ATOM (COSMOS): The Internet of Blockchains.
Cosmos is an ecosystem of blockchains
What is Cosmos ?
Cosmos is a decentralized network of independent parallel blockchains, each powered by BFT consensus algorithms like Tendermint consensus.
In other words, 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 amount of transactions per second. Cosmos solves these problems with a new technical vision. In order to understand this vision we need to go back to the fundamentals of blockchain technology.
THE VISION OF COSMOS (BLOCKCHAIN 3.0)
The vision of Cosmos is to make it easy for developers to build blockchains and break the barriers between blockchains by allowing them to transact with each other. The end goal is to create an Internet of Blockchains, a network of blockchains able to communicate with each other in a decentralized way. With Cosmos, blockchains can maintain sovereignty, process transactions quickly and communicate with other blockchains in the ecosystem, making it optimal for a variety of use cases.
This vision is achieved through a set of open source tools like Tendermint , the Cosmos SDK and IBC designed to let people build custom, secure, scalable and interoperable blockchain applications quickly. Let us take a closer look at some of the most important tools in the ecosystem as well as the technical architecture of the Cosmos network. Note that Cosmos is an open source community project initially built by the Tendermint team. Everyone is welcome to build additional tools to enrich the greater developer ecosystem.
Cosmos is solving three major blockchain Limitations
Cosmos SDK & Tools
What is Tendermint BFT and the ABCI
Tendermint BFT is a solution that packages the networking and consensus layers of a blockchain into a generic engine, allowing developers to focus on application development as opposed to the complex underlying protocol.
Why Tendermint BTF is a state-of-the-art blockchain engine?
- Public or private blockchain ready
2. High Performance
3. Instant finality
IBC- Inter Blockchain Communication Protocol
IBC allows heterogeneous blockchains to transfer tokens and data to each other, meaning that blockchains with different applications and validator sets are interoperable.
IBC leverages the instant finality property of Tendermint consensus (although it can work with any “fast-finality” blockchain engine) to allow heterogeneous chains to transfer value (i.e. tokens) or data to each other.
WHAT ARE HETEROGENEOUS CHAINS ?
BREAKING DOWN IN 2 SEGMENTS:-
Different layers: Heterogeneous chains have different layers, meaning they can differ in how they implement the networking, consensus and application parts.
Sovereignty: Every blockchain is maintained by a set of validators whose job is to agree on the next block to commit to the blockchain. In Proof-of-Work blockchains these validators are called miners.
HOW IBC WORKS
The principle behind IBC is fairly simple. Let us take an example where an account on chain A wants to send 10 tokens (let us call them ATOM) to chain-B.
Continuously, chain B receives the headers of chain A, and vice versa. This allows each chain to track the validator set of the other. In essence, each chain runs a light-client of the other.
When the IBC transfer is initiated, the ATOM are locked up (bonded) on chain-A.
Then, a proof that the 10 ATOM are bonded is relayed from chain A to chain-B.
The proof is verified on chain B against chain A’s header and, if it is valid, then 10 ATOM-vouchers are created on chain B.
Note that the ATOM that have been created on chain B are not real ATOM, as ATOM only exist on chain A. They are a representation on B of ATOM from chain A, along with a proof that these ATOM are frozen on chain A.
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Currently there are total 286,370,297 ATOM in supply.
Total Market Cap $2,784,369,100.75 having a price of $9.78 according to Coin Market cap.
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$9.15 / $10.02
Cosmos uses a proof-of-stake consensus algorithm. Validator nodes that stake a higher quantity of ATOM tokens are more likely to be chosen to verify transactions and earn rewards. Nodes that are found to be acting dishonestly are penalized — and they can end up losing the tokens that they had at stake.
- Cosmos makes blockchains powerful and easy to develop with Tendermint BFT and the modularity of the Cosmos SDK.
- Cosmos enables blockchains to transfer value with each other through IBC and Peg-Zones, while letting them retain their sovereignty.
- Cosmos allows blockchain applications to scale to millions of users through horizontal and vertical scalability solutions.
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