What is The Cosmos ATOM? Everything You Need to Know

What is Cosmos (ATOM)? Learn about the operating mechanism and outstanding features of Cosmos along with detailed information about the tokenomics of ATOM Token!

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What is Cosmos (ATOM)?

Cosmos is a blockchain platform that uses the Tendermint consensus mechanism. Unlike other platforms such as Solana, Terra, and Binance Smart Chain that aim to build applications on top of them, Cosmos positions itself as a “Layer 0” to build multiple Layer 1 blockchains.

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https://cosmos.network/

The vision of the Cosmos project is to create an “Internet of Blockchains” that allows Layer 1 blockchains to connect to each other through IBC (Blockchain Linking) technology. This allows for a world where blockchains can communicate and interact with each other seamlessly.

Highlights of Cosmos

Many blockchain platforms were born with the purpose of solving Ethereum’s congestion problem. However, this leads to liquidity fragmentation and confusion for users when transferring assets between chains.

Therefore, Cosmos not only solves the transaction fee problem but also simplifies the user experience through IBC technology that allows Layer 1 blockchains (called Zones or Hubs) on Cosmos to interact with each other.

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Cosmos SDK has the following strengths:

  • Module: Blockchains can use Cosmos SDK and customize according to their needs.

  • Scalability: Chains run in parallel with each other, meeting all scalability requirements.

  • Interaction between Blockchains is guaranteed through IBC.

  • Proof of Stake (PoS) mechanism to increase the security of dApps.

  • Change management and voting on Blockchain through the governance module.

Cosmos Hub, is the first Blockchain in the Cosmos Network, in which ATOM is the token of Cosmos Hub.

Tendermint Core: Provides web-server, database and libraries for Blockchain applications. This helps programmers focus on programming without worrying about complex protocols.

The consensus mechanism based on the Tendermint algorithm solves the problems of scalability, usefulness and energy consumption, suitable for public Blockchains with Proof of Stake (PoS) consensus mechanism.

In Cosmos, there are many prominent Layer 1s such as Terra and Binance Smart Chain. However, they are just “grains of sand” in the Cosmos “desert”.

Related: Which Is Better Avalanche or Cosmos?

Detailed information about ATOM

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Basic information

• Token Name: Cosmos Staking Token.

• Ticker: ATOM.

• Blockchain: Cosmos.

• Token Standard: Updating…

• Contract: Updating…

• Token Type: Utility, Governance.

• Total Supply: Unlimited

• Circulating Supply: 285,873,840 ATOM.

Token Use Case

ATOM is used to:

  • Pay transaction fees in the Cosmos Hub network: ATOM is used as a means of payment to pay fees for transactions made on Cosmos Hub.

  • Validators stake ATOM Token to process transactions in the system: Validators need to stake (stake) ATOM Token to participate in the process of confirming and processing transactions in the Cosmos system.

  • Delegators stake ATOM Tokens on the Validators they choose: Delegators can stake ATOM Tokens on the Validators they choose, to support and enhance the security of the network net.

  • Rewards to Validators for processing transactions: Validators receive rewards in ATOM when they participate in successfully validating and processing transactions.

  • Part of transaction fees rewarded to Delegators: Part of the transaction fee is transferred to Delegators as a reward, especially when they vote for Validators.

  • Vote for future proposals of Cosmos: ATOM is used to participate in the voting process for proposals and decide the future of the Cosmos system.

  • Contribute to Treasury and divide to new projects: Part of the income from transaction fees will be transferred to the Fund (Treasury). This fund can be distributed to potential new projects, provided that they must hold ATOM Tokens to receive.

Token Allocation

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Allocation

Token Release Schedule

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Release Schedule

ATOM storage wallet & exchange

You can store ATOm on wallets such as: Metamask, Trust Network, …

You can trade ATOM coin on centralized exchanges such as: Binance, Bibox, OKEx, Bittrex, Huobi, Kucoin, …

Roadmap & Updates

During 2022, the development team introduced several important updates to the Cosmos community, including Interchain Security, Interchain Account, and Liquid Staking. According to the CEO of Cosmos, 2022 is expected to be a booming year with more than 200 Layer 1s on the Cosmos network.

Project team, investors & partners

Project team

The team behind the project is Interchain Foundation, a non-profit foundation from Switzerland.

Investors

Cosmos is receiving strong support from many famous investors, including names such as Hashed, Pantera, Dragonfly Capital… In addition, Layer 1 in the Cosmos ecosystem also attracts investment. from many other big names. You can refer to the investment portfolios of the funds for more detailed information.

Similar projects

Polkadot, ADA

Conclude

Through the above overview article about the Cosmos project, we hope readers will grasp basic information about this project to make their own investment decisions. Wishing you a successful investment!

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