFT consensus algorithm

The Cosmos project is a decentralized ecosystem of independent parallel blockchains. Each blockchain has its own settings and options. Blockchains can have different consensus algorithms based on the BFT consensus algorithm, the Byzantine consensus on resiliency, which solves the problem in which way trust can be achieved in an environment where no one trusts anyone.

2. Direct payments

The Cosmos project offers a technology that allows you to make direct payments between blockchains of various cryptocurrencies without the participation of exchanges. Thus, the Cosmos platform itself is a decentralized exchange platform.

How to Buy Cosmos Token?

  1. Register for an account with BuyUcoin.
  2. Enable two-factor authentication.
  3. Click on “Funds” and select “Deposits.”
  4. Select “BTC” and copy the wallet address or scan the QR code.
  5. Transfer BTC into your account.
  6. Click “Exchange” and select “Basic.”
  7. Search for “ATOM/BTC.”
  8. Select a limit, market, or stop-limit order.
  9. Enter the amount of ATOM you want to buy.
  10. Review transaction details.
  11. Click “Buy ATOM.”

How to Buy Cosmos in India? Step by Step Guide For Beginners

BuyUcoin is an exchange that provides buying and to Sell Cosmos in India as well as other cryptocurrencies. Below is a step by step guide to Cosmos via BuyUcoin:

Step 1 — Open a Digital Wallet

A digital wallet is where you hold your cryptocurrencies and interacts with others via blockchain technology. There are many providers of digital wallets, however, it is important to make a deep research before you decide which one is the best for you. Currently, the most popular digital wallets provider is BuyUcoin.

Step 2 — Register & Open an Account

Once you enter buyucoin/signup, register and open an account that can provide you with their service. Select the type of your account either individual or corporate. Select your country and agree on the terms and conditions register your account for crypto trading.

Create a BuyUcoin Account.

Step 3 — KYC

KYC and AML are mandatory for Indian jurisdiction. Your data is saved and encrypted and is stored in Indian data centers only. You will be redirected to a different URL to complete your KYC. Please be ready with your recent selfie. You will need the images of your pan card. You will need the mobile number with you which is linked with your Aadhar.

Step 4 — Google 2 Step Verification

To use 2FA you will have to install an Authenticator app on your smartphone or tablet. Once enabled you will be asked to provide an additional six-digit one-time password along with your email and password every time you login to your BF account. This works only when signing in with email and password. When using Facebook or LinkedIn you can enable 2FA with your social media provider settings.

BuyUcoin 2 factor authentication

Step 5 — Add Bank details

Add the credentials of your bank name, holder account name followed by account number, and IFSC code details.

Add New Bank Account in BuyUcoin.

Trade Cosmos Token in India

Cosmos allows blockchains to seamlessly communicate with each other within a scalable proof-of-stake-based protocol. It’s built on Tendermint proof of stake, and Tendermint’s developers are the main driving force behind the creation of Cosmos. Check the latest Cosmos token price in India Here.

> Cosmos aims to do the following:

> Allow anyone to easily create their own custom blockchain with Cosmos SDK.

> Cement a new set of blockchain standards through the Inter-Blockchain Communication (IBC) protocol.

> Create seamless interoperability between Tendermint-based chains such as those created through Cosmos SDK as well as non-Tendermint blockchains such as Bitcoin.

Can I Use Regular Money to Buy Cosmos?

Just click on an ATOM pack or determine the amount you would like to buy, then pay with your card (both debit and credit are supported). In order to buy Cosmos instantly, verify your card beforehand, or fund your CEX.IO balance. At CEX.IO, you can exchange your Cosmos coins for fiat currencies including INR, USD, and EUR.

Wants a Cosmos Wallet

A Cosmos wallet can help manage your ATOM assets, including a balance inquiry, transfer, etc. At the same time, you can interact with the decentralized applications built on Cosmos through the wallet. Provides secure and trusted digital asset management services to millions of users in more than 200 countries and regions around the world. Safe and easy to use, protect your digital asset and say no to token theft from now on!

Everything Know About Cosmos Exchanges

Easily exchange Cosmos for your favorite cryptos like Ethereum, Monero, Litecoin, and more right from your wallet, in seconds. No sign up required. Exchange Cosmos for your favorite assets with just one click.

The network is supported and processed by all transactions of 100 validators (network miners) with the largest deposits in ATOM. According to the principles of pBFT the operation, as long as more than a quarter of the voting nodes are fair, the protocol will work without problems.

Need to Understand about Cosmos Mining

In Cosmos Hub, PoS is employed, which means ATOM holders can gain an interest rate somewhere between 7% and 12% by delegating their ATOMs to validators. Cosmos solves scalability problems by creating stand-alone blockchains and using the Tendermint hybrid mining algorithm. The operations processed inside blockchains do not affect the overall network load. Only information exchange operations and transactions between blockchains affect the total network load.

Therefore, the issue of scalability is important for the Cosmos project and is achieved through the use of Tendermint hybrid mining. The mining algorithm Tendermint is a kind of mining using the PoS consensus algorithm in combination with the Byzantine consensus on the pBFT fault tolerance (BFT protocol).

ATOM coins are a way to ensure fair transaction processing validators. If it detects that a node is acting with malicious intent, the validator will be removed from the system, and its broken-down ATOM coins will be burned.

Conclusion

Cosmos is an ecosystem of interoperable blockchains. The end goal is to create an Internet of Blockchains, a network of sovereign blockchains able to communicate with each other in a decentralized way.

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Rinkesh Jha

Rinkesh Jha

I am a blogger and content writer on latest technology Blockchain. I write articles on latest trading, latest events, latest analytics.