Cosmos is a blockchain project designed to enable various blockchains to communicate and share data through inter blockchain communication protocols. The ultimate goal of Cosmos is to establish a “blockchain Internet”. Users can seamlessly switch between blockchains, benefit from the advantages of each blockchain and avoid weaknesses. Unlike bitcoin networks, computer “miners” compete to process transactions and receive rewards in a system called proof of work. Cosmos is a blockchain of proof of equity, and people allocate blocks for mining according to the number of tokens they hold. Atom is the local token of Cosmos blockchain.
What is Atom?
Atom (Atom) (not to be confused with the abandoned project Atomic Coin (Atom)) is the main cryptocurrency existing on the Cosmos platform, which aims to promote communication, expansion and interoperability between independent chains. Known as “blockchain Internet”, Cosmos tries to concentrate various blockchains on one platform and solve several key problems perplexing this technology from the beginning.
The project launched on Cosmos network should allow their tokens to be exchanged without too much trouble. The network is organized as a modular solution built for the use of various types of application specific blockchains. These chains should be easier to develop, combining the ability to transfer value from one to another without affecting their mutual sovereignty.In addition, Cosmos has marketed itself as a toolkit with modular and adaptable tools for developers who feel ready to start decentralizing the Internet and related financial infrastructure.
How Cosmos Works?
There are thousands of cryptocurrencies, but most of them cannot communicate with each other – for example, users cannot send Tron over the Dogecoin network. Cosmos is one of the most famous platforms, trying to solve this problem by allowing blockchains to connect with each other.
In Cosmos, each individual blockchain is called a “zone”. Each blockchain is linked to the inter blockchain communication (IBC) protocol, which connects all blockchains together.With the deployment of tendermint’s Byzantine fault-tolerant consensus protocol and IBC protocol, the blockchain based on Cosmos maintains its independence while interacting with other blockchains. Tendermint is a software company and a core contributor to the Cosmos network.
Cosmos also provides developers with pre built modules to enable them to quickly deploy new blockchains and customize them for specific use cases.In order to ensure its network security, Cosmos uses the equity certificate method, which is a more environmentally friendly blockchain security method to ensure that no one spends money that does not belong to them. However, critics believe that this algorithm is not as secure or decentralized as bitcoin’s work proof method.
How Does Cosmos Plan to Address Scalability Issues?
Cosmos developers describe existing proof of work protocols as slow, expensive, environmentally harmful and lacking scalability potential. Taking bitcoin as an example, the increase in the number of transactions can be said to have led to a significant decline in the performance speed of the whole platform. For Ethereum, the decentralized application built on it is described as limited by the maximum transaction volume that can be processed per second and dapps that have to compete for resources on the blockchain.
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