As demand for Bitcoins rises, smart-contract platforms like Ethereum and others are gaining traction in India, particularly in urban tech areas.
Cosmos is supported by the Interchain Foundation in Switzerland. It gains traction among students at the Vellore Institute of Technology in southern India, such as Aditya Nalini. Cosmos India, a community group, launched in November 2019, has trained four ambassadors. According to local organizers, the Cosmos India organization grew from a few people in 2019 to over 1,000 participants in less than nine months, despite the pandemic.
After discovering the collectible game CryptoKitties in 2017, Nalini now maintains most of his little wealth in cryptocurrency, he said via email. Although Bitcoin is the most popular cryptocurrency, Nalini claims he has never held it and that he is not alone among pupils.
In the meantime, Indian crypto exchanges are experiencing a bull market. The demand for cryptocurrencies like ATOMs has risen in global markets as well. None of these means that Cosmos will be the most popular cryptocurrency in 2020. Although it is a much younger project than Ethereum or Bitcoin, it is rapidly gaining traction.
ATOM Demands Increase in OKEx
When alt season was at its pinnacle in August, OKEx experienced record-high numbers, according to OKEx press manager Vivien Choi, speaking to markets that include but are not limited to India. Last month, OKEx saw an increase in demand for ATOM worldwide.
Unlike Bitcoin and Ethereum, which have well-established brands, Cosmos is still relatively unknown among Indian crypto enthusiasts. This conveys the impression that the initiative is the next big thing. According to Nalini, the Cosmos ecosystem is the parent network because the Cosmos interoperability project lets all of the different cryptocurrency projects communicate with one another and seek support from one another rather than fighting for control.
In addition to ATOM, Nalini holds ether (ETH) and Matic tokens instead of bitcoin.
Education
In addition to meetups and ambassador training, Cosmos India runs outreach activities at the Nitte Meenakshi Institute of Technology (NMIT) in Bangalore and the International Institute of Information Technology in Hyderabad.
NMIT professor Sanjay H.A., for example, claimed that after working with Cosmos India, he would include a Cosmos case study in his blockchain engineering course next semester.
Beyond academic classes, meetups appear to draw a few dozen individuals at a time. With one event co-hosted with the firm Inblox Network during Bangalore Blockchain Week in February 2020, attracting up to 75 people.
Upstart coins
In the Indian crypto industry, Bitcoin is still king. On the other hand, targeted student initiatives may help select which rupee-altcoin combinations become popular on locally accessible trading platforms.
According to Vikram Rangala, CMO at the Indian exchange ZebPay, their initial volume was massive. Also, ATOM-INR volume was among the highest ATOM pairs worldwide for a few days. That group’s interest tends to change across tokens depending on which one is currently active. On the other hand, Cosmos has a lot of backing from long-term investors and developers in this city.
On the other hand, this could be a broader bull-market effect, according to Rangala.
He also added that they had released other tokens that had gained more attention from time to time.
In comparison, Ethereum’s greatest strength has been its community-building strategy, which includes instructional projects spearheaded by Ethereum advocate Natalia Ameline. In terms of the Cosmos community, Nalini noted that more than 300 people have registered for the next Cosmos hackathon, HackAtom India, in less than a week. Cosmos is growing as a community in India.
In comparison to Cosmos, he noted that the Ethereum and Bitcoin communities are still relatively vast. However, it is also due to the first-mover advantage. The involvement of colleges and institutions in Cosmos India’s outreach program is a highly unique feature. So far, no other blockchain community has succeeded.
“The views and opinions on this Crypto News Website are solely those of the authors and contributors. These views and opinions do not necessarily represent those of iBaseTrading or its partners.”
