Should You Launch On Cosmos? Top Emerging Blockchains in 2022: ATOM (2/3)
Cosmos (ATOM) is said to be an “Internet of blockchains.” But what is it all about? Let’s take a closer look into its upsides, downsides, and its future.
Cosmos has a TVL of $6,611,374 ****and 262 apps and services in its ecosystem as of January 29, 2022. It distinguishes itself from other blockchains by emphasising two main features: interoperability and customization.
Cosmos Hub is the company’s primary chain, and it serves as a central ledger for Zones (interoperable blockchains). Each Zone has a lot of flexibility. They communicate through the Hub by using Internet Blockchain Communication (IBC). This allows developers to create their own currencies with features like custom block validation settings. For instance, it allows public and private blockchains to send tokens to one other. No other blockchain framework currently supports this degree of interoperability.
Before the introduction of Cosmos, blockchains were isolated and unable to transact with one another. They were hard to develop and could only process a limited number of transactions per second. Then came along Cosmos, and yes, there are various interoperable options, but Cosmos is very popular among developers. The main reason is its open-source development tools like Cosmos SDK, IBC, and Tendermint consensus mechanism.
Cosmos’s main objective is to create an ecosystem of networks that can communicate data and tokens programmatically without a central hub. Osmosis, Cronos, and Terra are among the over 20 blockchains built on the Cosmos SDK with IBC enabled, and the number is expanding. The developers call it the Internet of blockchains.
Let’s take a closer look at the pros and cons of Cosmos blockchain.