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COSMOS: The Internet of Blockchains. Price on rise!

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Avatar for jkernel
Written by   1
8 months ago

I'm glad you're here,

Let's talk about a remarkable project that was started a long time ago to enhance its value in the cryptocurrency arena without being unfair.


Price News

Over the past week, Cosmos has gained 12.26% in price. Within the last 24 hours, the price has risen by 19.41%. Just in the last hour, the price grew by 3.24%. Currently, ATOM costs $37,83 per unit. The price of Cosmos is 15.25% below its all-time high of $44,66. Currently, there are 221,780,249.941 ATOM in circulation.


What is Cosmos?

Cosmos is a decentralized network of independent parallel blockchains powered by consensus algorithms like Tendermint consensus. Before Cosmos, blockchains were siloed and unable to communicate with each other. It solves these problems with a new technology vision. 

It's a network of many independent blockchains, called zones. The zones are powered by Tendermint BFT, which provides a high-performanceconsistentsecure consensus engine, where strict fork-accountability guarantees hold over the behavior of malicious actors.

Cosmos Hub is a multi-asset proof-of-stake cryptocurrency with a simple governance mechanism that enables the network to adapt and upgrade. Zones can be transferred from one zone to another securely and quickly without the need for exchange liquidity between zones.

The network aims to make it easy for developers to build blockchains and break barriers between them. The end goal is to create an Internet of Blockchains, a network of blockchains able to communicate with each other in a decentralized way. With Cosmos, blockchains can maintain sovereignty, process transactions quickly, and communicate with other blockchains in the ecosystem, making it optimal for a variety of use cases.

This vision is achieved through a set of open-source tools like Tendermint, the Cosmos SDK, and IBC designed to let people build custom, secure, scalable, and interoperable blockchain applications.


What is Tendermint BFT?

Tendermint BFT is a solution that packages the networking and consensus layers of a blockchain into a generic engine. It allows developers to focus on application development as opposed to the complex underlying protocol. The engine is connected to the application by a socket protocol called the Application Blockage Interface (ABCI). This protocol can be wrapped in any programming language, making it possible for developers to choose a language that fits their needs. Developers can build both public and private blockchains on top of the Tendermint BFT engine and have the freedom to customize the rules that define how the validator set of their blockchain changes.

What is Cosmos SDK?

Cosmos SDK is a generalized framework that simplifies the process of building secure blockchain applications on top of Tendermint BFT. Developers can easily spin up application-specific blockchains without having to code each bit of functionality of their application from scratch. The Cosmos SDK also comes with a set of useful developer tools for building command-line interfaces (CLI), REST servers, and other commonly used utility libraries. As the Cosmos network develops, the ecosystem of SDK modules will expand, making it increasingly easier to develop complex blockchain applications.

What is IBC?

The connection between blockchains is achieved through a protocol called Inter-Blockchain Communication protocol (IBC). IBC leverages the instant finality property of Tendermint consensus to allow heterogeneous chains to transfer value (i.e. tokens) or data to each other. It allows blockchains with different applications and validator sets to be interoperable. Currently, no other blockchain framework enables this level of interoperability, and developers have a way to quickly build customized blockchains.


Conclusion

Cosmos is not a product but an ecosystem built on a set of modularadaptable, and interchangeable tools. Developers are encouraged to join the effort to improve existing tools and create new ones in order to make the promise of blockchain technology a reality. These tools are the foundation needed to create the decentralized internet and global financial system of tomorrow.

I hope I have been able to explain even a little bit about the project. You can visit Cosmos's official website if you are interested in learning more.

Greetings and see you soon!

Resources

  1. https://cosmos.network/

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