The live price of Cosmos today is $11.32 USD. Cosmos is up -4.55% in the last 24 hours compared to $USD. Cosmos has a live market cap of $3,789,254,045.32 USD, and a circulating supply of 334,739,757 ATOM.
Cosmos is a project that wants to solve some of the biggest problems in the blockchain industry. One of these problems is that some blockchains, like Bitcoin + Ethereum, are slow and expensive. They’re also not very scalable or environmentally friendly. Cosmos offers an ecosystem of connected blockchains as an antidote to these issues.
The project’s goal is to make blockchain technology less complex and difficult for developers. This will be done through a modular framework that makes it easier to understand decentralized apps. Additionally, an Interblockchain Communication protocol will make it easier for different blockchain networks to communicate with each other. This prevents fragmentation within the industry.
Cosmos was created in 2014 when Tendermint, a core contributor to the network, was founded. In 2016, a white paper for Cosmos was published. The following year, a token sale was held. ATOM tokens are earned by helping to keep the Cosmos Hub secure. This cryptocurrency also helps with the governance of the network.
Who Are the Founders of Cosmos?
Tendermint was created by Jae Kwon, Zarko Milosevic and Ethan Buchman. Even though Kwon is no longer the CEO, he is still listed as a principle architect. However, in 2020 he stepped down from his role and is now focusing on other projects. The CEO of Tendermint was replaced by Peng Zhong. The whole board of directors was refreshed. Their goals include making it easier for developers to use Tendermint, creating a community for Cosmos, and teaching more people about what the network can do.
What Makes Cosmos Unique?
A big concern for some people in the crypto industry is that there are too many different blockchain networks. These networks can’t communicate with each other. Cosmos wants to change this by making it possible for these networks to talk to each other.
Cosmos is described as “Blockchain 3.0” – and one of its goals is to make its infrastructure easy to use. To this end, the Cosmos software development kit focuses on modularity. This allows a network to be easily built using code that already exists. Long-term, it is hoped that complex applications will be easy to build because of this.
Another priority for blockchains is scalability. This means that they can process more transactions a second than older blockchains like Bitcoin and Ethereum. If blockchains want to be adopted by more people, they will need to be able to handle the demand for transactions just as well as existing payment processing companies or websites.
Cosmos Interchain Accounts Upgrade
The Interchain Foundation, a non-profit organization that is part of the Cosmos ecosystem, announced a new update called Interchain Accounts on February 17th, 2022. The update was launched in April 2021 and it allows an individual blockchain to control an account on a separate chain.
There are currently 38 projects that are using the IBC protocol. Some notable projects include Terra, Crypto.org Chain, and Gravity Bridge. The Interchain Accounts upgrade will be the biggest change to the ecosystem since Stargate- which enabled different blockchains to connect with each other using a standardized protocol for IBC. With Interchain Accounts, The upgrade will allow different applications to be run without needing to upgrade the entire Interchain.
How Many ATOM Coins Are There in Circulation?
ATOM has a very specific total supply. 260,906,513 to be exact. Out of these, 203,121,910 were in circulation as of writing. It is worth noting that these cryptocurrencies aren’t mined. They are earned through staking.
In January and February 2017, two private sales were held. In April of that year, a public sale was also organized. This raised a total of $16 million. This is the equivalent of about $0.10 per ATOM.
About 80% of the tokens were given to investors, while the remaining 20% was split between two companies: All In Bits and the Interchain Foundation.
Cosmos has compared ATOM tokens to the ASICs that are used to mine Bitcoin. As a technical paper written by the Tendermint team explained: “It is a piece of virtualized hardware (economic capital) that you need to obtain in order to participate as a keeper in the network.”
How Is the Cosmos Network Secured?
As we mentioned earlier, Cosmos uses a proof-of-stake consensus algorithm. Validator nodes that stake more 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 lose the tokens that they had at stake.
Where Can You Buy ATOM?
Cosmos is available on a number of exchanges. Many people choose to buy Cosmos on Binance, Coinbase, and OKEx. You can find trading pairs with a number of fiat currencies.
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