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Welcome to our Cosmos Atom Video!
What Is Cosmos (ATOM)?
In a nutshell, Cosmos bills itself as a project that solves some of the “hardest problems” facing the blockchain industry. It aims to offer an antidote to “slow, expensive, unscalable and environmentally harmful” proof-of-work protocols, like those used by Bitcoin, by offering an ecosystem of connected blockchains.
The project’s other goals include making blockchain technology less complex and difficult for developers thanks to a modular framework that demystifies decentralized apps. Last but not least, an Interblockchain Communication protocol makes it easier for blockchain networks to communicate with each other — preventing fragmentation in the industry.
Cosmos’ origins can be dated back to 2014, when Tendermint, a core contributor to the network, was founded. In 2016, a white paper for Cosmos was published — and a token sale was held the following year. ATOM tokens are earned through a hybrid proof-of-stake algorithm, and they help to keep the Cosmos Hub, the project’s flagship blockchain, secure. This cryptocurrency also has a role in the network’s governance.
Who Are the Founders of Cosmos?
The co-founders of Tendermint — the gateway to the Cosmos ecosystem — were Jae Kwon, Zarko Milosevic and Ethan Buchman. Although Kwon is still listed as principal architect, he stepped down as CEO in 2020. He maintains he is still a part of the project but is mainly focusing on other initiatives. He has now been replaced as Tendermint’s CEO by Peng Zhong, and the whole board of directors was given quite a substantial refresh.
How Does Cosmos Work?
The Cosmos network consists of three layers: the application layer, the networking layer and the consensus layer.
The application layer processes transactions and updates the state of the network, while the networking layer allows communication between transactions and blockchains. The consensus layer helps nodes agree on the system’s current state.
Cosmos uses a set of open-source tools to connect the various layers together and enable developers to build dApps.
The most essential element of this layered design is the Tendermint BFT engine, the part of the network that allows developers to build blockchains without having to code them from scratch. With Tendermint, various processes that are essential to blockchains, such as the p2p network, consensus algorithm and transaction processing, are bundled into one package. This makes it much simpler to create a blockchain application, as it removes the need to start from scratch.
Cosmos Hub and Zones
The Cosmos Hub was the first blockchain to be established on the Cosmos network. It’s designed to function as a go-between for all the unique blockchains that have been formed within the Cosmos network, known as “zones.” The Cosmos Hub validators are responsible for maintaining consensus across all zones, and they earn fees for doing so. The native token of the Cosmos Hub is ATOM, which is used to pay these fees.
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses a considerable risk of loss. The speaker does not guarantee any particular outcome.
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00:00 – Cosmos Atom Introduction.
00:12 – Cosmos Atom summary.
02:24- Cosmos Atom outro.