Wondering what is Cosmos? In this video, I explain what the Cosmos network is in simple language and explain the role of Cosmo’s native cryptocurrency – ATOM. So, let’s check it out!
Before the Cosmos Network, blockchains were siloed and unable to communicate with each other. They were hard to build and could only handle a small number of transactions per second. Cosmos offers a solution to some of those nagging issues of scalability, usability and interoperability we see in legacy blockchains such as Bitcoin and Ethereum.

The goal of Cosmos is to create the “Internet of Blockchains,” a network of blockchains able to communicate with each other in a decentralized way.

Who Created Cosmos?

The Interchain Foundation or – ICF for short - is a Swiss non-profit foundation that was formed to support the development of Cosmos and the ecosystem that will contribute to the Cosmos Network.

The ICF raised $17 million in April 2017 to fund the development of the Cosmos network. Since then, the price of ATOMS has ballooned to enormous heights. In an interview in late 2019 with CoinDesk, the ICF mentioned their treasury reserves have grown to over $100 million – and so this project is extremely well funded.

What Problem Does Cosmos Solve?

The Cosmos Network Will Address Three Issues:

1. The first issue the Cosmos Networks Addresses is Scalability Limitations: Decentralized applications built on top of Ethereum – for example - are inhibited by a low transaction rate – at the time of recording about 15 transactions per second. This is due to the Proof-of-Work consensus mechanism and dApps compete for the limited resources of a single blockchain. Although Ethereum is shifting to Proof of Stake, Ethereum still has serious concerns with scalability limitations. the Cosmos Network’s BFT Proof-of-Stake mechanism will enhance scalability and efficiency.

2. The second issue the Cosmos Network Addresses is Usability Limitations: Developers are granted a very low level of flexibility; they have to make certain compromises on the design and efficiency of their application, they are limited to only a few programming languages, and cannot implement automatic execution of code. The Cosmos Network changes this by enabling developers to code in the popular Go programming language.

3. The third issue the Cosmos network addresses is Interoperability Limitations: Historically, every blockchain developed are siloed and are unable to transfer assets between each other. The Cosmos Network changes this by developing a messaging protocol for blockchains to make them connected.

What is Cosmos Solution?

Cosmos achieves its goal of creating the Internet of Blockchains through a set of innovative open-source tools such as Tendermint, the Cosmos SDK and IBC. Cosmos makes blockchains powerful and easy to develop with Tendermint and the modularity of the Cosmos SDK. IBC enables blockchains to transfer value between one another. Cosmos uses an organizational concept of Hubs and Zones to connect one another. I explain each of these in more detail in the video!

What is ATOM?

The Cosmos Hub, a proof-of-stake blockchain, is powered by its native ATOM cryptocurrency. ATOM is the staking coin that is mainly used for governance.

Buyers of the ATOMS token can store their coins in a wallet or on an exchange to support the operation of the blockchain network to earn rewards and free cryptocurrency. Users that stake Cosmos are rewarded with annual yield of about 8 – 10 %.

The Cosmos Network envisions making it easy for developers to build application-specific blockchains, and breaking down the barriers between blockchains to communicate and transact with each other. The end goal is to create an Internet of Blockchains, a decentralized network of independent, scalable, and interoperable blockchains. Cosmos is an extremely exciting project and one that offers a ton of value to the entire ecosystem.

📺 The video in this post was made by Will Walker
The origin of the article: https://www.youtube.com/watch?v=KzeMok0Rfcw
🔺 DISCLAIMER: The article is for information sharing. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Not investment advice or legal advice.
Cryptocurrency trading is VERY risky. Make sure you understand these risks and that you are responsible for what you do with your money
🔥 If you’re a beginner. I believe the article below will be useful to you ☞ What You Should Know Before Investing in Cryptocurrency - For Beginner
⭐ ⭐ ⭐The project is of interest to the community. Join to Get free ‘GEEK coin’ (GEEKCASH coin)!
☞ **-----CLICK HERE-----**⭐ ⭐ ⭐
Thanks for visiting and watching! Please don’t forget to leave a like, comment and share!

#bitcoin #blockchain #cosmos #$atom #cryptocurrency #what is cosmos