Cosmos is an ecosystem of blockchains that can function with each other. The Cosmos Hub, Cosmos’ main blockchain, lies at the center of the Cosmos ecosystem. Cosmos’ blockchain ecosystem is known as the Cosmos Network. ATOM is the native coin of the Cosmos Hub, serving multiple roles, such as a tool for governance.
What is Cosmos (ATOM) and how does it work?
Some in the cryptocurrency industry believe that the sector has historically seen issues with blockchains functioning as independent operations and not connecting well with other blockchains. If the Bitcoin blockchain is generation 1.0 and the Ethereum blockchain is generation 2.0, Cosmos describes itself as generation 3.0.
Put simply, decentralized applications (DApps) can be built on smart contracts on Ethereum’s blockchain (as well as other compatible blockchains). One problem with that format is that DApps built on chains such as Ethereum are ultimately at the mercy of the underlying blockchain in many ways in terms of functionality. For example, the speed of a DApp is largely dictated by the blockchain on which it is built. On the other hand, Cosmos paves the way for applications to have their own blockchains and all function interoperably with each other via the Inter-Blockchain Communication Protocol (IBC).
Cosmos describes its ecosystem as “the Internet of Blockchains.” Cosmos’ ecosystem of cross-chain functioning blockchains forms a revamped internet, which it calls “the Interchain.”
The first blockchain of this ecosystem is the Cosmos Hub, a proof-of-stake (PoS) blockchain providing services to the greater Cosmos ecosystem. The Cosmos SDK serves as an open-source framework that aids in the construction of application-specific blockchains, expediting the process.
Who is behind Cosmos (ATOM)? The Cosmos project is overseen by the Interchain Foundation (ICF). The Cosmos ecosystem was established by a company called Tendermint, which has since rebranded to Ignite. Additionally, Tendermint helped build the IBC and built the Cosmos SDK product.
Cosmos price today
Cosmos’ price is most directly seen in ATOM, the Cosmos Hub blockchain’s main asset. The ATOM marketcap is shown at the top of the page, as well as the Cosmos (ATOM) total supply and more. An ATOM live price chart is also available above.
