What is Cosmos coin?
Cosmos serves a multifunctional open-source platform, which aims to create an ecosystem that allows you to link and exchange information between various existing block networks in a fully decentralized way. It tends to solve one of the biggest problems of modern blockchain networks, which, in essence, is that they cannot communicate and conduct transactions among themselves without the use of intermediaries, including centralized exchanges. It opens greater possibilities of interoperability between cryptocurrencies. This project came into existence in 2014 thanks to the initiative of the Interchain Foundation (ICF), a Swiss non-profit Foundation and is developed by All in Bits Inc., a software development company run by Jae Kwon and Ethan Buchman. You can learn more about the project on its official website.
How does it work?
The main function of Cosmos is to close the communication gap between the different Blockchains in the market. To fulfill that purpose, it builds the "Internet of Blockchains" consisting of a central Blockchain called "Hub", surrounded by multiple independent chains called "Zones". Thus, the blockchains brought together by Cosmos are not directly interwoven with each other, but they all connect to a Hub, which acts as an intermediary for exchanges between the chains. So there is no need for them to trust each other, but to do so in the central Hub to which they are connected. From the Cosmos consensus-building system, Tendermint, the capacity to interconnect these chains with each other is generated, allowing the exchange of tokens between different chains, with operations and governance independent of each other. By allowing heterogeneous blockchain networks to communicate with each other and at the same time arming users with the ability to create their own hubs, Cosmos allows for the creation of a globally interconnected blockchain network, regardless of the programming language and the operation of each Blockchain. Cosmos has also created a token for the use of its system other than ATOM. We refer to the photons, tokens used in the payment of commissions and fees, exercising the same function as gas in Ethereum.
Advantages and disadvantages of Cosmos crypto
+ Cosmos has proven that the collaboration between different currencies and chains is not a negative thing that undermines their autonomy. On the contrary, the joint advancement within the framework of competition is precisely what can allow the crypto world's flaws to overcome the scalability problem.
+ Cosmos cryptocurrency has immense support from multiple projects in the community. The majority of notorious exchanges without a previous request from the developers added Cosmos coin to their listing. Moreover, it is financially supported by Changping Zhao of Binance and Fred Ehrsam of Coinbase.
- Although Cosmos crypto looks quite positive on paper, it faces a great challenge from a technical point of view like the varying degrees of the willingness of different cryptocurrencies to participate in the Internet of Blockchains. The future of the project is quite questionable since it previously moved in slow steps in its development. The project got famous years after its inception and mainly due to lucky circumstances and thanks to exchanges paying attention to it and promoting the project on their platforms.
- Cosmos has strong competitors like AION, Polkadot, and Panta, which are also developing in the same direction and quite rapidly. In order to keep people interested and money invested in the project, Cosmos developers need to make fast and effective decisions. The ATOM price is known for the fluctuation, but right now its growth can be expected only in the correlation of the growth of the market itself.
Where to buy ATOM coin?
ATOM exchange is available on all the main cryptocurrency providers like Binance, Bibox, Huobi Global, Kraken. The available pairs with ATOM include exchanging it for USDT, BTC, ETH, BNB, TUSD, KRW, TRY, USDC, and SXC as the most popular options. You can also get ATOM crypto on the SwapSpace cryptocurrency exchange aggregator, which is a quick and easy way to obtain the required amount of ATOM.
How to exchange ATOM on SwapSpace?
- On SwapSpace homepage, select ATOM in “You send” section and the cryptocurrency you would like to receive in “You get” section. Enter the number of ATOM coins you want to exchange.
- Choose the instant exchange service that suits you most.
- Specify the recipient address and check if all the data is correct.
- Send your ATOM coins to the address you will see on the screen.
- Wait until the exchange is complete.
Where to store ATOM coin?
Cosmos, despite being a relatively young project, is supported by a growing range of multi-currency wallets for various devices and operating systems. The official web portfolio created by the Cosmos development team is Lunie ATOM Wallet. Mobile ATOM wallets are Cosmostation, Ethereum's imToken, and Wetez, available in both Android and iOS versions, as well as Trust Wallet and Atomic Wallet. ATOM is currently served by the Ledger hardware wallet, specifically Nano S and Nano X models.