- Category: Binance Smart Ecosystem
- Coin Launched: April, 2019
- Resources: White Paper
- Official Website: Cosmos
- Reddit: Cosmos
The Cosmos network consists of many independent, parallel block chains, called zones, each powered by classical Byzantine fault-tolerant (BFT) consensus protocols like Tendermint (already used by platforms like ErisDB).
Some zones act as hubs with respect to other zones, allowing many zones to interoperate through a shared hub.
COSMOS History / Information / Buying / Staking
The history of Cosmos goes back to 2014 when developers Ethan Buchman and Jae Kwon created Tendermint, the consensus algorithm that serves as the backbone to the Cosmos network. In 2016, Buchman and Kwon published the Cosmos whitepaper. That same year, the first token sale for ATOM occurred. A Swiss non-profit organization called The Interchain Foundation (ICF) helped launch and develop Cosmos, which founders have referred to as “the internet of blockchains.”
HOW COSMOS WORKS
Cosmos' aim is simple: to enable any blockchain to communicate, share data, and transact with any other. By allowing many different blockchains to interoperate, there is less of a need for these networks to ruthlessly compete to be the one blockchain to rule them all. Instead, many different blockchains can coexist with their own specialized use cases and advantages.
BENEFITS OF USING COSMOS
Some of the benefits of using Cosmos are:
EASE OF USE
For developers it is relatively complicated when it comes to programming applications on the blockchain. Among other things, they are limited to a few programming languages and cannot implement automatic code execution.
Although there are already first blockchains that can achieve high scalability, i.e. process a high number of transactions per second, this is still a major technical challenge.
Each application is limited in its sovereignty.
CAN YOU STAKE COSMOS
Since the Cosmos Hub is a proof-of-stake blockchain, users holding ATOM tokens can earn staking rewards in exchange for using their holdings to secure the blockchain.
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