Exploring Cosmos: A Beginner’s Guide to the ‘Internet of Blockchains

Dareen Cone
Dareen Cone Crypto Currency
5 Min Read

Cryptocurrency exchanges, all transactions, and even blockchain projects have begun to show some major problems. At this point, Cosmos is positioning itself as a solution to some of the blockchain industry’s “biggest challenges.” In short, by providing an ecosystem of interconnected blockchains, it has shown promise as an alternative to “slow, costly, non-scalable, and polluting” proof-of-work systems like Bitcoin.

ATOM Has Achieved Global Success

Using a modular architecture that enables decentralized applications, the project aims to make blockchain technology easier and less demanding for developers. An inter-blockchain communication protocol facilitates communication between blockchain networks and reduces industrial fragmentation.

The history of Cosmos dates back to 2014, when Tendermint, a major contributor to the network, was founded. In 2016, a whitepaper for Cosmos was published and a token sale was organized the following year. ATOM coins are obtained through a hybrid proof-of-stake mechanism and used to secure the Cosmos Hub, the project’s primary blockchain. This coin also has a function in network management.

Who founded Cosmos?

Tendermint, the gateway to the Cosmos ecosystem, was founded by Jae Kwon, Zarko Milosevic, and Ethan Buchman. Kwon is still listed as the company’s chief architect, but stepped down as CEO in 2020. Kwon states that he is still involved in the project, although he is more focused on other ventures. Peng Zhong has now replaced him as CEO of Tendermint, and the entire board has been significantly reshuffled. Their goal is to improve the developer experience, build an enthusiastic community for Cosmos, and create educational materials so more people know what this network can do.

Information about the ATOM work system

The Cosmos network consists of three layers: 

Application Layer

Performs transactions and changes the state of the network.

Network Layer

Enables communication between blockchains and transactions.

Consensus Layer

Allows nodes to communicate about the current state of the system.

Cosmos uses a number of open source technologies to connect the different layers and enable the development of decentralized applications.

exploring cosmos: a beginner's guide to the 'internet of blockchains

Why is Cosmos so different?

For some in the cryptocurrency industry, the fragmentation of the blockchain network is a serious problem. There are many entities, but only a few of them can communicate with each other. Cosmos aims to change this by making this possible.

Cosmos is called “Blockchain 3.0,” and as mentioned earlier, one of its main goals is to make the infrastructure easier to use. The Cosmos software development kit therefore places great emphasis on modularity. In this way, a network can be built from existing code building blocks. It is expected that the development of complex applications will become easier over time.

Another goal is scalability, which means that many more transactions can be performed per second compared to previous blockchains like Bitcoin and Ethereum. If blockchains are to be widely adopted, they must be able to meet demand as well or better than traditional payment service providers or websites.

How does the Cosmos network eliminate vulnerabilities?

The Cosmos network eliminates vulnerabilities through several key technologies and protocols. Firstly, it uses a consensus mechanism called Tendermint BFT, which ensures fast and secure consensus across all the nodes in the network. This mechanism allows for immediate finality of transactions, which eliminates the risk of double-spending and other security issues.

Additionally, the Cosmos network implements Inter-Blockchain Communication (IBC), which allows for the transfer of tokens and data between different blockchains in a secure and decentralized manner. This helps to prevent potential security vulnerabilities by keeping the data and assets separate and secure on different chains.

Finally, the Cosmos network uses a modular architecture, which allows for the development of custom, secure, and scalable blockchain solutions. This allows developers to tailor the technology to their specific needs, while still taking advantage of the security and interoperability offered by the Cosmos network.

Overall, the combination of these technologies and protocols helps to eliminate vulnerabilities and ensure the security of the Cosmos network.

Do you want to check our other content? Most of Terra Developers Have Completely Left the Crypto World

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Experienced Journalist with a demonstrated history of working in the financial services industry. Skilled in Management, Banking, Strategic Planning, Business Development, and Teamwork. Strong community and social services professional with a Bachelor's Degree focused in Economics.
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