Cosmos (ATOM) is a decentralized ecosystem that connects independent blockchain systems. Cosmos has basically emerged as a stance against the fragmented cryptocurrency world and has demonstrated the interoperability of different blockchains. ATOM, on the other hand, is the Cosmos network’s own cryptocurrency.
When did it launched?
Cosmos is an entity developed in partnership with Blockchain Communication Protocol (IBC) and California-based startup Tendermint, aiming to be the foundation of next-generation internet technology. It can also be defined as an independent ecosystem for blockchains. Cosmos aims to bring all cryptocurrencies together, working together rather than dividing them.
It enables the private blockchain internet for money exchanges to be feasible. The proprietary currency used by the network is called Atom. The release date of Cosmos is March 14, 2019. It was promoted as a strong project after its release, but it was not in trouble-free condition. It had a structure consisting of two layers, but it was mentioned that two more layers would be expanded.
ATOM is the shorthand for the Cosmos cryptocurrency. ATOM is not basically based on mining activities. Instead, it is a cryptocurrency that is to be obtained with a hybrid proof-of-stake algorithm (PoS).
What is the infrastructure of Cosmos?
Let’s talk about the two layers that Cosmos has: The first layer, Tendermint, is an open source base focused on blockchain development. Anyone who owns this application has the right to integrate their decentralized and BFT compatible ideas into this base.
IBC, defined as Blockchain Communication Protocol, can be defined as an interconnection layer that provides communication between all independent chains. Chains in this layer are independent but have a common system architecture. Coin is the key to digital asset and data sharing.
Although it is claimed that there are security vulnerabilities in the system, which was faced with the threat of an attack in the summer of 2019, it has a level that many analysts show as an example in the field of global economy. Moreover, the layer expansion studies they mentioned are continuing to strengthen the system. Once brought to the desired level, another entity with an independent structure is expected to rival Ethereum.
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