Cosmos (BNB: $ATOM) is the first layer-0 blockchain built on the premise that if the cryptocurrency industry is to reach its full potential, it has to prioritize interoperability.
When the Cosmos Hub mainnet went live in March 2019, it immediately gained popularity and was one of the hottest projects of that year. A lot of momentum had been built up in the three years prior as the team worked on the mainnet.
An Ambitious Goal
Cosmos is an ambitious project that aims to create an ecosystem where all blockchains can communicate. As of 2023, the project looks set to succeed in this quest. One of the biggest milestones in the history of Cosmos was the launch of the Inter-Blockchain Communication Protocol. It took five years to create the protocol, but when it finally went online on March 29, 2021, it made its goal to become the internet of blockchains more realistic. Today, the IBC allows blockchain networks to use Cosmos to exchange data and tokens seamlessly.
How Cosmos Works
Cosmos is designed as a customizable, secure, and scalable ecosystem supporting communication between blockchains. Unlike other blockchain networks, developers are not forced to use smart contracts.
Using Tendermint Core, a Byzantine Fault Tolerant consensus algorithm, they can create independent blockchains within the Cosmos ecosystem. The result is that they can opt out of high transaction fees, network congestion, and consensus mechanisms. Developers on Cosmos can create their own rules and scale for mass adoption.
The Hub and Spoke architecture of the Cosmos ecosystem will have far-reaching implications for the future of DeFi, NFTs, blockchain gaming, DAOs, social networks, online marketplaces, and the adoption of blockchain technology. The internet of value and true ownership within the digital economy is at stake.
Within Cosmos, Hubs are the routers for Zones; these Zones are application-specific blockchains. Each zone works as a spoke connected to a hub. The hubs can be connected to other hubs. Cumulatively, this creates an ecosystem of connected Hubs and Zones. Anyone can create a Hub or Zone, and each blockchain can be designed to access or reject connections from other blockchains.
To become interoperable with other blockchains in a Hub, Zones only have to establish one connection with the Hub. The first Hub to launch within Cosmos was the Cosmos Hub. While it is the most popular, anyone else can launch a Hub within Cosmos by forking the Cosmos Hub.
$ATOM Tokens
$ATOM tokens are the utility tokens of the Cosmos Hub. They are used to secure the Hub, and for governance purposes. Anyone can secure the Cosmos Hub network by delegating their $ATOM tokens to one or more of the 180 validators who secure Cosmos Hub through the proof of stake consensus mechanism. Holders of $ATOM tokens can also vote on the future of Cosmos Hub via governance proposals.
$ATOM Price Performance
The $ATOM ICO was held in April 2017. At the time, the ICO raised over $17 million. Its total supply is capped at 236 million. Shortly after Cosmos Hub went live in March 2019, $ATOM was launched on various exchanges, with the price stagnating at around $4 to $5. However, that changed in March 2021, when the IBC protocol went live; the price continued rising for much of that year, peaking at $44.70 on September 20, 2021.
$ATOM has since dropped to around $7.39 per token, which is an 83.38% discount on the ATH. However, it remains wildly popular and currently has a market cap of $2,697,522,658, ranking it at #24. Its 24-hour trading volume is also quite impressive at $86,847,459, representing an impressive 63.27% increase as of September 18, 2023. Most of the trading volume is on Bibox, Binance, and Topcredit Int, which account for over $42 million.
[Click The $ATOM Chart Above To View On CoinMarketCap]
Social Media
Cosmos has a massive social media following of:
- 518.3k followers on Twitter
- 79.9k Cosmonauts on Reddit
- 17,282 members on Telegram
- 25,437 members on Discord
- 4,531 members on the Cosmos Hub Forum
- 12.6k subscribers on YouTube
All Things Considered
The Cosmos project is committed to its goal of being the global Hub of interoperable blockchain networks. Blockchain developers have complete freedom to set up their own rules. The concept has broad appeal, and it could propel the Cosmos ecosystem and its $ATOM token to become the most valuable blockchain project in the world.
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