What is Cosmos? Cosmos is a blockchain platform, understood as an internet of blockchain. An ecosystem of applications and services that exchange data and digital assets using the IBC (Inter – Blockchain Communication) protocol. So what features does Cosmos have? How does it work? What stands out? Join the Weakhand team to find out below in this article!
To understand details about Cosmos, you can read the articles below:
- What Are Hubs and Zones? Hub & Zone Operation Mechanism on Cosmos
- ATOM Economic Zone Growth Driver for Cosmos Hub
- What is Inter Blockchain Communication (IBC)? Cosmos’s Core Power
What is Cosmos?
Cosmos is a blockchain platform built with the goal of allowing developers to easily create custom blockchains from scratch that can interact with other blockchains. Cosmos is a network that connects multiple independent distributed ledgers to achieve interoperability across blockchains. The goal of creating the Internet of Blockchain means a network of blockchains where all participants can exchange with each other in a decentralized manner.
Cosmos is built on a set of independent blockchains called zones, powered by the Tendermint Core consensus mechanism – a Byzantine fault-tolerant (BFT) consensus mechanism used to scale blockchains. Proof – of – Stake.
Mechanism of action
Cosmos Hub
Cosmos Hub is part of the Cosmos Network architecture, where blockchains are linked together through an intermediary layer. Cosmos Hub is a blockchain capable of connecting different dApps and blockchains, allowing communication and information exchange between different blockchains in the Cosmos network.
Cosmos Hub is the center of the Cosmos network and is where other zones on the network connect to exchange information and values.
Zone
Zones are also part of the operating mechanism of the Cosmos Network, allowing the creation and management of blockchains independent of the Cosmos Hub, each blockchain with its own effects and policies. Zones are managed by Validators and they can communicate with each other via the Cosmos IBC protocol.
Zones are part of the Cosmos SDK network architecture. Each Zone can run different standard applications and tokens. Cosmos Zone can also be called Subchain or Sidechain.
Inter-Blockchain Communication (IBC)
The IBC protocol is a cross-chain bridge connecting all layer1 blockchains on Cosmos, capable of interacting between heterogeneous blockchains, forming a linking substrate for Cosmos. IBC has been designed and developed since the release of the original Cosmos Whitepaper. This is a mechanism that allows communication and transfer of crypto assets across a network of segregated blockchains for secure interaction.
IBC is an end-to-end, connection-oriented, stateful protocol for reliable, orchestrated, and authenticated communication between modules on discrete distributed ledgers. IBC is designed for interaction between heterogeneous ledgers arranged in a dynamic, non-deterministic topology, operating with different consensus algorithms and state machines.
Cosmos SDK
Cosmos SDK is a tool package that expedites the build process for developers who want to create private blockchains for their applications. The goal of the Cosmos SDK is to allow developers to easily create custom blockchains that can interact with other blockchains.
Cosmos SDK is an open source framework for building multi-asset public PoS blockchains such as Cosmos Hub, as well as permissioned PoA blockchains. Blockchains built using the Cosmos SDK are often referred to as application-specific blockchains.
Tendermint
Tendermint is an important part of Cosmos, providing developers with the ability to easily build blockchains. Tendermint Byzantine Fault Tolerance (BFT) is an algorithm used by computers running Cosmos software to commit blocks to the blockchain, validate transactions, and secure the network. An important part of Tendermint is Tendermint Core
Tendermint Core is a ready-to-use blockchain engine that features a Byzantine tolerance (BFT) consensus protocol. This mechanism can be used to build both public and private blockchains. The consensus mechanism provides instant accuracy and security, prioritizing safety over immediacy.
Operating model of Cosmos Network
Cosmos Network has three layers tied together by a set of open source tools that allow developers to build blockchain applications.
- Application: Responsible for updating the status of a set of transactions, i.e. processing the transactions.
- Consensus: Allows nodes to agree on the current state of the system.
- Networking: Enables communication between blockchains.
Highlights of Cosmos
Cosmos has some of the following highlights:
- Cosmos has the ability to link blockchains together through an IBC bridge.
- Cosmos creates Zones based on the Cosmos SDK platform to increase scalability. Can process significantly more transactions per second than older blockchains.
- The Cosmos software development kit focuses on modularity, making it easy for users to build networks using existing code. Thanks to that, dApps built on Cosmos are built in a simple way.
Development Roadmap
Cosmos currently has two main goals in the near future:
- Integration with Stargate
- Upgrade the ecosystem
Core Team
The project is built and developed by the Tendermint Team and supported by the Intercchain Foundation.
Jae Kwon – Founder
- Jae Kwon studied at Cornell University majoring in Computer Science from 2001 – 2005.
- 2005 -2007: Jae Kwon worked as a web services engineer at Internet Alexa, a platform for creating search engines.
- 2007 – 2009: Jae Kwon worked at Yelp as a mobile developer, developing the Yelp iphone application.
- 2011: Jae Kwon was Co Founder at iDoneThis, a platform that develops a diary to track daily activities via email.
- 2014 to present: Jae Kwon is Founder – CEO of Tendermint.
- From 2017 until now, Jae Kwon is the president of the Interchain Foundation.
- In 2014, Jae Kwon and his colleagues founded Cosmos.
Ethan Buchman – Co Founder & CTO
- 2010 – 2013: Ethan Buchman studied at the University of Guelph, majoring in Bachelor of Science, Biophysics.
- 2014 – 2016: Ethan Buchman was a Blockchain developer at Eris Industries.
- 2016 – 2019: Ethan Buchman is Co Founder & CTO at Tendermint.
- From 2014 to present, Ethan Buchman works at CoinCulture CryptoConsulting.
- From 2016 to present, Ethan Buchman worked as a technical director, then vice president at the Interchain Foundation.
- In 2020 to present, Ethan Buchman is the CEO of Informal Systems.
- In 2016, Ethan Buchman and his colleagues built Cosmos.
Peng Zhong – CEO
- 2006 – 2007: Peng Zhong is a designer and developer of Nylira · Freelance,
- 2015 – 2020: Peng Zhong is design director for Tendderrmint,Act as the company’s design advocate Lead and advise on all aspects of design from concept conception, throughout engineering through to market.
- May 2020 – July 2022: Peng Zhong became CEO of Tendermint.
Investor
On April 6, 2017, the ICO project successfully raised $17M.
Tokenomics
Overview information about Cosmos tokens
- Token name: Token Cosmos
- Ticker: ATOM
- Blockchain: Cosmos
- Contract: Update..
- Token classification: Utility token
- Total supply: Update..
Token Allocation
Token Release
Update ..
Token Use Case
Currently ATOM tokens are being used for the following purposes:
- Used to pay fees for transactions within the Cosmos Hub network.
- Used for staking.
- Used to reward validators.
- Used to vote on future proposals.
Exchanges
Currently ATOM tokens are being traded on most major exchanges such as Binance, Kucoin, Coinbase,..
Project Information Channel
- Website: https://cosmos.network/
- Telegram: https://t.me/cosmosproject
- Twitter: https://twitter.com/cosmos
- Discord:
Summary
Cosmos was created to solve the problem of liquidity fragmentation and interoperability between blockchains, and thanks to the IBC bridge the project was able to solve these problems. Above is information about the Cosmos project that the Weakhand team learned. Hopefully the above information can help readers better understand Cosmos.