What is Cosmos (ATOM)? – Explanation, Pros and Cons, History, Buying guide, Team, Wallets, Price prediction

Published by Jonas May 1, 2021

If you happen to be a part of the growing crypto community, you have probably heard about Cosmos. It is a blockchain-based platform that claims to offer interoperability and security for these digital currencies. The project has also been coined as an “internet computer” that will enable people to do more than simply transact value, but also will provide participants with opportunities for new dApps (decentralized apps), new businesses, and gaining knowledge in scientific breakthroughs.

No wonder that the project has already raised $150 million so far, and the value of its native token has skyrocketed. Let’s see what this all means as we dive deeper into the world of Cosmos.

Cosmos – What is it?

Cosmos is one such blockchain-based open source project, which aims to create and implement a platform based on “blockchain technologies for the masses.” The company claims that it will build a new “programming language to connect smart contracts and dApps within a highly scalable environment.” Ultimately, this language will be used for processing requests by other participants on the network and will also be able to communicate those requests with other systems through its APIs.

The platform will be based on a few main units and components, including:

Tendermint BFT consensus algorithm and the Cosmos Hub.What is Cosmos (ATOM)?

Validators, which are entities that maintain the network and perform all its transactions in an ordered way. They are also responsible for the overall security of Cosmos.

Atoms (ATOM) – the native token for payments within the network, which also acts as security deposits for validators participating in this process. Atoms are also used to pay fees to get your transaction validated by the network’s validators. This will guarantee you a quick confirmation of your transaction, since it is not easy for these validators to reject your payment.

How Does Cosmos Work?

Cosmos is designed as a decentralized platform and as such does not require any central governing body or agencies, nor does it have a single point of failure that could lead to disaster. This is because the proposed ledger is maintained by a delegated Byzantine Fault Tolerance (dBFT) consensus algorithm. The algorithm ensures that all validators are honest and that they perform their assigned task in an ordered manner.

However, it should be noted that this decentralized platform will have no single point of failure as there will not be any centralized authority controlling the network. This means that it will mean that there cannot be any downtime or any threat to its network operations, as there is no central system to compromise or attack.

In addition, Cosmos itself claims to be able to process up to 1,000 transactions per second from its users. In comparison to the Ethereum blockchain, which offers 25 transactions per second, this is an impressive number. This is still only a fraction of what Visa and other credit card providers can handle but again it is still faster than most other blockchain technologies.

What Problems Does Cosmos (ATOM) Solve?

Cosmos has been designed with the goal of solving some of the most common problems found in blockchain-based systems. In addition, it will also allow people to use any type of cryptocurrency, so long as they follow the regulations set by their respective governments.

Here are some of the issues that this technology aims to solve:

• Security – With Cosmos, users will not have to worry about security breaches and hackers. All their transactions are encrypted and cannot be hacked or accessed. This is because it only allows validators to validate transactions when a majority number of them agree with those transactions being valid and not invalid. It also means that all these validators work in an ordered manner and are not allowed to alter any messages sent through the network.
• With Cosmos, users will not have to worry about security breaches and hackers. All their transactions are encrypted and cannot be hacked or accessed. This is because it only allows validators to validate transactions when a majority number of them agree with those transactions being valid and not invalid. It also means that all these validators work in an ordered manner and are not allowed to alter any messages sent through the network.
• Scalability – Cosmos is designed to be able to run a large number of thousands of nodes without requiring extensive resources from the users. These nodes can communicate with other nodes on the network as per their requirements, making sure that there is no bottleneck in the process of communication, whether it’s through bandwidth or processing speed.
• Cosmos is designed to be able to run a large number of thousands of nodes without requiring extensive resources from the users. These nodes can communicate with other nodes on the network as per their requirements, making sure that there is no bottleneck in the process of communication, whether it’s through bandwidth or processing speed.
• Transparency – It will be possible for users to view all transactions approved by the network and those that have been canceled or canceled and only have been partially accepted by some validators. This is because these messages will be displayed in a decentralized manner without any central server being necessary, which means that it cannot be censored or manipulated.

Advantages

Since Cosmos is not a centralized platform, there won’t any way for a single entity to corrupt it or manipulate its system. As there are no organizations behind it, there is no entity that can devise ways to attack the network.

In addition, the system has been designed in a way that it will be able to handle thousands of transactions at once, rendering the Ethereum blockchain obsolete in terms of processing capacity. Given the fact that it also works as a distributed ledger, miners will not be needed to validate transactions and instead can do something else.

Disadvantages

Like most other blockchain technologies, Cosmos will require a lot of resources from the users in order for them to consider using this technology. At the moment, it is not known whether these resources would be worth it or not and if the system will be able to meet the requirements of its users.

How to buy Cosmos (ATOM)

The best exchanges to buy Cosmus (ATOM) are Binance and Bittrex.

• Step 1: Register an account on the above-mentioned exchange.
• Step 2: Deposit funds into the account by bank wire transfer or credit card payment.
• Step 3: Go to your profile and choose a suitable trading pair such as BTC/ATOM or ETH/ATOM. In this case we will take BTC/ATOM. After choosing the price of USD shown at the top right corner of your screen must be 0%. If it is higher than zero you risk paying more for your buy order so do not worry about it for now just change it later when you know how to trade properly.

