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Cosmos is a decentralized network that offers open-source tools to developers, enabling them to build their own interoperable blockchains. The network’s native token is ATOM. One of the primary challenges facing blockchains is the lack of communication between independent systems. Cosmos aims to address this issue and become the “internet for blockchains,” facilitating seamless data and token exchange between blockchains within its ecosystem.
Cosmos, a decentralized network that provides open-source tools for developers to create their own interoperable blockchains, raised $16 million in an initial coin offering (ICO) in 2017. The funds were allocated as follows: approximately 20% went to the founders and developers, while the remaining 80% went to investors.
The Cosmos protocol governs the annual inflation rate, which can fluctuate from 7% to 20%. The rate adjusts based on the amount of ATOMs being “staked” at any given time. “Staking” involves locking ATOMs in a smart contract for a specified period, earning rewards for participating in network security. This process is similar to depositing money in a bank account to earn interest.
In the years 2019 and 2020, ATOM’s price ranged from $2 to $8. However, during the crypto bull run in 2021, its price skyrocketed, reaching a peak of $29.44 in May. In September 2021, ATOM hit its all-time high of $44.54, only to drop briefly before climbing back up to $43.22 in October 2021.
Cosmos is a decentralized platform aiming to resolve the communication problem among the thousands of cryptocurrencies. Currently, most cryptocurrencies cannot communicate with one another, but Cosmos is looking to change that. By connecting all blockchains together, Cosmos enables inter-blockchain communication (IBC).
In the Cosmos network, each blockchain is referred to as a “zone.” Each zone is integrated with the IBC protocol to allow communication with other blockchains. The platform also deploys Tendermint’s Byzantine Fault Tolerant consensus protocol and the IBC protocol to maintain the independence of each blockchain while enabling interaction with other blockchains. Tendermint, a software company, is a core contributor to the Cosmos network.
To support fast and efficient blockchain development, Cosmos provides developers with pre-built modules. This allows them to quickly deploy new blockchains tailored for specific use cases. To secure its network, Cosmos uses the proof-of-stake method, an energy-efficient way to ensure the security of the blockchain and prevent unauthorized spending. However, some criticize that this algorithm is not as secure or decentralized as the proof-of-work method used by Bitcoin.
