Cosmos is still an undervalued project and will grow more with recent updates.
If you can’t find anything about Cosmos in your brain, allow me to fill the void. Cosmos was founded by IVY League computer scientist Jae Kwon in early 2014.
Cosmos was built by All In Bits incorporated a for-profit software company, which Jaw also founded in 2014.
Cosmos’s development is overseen by the Interchain Foundation a Swiss non-profit, which commissions and coordinates the more than two dozen companies building on Cosmos including All In Bits Inc the Interchain Foundation hosted various ICOs for the ATOM coin in 2017 which collectively raised a comfy 17 million dollars.
In March 2019, the Cosmos mainnet went live but Cosmos wasn’t complete until march this year when it finalized its Inter-blockchain Communication Protocol or IBC.
The IBC basically makes it possible for just about every cryptocurrency blockchain to interact with each other via one or more hubs. By connecting to hubs it becomes possible to trade and transfer tokens between blockchains in a completely frictionless manner the same way you do on a centralized cryptocurrency exchange.
Compare this to the basic Bridges between blockchains, which make it impossible to move tokens between more than two chains at a time, and incur massive costs if Ethereum is involved. Any cryptocurrency that was built using the Cosmos software developer kit or SDK can be an IBC hub. As you might have gathered the Cosmos SDK makes it possible to quickly create new cryptocurrencies from scratch.
Cosmos-based blockchains all use the Tendermint consensus mechanism developed by Jae Kwon. Tendermint is actually one of the most secure proof-of-stake consensus mechanisms in cryptocurrency.
It’s also one of the most scalable with some Tendermint chains being able to process tens of thousands of transactions per second. The trade-off is of course centralization. Tendermint-based blockchains are inherently limited to around 130 validators, and many of them have only a fraction of that amount.
Even so, some of the largest and most popular cryptocurrencies were built using the Cosmos SDK including the Binance chain, the Crypto.com chain, Terra and Cosmos itself. Read More…
Categories: CRYPTO NEWS