The ATOM coins are highly likely to appreciate in value given the fact that this is one of the most promising blockchain technologies out there. With thousands of potential users, as well as developers that can use this technology to create decentralized applications, ATOM tokens will surely appreciate in value over time.

The ATOM coins are highly likely to appreciate in value given the fact that this is one of the most promising blockchain technologies out there. With thousands of potential users, as well as developers that can use this technology to create decentralized applications, ATOM tokens will surely appreciate in value over time. Long-term growth – As compared with other cryptocurrencies such as Bitcoin and Ethereum, ATOM has a very unique concept to its name but when you take into consideration all of its aspects and the probability of it succeeding, it actually becomes a big deal. The concept itself is different from the others but if you put them together, they are more than what cryptocurrencies have seen before.

How to store Cosmos (ATOM)

In order for people to store ATOMs, they will need an ERC-20 compatible wallet or a decentralized wallet which supports ATOMs. Of course, this has to be a paper wallet or an offline storage system because you don’t want anyone accessing your asset storage system through the internet.

The developers have a paper wallet for their project. The Cosmos team has even encouraged people to create paper wallets for storing ATOMs. Anywhere you go, you can easily turn to the Cosmos website and check the latest status of the coin and then you will be able to store your coins then as well.

Cosmos vs Polkadot

Team

The BackPage project has a great team working on the development of this platform. They have a large and experienced team that has been involved in the development of other projects and companies in the past. This is most likely one of the main reasons why they have been able to develop this site so quickly and with such success. There are many people who look at it as one of the best platforms out there and they are all hopeful that it will continue to grow. The first company associated with BackPage was established back in 2013 and it is called Advance Online. They offer their services to many different coins, including Litecoin, Dogecoin and others. This is one of the reasons why it is such a great platform that will continue to grow with time.

A significant member of this team is the CEO, Michael Parsons. He is a computer science graduate who has also been involved in major projects in an attempt to help others through his work with BackPage. Michael Parsons was also part of the Litecoin Foundation and his involvement in this helped him build up his experience and make the offer that he did when he was looking for blockchain technology to use with all these different coins.

The project has already taken in many investors from all over the globe and it is still growing as we speak.

History of the Cosmos Platform

Cosmos was created by Daniel Larimer in March 2017. At that time, he had already been working on EOS platform and also BitShares system which is a decentralized system developed as well.

The name of the company was actually inspired by one of the most famous books in science fiction ‘Dune’ where a character called ‘Cosmo’ is referred to as a god. This is because Cosmo can see all things, can hear everything that happens in the world as his eyes and ears are spread all over the universe.

The Future/Price prediction

The future of this project certainly seems to be very bright as the technology was designed by one of the best developers in the world. All of the features that it promises to include will surely make it a big deal in the next few years. For example, we have already mentioned that it offers up to 1,000 transactions per second which is a big number.

Moreover, as compared to Ethereum, Cosmos has a lot to offer due to its ability to process these transactions without any problem or delay. In addition, all this is done without cryptocurrency miners being necessary for validation purposes which is very unique indeed.

Conclusion – Does Cosmos have potential? Is it worth investing?

Cosmos might be the next big blockchain technology in the market. It has been designed by one of the best developers in the world and is based on a concept that aims to solve some of the biggest problems faced by blockchain technologies at this moment. In addition, Cosmo also promises to offer a much better solution for scalability, which is one of Ethereum’s biggest problems at this moment.

In order for it to succeed, it will need thousands of users and developers to get onboard with the technology but when you look at what Cosmos has to offer, it seems fair that these people will be more than happy to use this technology on a regular basis. The future looks bright for Cosmos and there is no doubt that this will be one of the next big platforms to have ever been created.

The Cosmos platform has a lot to offer and is sure to be one of the next big cryptocurrencies to succeed in the market. The developers have been working very hard on this project for months now and they are very close to achieving their goals, which is why it will surely succeed in the future. We have to keep in mind that all of these platforms are based off of blockchain technology but if you look at what Cosmos has to offer, it already surpasses Ethereum’s ability when it comes to processing speed and scalability.

to succeed in the market. The developers have been working very hard on this project for months now and they are very close to achieving their goals, which is why it will surely succeed in the future. We have to keep in mind that all of these platforms are based off of blockchain technology but if you look at what Cosmos has to offer, it already surpasses Ethereum’s ability when it comes to processing speed and scalability.

Keytakeaways

• Cosmos was founded in March 2017.
• It is a platform based on blockchain technology that promises to provide high speed and scalable services.
• This is one of the projects that will make Ethereum obsolete in terms of adoption.
• It will use “validator consensus” which we have mentioned in our coin reviews section on this website. This means that all validators will work in an ordered manner and cannot tamper with any messages passed through the network.
• The project has already taken in many investors from all over the globe and it is still growing as we speak.
• The future of this project certainly seems to be very bright as the technology was designed by one of the best developers in the world.
• All of the features that it promises to include will surely make it a big deal in the next few years.

Disclosure: We are a professional review site that may or may not receive the compensation from the companies whose products we review. Some posts in this website contains affiliate links. We test each program / product thoroughly and give high marks to only the very best. We are independently owned and the opinions expressed here are our own.