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Cosmos (ATOM)

Cosmos (ATOM), also known as the “Internet of blockchains”, vowed to foster an ecosystem of networks by creating a united network of crypto networks while focusing on customizability and interoperability.Cosmos features independent blockchains created within it called “zones”. Zones are tethered to the main Cosmos Hub which has a record of each state they are in.Every Zone can operate on its own. As such, transactions are possible, as is the creation and distribution of new tokens, and even employing changes in their own blockchain.This Hub is a proof-of-stake blockchain and has its own native cryptocurrency ATOM powering it. It facilitates interoperability by tracking every zone’s current state.Cosmos Network ExplainedThere are basically three layers in the Cosmos Network1. Application: in which transactions are processed and the state of the network is kept updated2. Networking: which allows for communication between blockchains and transactions3. Consensus: which helps nodes agree on what is the system’s current stateThe open-source tools which allow for all layers to be tied and working together are:Tendermint: It is the Tendermint BFT engine (or Tendermint Byzantine Fault Tolerance) allows developers to build blockchains without the need of coding everything from the ground up. The algorithm is used by the computer network running Cosmos as to ensure network security, transactions validity and connection to applications.Governance: Proof-of-stake governance is achieved via a mechanism in which participants (or validator nodes) vote on changes by staking ATOM. The more ATOM is staked, the higher the voting power.Becoming a validator is possible if a node reaches the top 100 nodes staking ATOM. The Inter-Blockchain Communication ProtocolThe IBC is a protocol which enables information to travel between each zone in a free and secure fashion.This allows for interoperability between zones which are connected to the hub, despite any differences between their approach to applications, validators and consensus. Cosmos SDKSDK is a software development kit which allows developers to build blockchains on the back of the Tendermint consensus algorithm.The History Behind CosmosCosmos was developed by a Swiss non-profit organization known as the Interchain Foundation (ICF). The Cosmos Network was co-founded by developers Ethan Buchman and Jae Kwon in 2014 and its white paper was released in 2019.

Cosmos features independent blockchains created within it called “zones”. Zones are tethered to the main Cosmos Hub which has a record of each state they are in.

Every Zone can operate on its own. As such, transactions are possible, as is the creation and distribution of new tokens, and even employing changes in their own blockchain.

This Hub is a proof-of-stake blockchain and has its own native cryptocurrency ATOM powering it. It facilitates interoperability by tracking every zone’s current state.

Cosmos Network Explained

There are basically three layers in the Cosmos Network

1. Application: in which transactions are processed and the state of the network is kept updated

2. Networking: which allows for communication between blockchains and transactions

3. Consensus: which helps nodes agree on what is the system’s current state

The open-source tools which allow for all layers to be tied and working together are:

Tendermint: It is the Tendermint BFT engine (or Tendermint Byzantine Fault Tolerance) allows developers to build blockchains without the need of coding everything from the ground up. The algorithm is used by the computer network running Cosmos as to ensure network security, transactions validity and connection to applications.

Governance: Proof-of-stake governance is achieved via a mechanism in which participants (or validator nodes) vote on changes by staking ATOM. The more ATOM is staked, the higher the voting power.

Becoming a validator is possible if a node reaches the top 100 nodes staking ATOM.

The Inter-Blockchain Communication Protocol

The IBC is a protocol which enables information to travel between each zone in a free and secure fashion.

This allows for interoperability between zones which are connected to the hub, despite any differences between their approach to applications, validators and consensus.