![]() In addition to that, the Cosmos crypto project aims to simplify blockchain technology for developers. This involves slow and costly transactions as well as networks that are not environmentally friendly or scalable. If you’re wondering about the current Cosmos price, check out the ATOM price chart above.Ĭosmos is aimed at solving issues created by the Proof-of-Work consensus mechanism. The upgrade serves the purpose of “enabling composability in IBC allows innovation in distinct applications to be deployed without needing to upgrade the entire Interchain.ATOM is the native token of Cosmos, which is a network of independent blockchains. With Interchain Accounts, users can stake, vote, swap tokens and more on other blockchains. The Interchain Accounts upgrade will be the largest to the ecosystem since Stargate - which enabled Cosmos blockchains to connect with each other using the standardized protocol for IBC for the first time ever. There are 38 projects utilizing IBC currently, notably Terra, chain and Gravity bridge. ![]() It allows an individual blockchain to control an account on a separate chain. Launched in April 2021, the Inter-Blockchain Communications (IBC) protocol is the Cosmos standard for blockchain interoperability. The Interchain Foundation, a non-profit organization of the Cosmos ecosystem, announced the release of the Interchain Accounts upgrade on Feb. If blockchains are to ever achieve mainstream adoption, they’ll need to be able to cope with demand as well as existing payment processing companies or websites - or be even better. Scalability is another priority, meaning substantially more transactions can be processed a second than more old-fashioned blockchains like Bitcoin and Ethereum. Long-term, it’s hoped that complex applications will be straightforward to construct as a result. This allows a network to be easily built using chunks of code that already exist. To this end, the Cosmos software development kit focuses on modularity. Cosmos aims to turn this on its head by making this possible.Ĭosmos is described as “Blockchain 3.0” - and as we mentioned earlier, a big goal is ensuring that its infrastructure is straightforward to use. ![]() There are hundreds in existence, but very few of them can communicate with each other. This cryptocurrency also has a role in the network’s governance.Ī major concern for some in the crypto industry centers on the levels of fragmentation seen in blockchain networks. ATOM tokens are earned through a hybrid proof-of-stake algorithm, and they help to keep the Cosmos Hub, the project’s flagship blockchain, secure. In 2016, a white paper for Cosmos was published - and a token sale was held the following year. Last but not least, an Interblockchain Communication protocol makes it easier for blockchain networks to communicate with each other - preventing fragmentation in the industry.Ĭosmos’ origins can be dated back to 2014, when Tendermint, a core contributor to the network, was founded. ![]() The project’s other goals include making blockchain technology less complex and difficult for developers thanks to a modular framework that demystifies decentralized apps. It aims to offer an antidote to “slow, expensive, unscalable and environmentally harmful” proof-of-work protocols, like those used by Bitcoin, by offering an ecosystem of connected blockchains. In a nutshell, Cosmos bills itself as a project that solves some of the “hardest problems” facing the blockchain industry.
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