The price Cosmos today is 11.45 USD, and the trading volume in 24 hours - 301,225,490 USD. The crypto asset has grown by 1.15% over the day. Currently, the coin’s market capitalization is 2,505,527,735 USD, and has 218,753,974 coins in circulation with the max supply of 276,538,577 coins ATOM.
What is Cosmos (ATOM)?
Cosmos is positioning itself as a project that solves some of the "most difficult problems" facing the blockchain industry. It aims to offer solutions from "slow, expensive, non-scalable and environmentally harmful" proof-of-work protocols like those used in Bitcoin, by offering an ecosystem of connected blockchains.
Other goals of the project include simplifying blockchain technology and difficulties for developers through a modular structure that demystifies decentralized applications. Last but not least, the inter-block communication protocol simplifies the interaction of blockchain networks with each other, preventing fragmentation in the industry.
The history of Cosmos began in 2014, when Tendermint, one of the main participants of the network, was founded. In 2016, the official Cosmos document was published, and the following year, a token sale was held. ATOM tokens are earned using a hybrid Proof-of-Stake algorithm, and they help maintain the security of Cosmos Hub,the project's flagship blockchain. This cryptocurrency also plays a role in network management.
Who are the founders of Cosmos?
The co-founders of Tendermint, the gateway to the Cosmos ecosystem, were Jae Kwon, Zarko Milosevic, and Ethan Buchman. Although Kwon is still listed as the chief architect, he stepped down as CEO in 2020. He claims that he is still involved in the project, but mainly focuses on other initiatives. He has now been replaced as CEO of Tendermint by Peng Zhong, and the entire board of directors has received a significant upgrade. Their goals include improving the developer experience, creating a community of enthusiasts for Cosmos, and creating educational resources so that more people know what the network is capable of.
What makes Cosmos unique?
The levels of fragmentation observed in blockchain networks are of serious concern to some representatives of the crypto industry. There are hundreds of them, but very few of them can communicate with each other. Cosmos aims to turn this on its head by making it possible.
Cosmos is described as "Blockchain 3.0" - and as we mentioned earlier, the big goal is to make its infrastructure easy to use. To this end, the Cosmos software development kit is focused on modularity. This makes it easy to build a network using existing code snippets. In the long run, the hope is that it will be easy to create complex applications as a result.
Scalability is another priority, which means that significantly more transactions can be processed per second than in more old-fashioned blockchains such as Bitcoin and Ethereum. If blockchains ever become widespread, they will need to match demand, as well as existing payment processing companies or websites.
How many Cosmos (ATOM) coins are in circulation?
ATOM has a very specific total supply - 260 906 513, to be precise. Of them at the time of writing in circulation, there were about 203 121 910 copies. It is worth noting that these cryptocurrencies are not mined by mining, but are earned through staking.
Broken down by token distribution, about 80% was allocated to investors, and the remaining 20% was split between two companies: All In Bits and the Interchain Foundation.
Cosmos compared ATOM tokens with ASICs, which are used for mining BTC. A whitepaper written by the Tendermint team explains: "This is a piece of virtualized hardware (economic capital) that you need to obtain in order to participate as a network custodian".
How is the Cosmos network protected?
As we mentioned earlier, Cosmos uses a Proof-of-Stake consensus algorithm. Validator nodes that stake more ATOM tokens are more likely to be selected to validate transactions and receive rewards. Nodes that act dishonestly are penalized, and they may end up losing tokens delegated to the stack.
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