Cosmos is different from other blockchain networks that have existed before it. It’s the first to bring byzantine-fault resilient algorithms to the blockchain industry. It also provided scalable solutions for a variety of digital decentralized procedures.
Cosmos: Internet of Blockchains
Cosmos basically defined as an environment of blockchain networks. It has been termed the “Internet of Blockchains” by innovators because of its innovative perspective on the industry. It consists of multiple individual parallel chains rather than a single blockchain. Various blockchains may interact with one another in a smooth manner thanks to Cosmos, which promotes its usefulness and scalability.
Cosmos blockchain’s major purpose is to bring openness to a sector that lacks it. Cosmos also allows multiple blockchain networks to harness the functionality and characteristics of other platforms to enhance their overall usefulness. This is the blockchain’s capability to be easily exploited by neighboring infrastructures.
Cosmos Benefits
Cosmos offers a number of benefits, including the ability to customize the platform completely. It makes it simple for developers to construct newer blockchain apps and platforms. Furthermore, because the platform is not controlled by a single organization, open-source protocols on the network allow it to operate independently and observe the ecosystem in order to complete tasks. Every network in Cosmos refers to as a zone.
Furthermore, builders may utilize the Cosmos software development tool to easily construct blockchains, as the Cosmos SDK allows them to do so without having to code the chain from the ground up. Instead of months, developers may apply plug-ins to complete their blockchain applications in a couple of days. A Cosmos software development toolkit works in the same way as a website builder. The only difference is that the selected features will include things like a stake, coin details, administration, and much more.
COSMOS based on PoS process
The system is based on the proof-of-stake process, and it even includes its own unique coin, ATOM. Blockchain coder Jae Kwon developed it, who also developed the Tendermint BFT for Cosmos’ consensus rules’ last layer.
Because Tendermint is a proof-of-stake network, auditors gain incentives for staking coins on Cosmos, which helps to keep the blockchain healthy.
Staking is a cryptographic method that involves storing cryptocurrencies in an electronic wallet. This authenticates payments in exchange for incentives. Charles Hoskinson’s Cardano Shelley mainnet is one of the existing mainnets that uses the proof-of-stake system. With its blockchain releasing soon, Ethereum 2.0 mainnet, Ethereum also plans to shift to a PoS mechanism.
Jae Kwon, a blockchain specialist, is the brains behind Cosmos. Later this year, the architect made headlines when accusations of ditching Tendermint to embark on a fresh project called Virgo were thrown at him. Investing and consultancy organizations, including Bain Capital Venture and Paradigm, with Kwon serving as its founder and CEO sponsored Tendermint.
In 2014, Kwon founded Tendermint as a blockchain firm with co-founders Zarko Milosevic and Ethan Buchman. The three polished Cosmos, with the main purpose of delivering interoperability between various blockchains. Cosmos debuted in November of this year. The idea gained popularity after raising $17 million in 29 minutes during its first coin offering in 2017.
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