Why you need to know about Cosmos
There are some new cryptos that emerge on a regular basis, and one of those that has been under the radar since 2016 is the Cosmos blockchain hub with the associated cryptocurrency:- ATOM. It is a must-know currency and blockchain system. This article will provide a synopsis of the crypto Cosmos and detail why many believe that it shows what the future of cryptocurrencies will and should look like.
The development and inception
The entire rationale behind the cosmos blockchain was to overcome the siloed approach to blockchains. The traditional blockchain was and is separate to all others, and these were all unable to communicate with each other. Cosmos changed this and created an ecosystem – much like a hub of blockchains.
The fact that blockchain tech is all about allowing access to data and ensuring that all data in the system is the same for all those who have permission to view and interact with such data and information was the basis of the ideation behind Cosmos. Cosmos looked to offer its users the ability to link blockchains and create an internet of blockchains. By using existing open-source software such as Tendermint, and Cosmos SDK, the crypto was able to achieve these linkages and maintain the safety and security of the individual blocks of data.
Its open source
The developers used open-source software to create the blockchain ecosystem that we can now use and access. They have also maintained this angle, and anyone who has some compelling ideas or positive changes can make changes and additions to the Cosmos application.
Cosmos predominantly used Tendermint software to create networking, consensus, and application. The three aspects required to build and develop their blockchain. OKX.com has a great explanation of this process and describes how Tendermint was used to establish Cosmos.
The internet of blockchains
Cosmos was one of the first to use a mix of available blockchain software to make what is arguably the best way to build blockchains. No longer are the blocks insular and isolated, but they can be linked together in zones and hubs, and this provides for a vast improvement in the usability of the blockchains as an advanced decentralized and shared database whose authenticators are the users themselves.
The value or cost
The value of Cosmos is presented by the ATOM and has remained low, currently at $15.01, but this related crypto is only a way for users and developers to pay for the space and use of the internet of blockchains. It is thus critical to understand that Cosmos is not really a product but an ecosystem, and the ATOM is a means to access this ecosystem.
Cosmos has been regarded as taking the first steps in the next iteration of finance and blockchain technology. It is a system that encourages any users to contribute to the ecosystem and improves the manner that the blockchains are linked and the modular structure of the database.