Sunday, December 26, 2021

Cosmos – Scalable Dapp Platform Powered by Atom

What is the Cosmos Network?

Cosmos Network is a promising blockchain-based project from Jae Kwon and Ethan Buchman in 2016. With its native token Atom at the center, Cosmos provides a scalable solution for deploying application-specific blockchains and ground-breaking interoperability possibilities. Its mainnet is set to launch in the spring of 2019.

Solid Foundation

Compared to other Dapp platforms out there that use blockchain-wide virtual machines, Cosmos is a much more powerful, secure, and flexible alternative. Cosmos is built on top of Tendermint, an application platform with two major components – Tendermint Core and ABCI, short for application blockchain interface. The first one is the network’s consensus engine that employs a Bonded Proof-of-Stake consensus algorithm based on studies in Byzantine Fault Tolerance. It was first created by Mr. Kwon in 2014 as a far more efficient approach to validation than algorithms in blockchains such as Bitcoin and Ethereum, as it allows near-instant confirmations at a low cost. On the other hand, developers can code in any language they prefer with ABCI. The Cosmos SDK framework gives them ample opportunities that weren’t available before.

Hubs & Zones

While Tendermint is in charge of consensus and applications, Cosmos’s main feature is interchain interoperability enabled with the Inter Blockchain Communication (IBC) protocol. Zones are any application-specific blockchains in the Cosmos Network, and they can transfer data to any other blockchain connected to the same Hub. All those Hubs are through the Cosmos Hub, the centerpiece of the entire network. In practice, this also means that any existing blockchain can be replicated within the platform as a Zone and then operated more efficiently and without the need for an exchange. One such project is Ethermint, which provides the same functionality as Ethereum but is cheaper, faster, and more scalable.

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Staking & Governance

As the main token of the Cosmos Hub, Atom can be used for staking and voting on the proposals for the platform’s development, which are essential for Cosmos to be truly decentralized. Validators in Cosmos use cryptographic signatures to validate blocks, while the other users can delegate their Atoms to them to receive a portion of their rewards and block fees. At the same time, both groups can be punished (slashed) if the validator shows any malicious behavior, which promotes responsible decision-making when selecting a delegate.

Optimistic outlook

Several established projects have already been implemented using Cosmos SDK even before the mainnet launch, among them Binance Chain, e-Money, IRISnet, and others. Since Atom is at the heart of this “Internet of Blockchains,” it is expected to grow in valuation and popularity in the upcoming years.

Where to store Atoms?

Choosing a good wallet is the best way to secure your digital assets if you want to invest in Cosmos or add it to your portfolio. Magnum Wallet provides a user-friendly interface to buy, sell, send and receive your cryptocurrencies. Some features include hardware wallet support, an instant built-in exchange with low fees, and support of over 700 coins and tokens. Store your Atoms with Magnum and enjoy full control of your funds at any time

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