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Cosmos basics
ATOM
Infrastructure
Cosmos is a network of sovereign blockchains that communicate via IBC, an interoperability protocol modeled after TCP/IP, for secure data and value transfer. The Cosmos Hub, also known as "Gaia," is a proof of stake chain with a native token, ATOM, that serves as a hub for IBC packet routing among blockchains within the Cosmos network. The Cosmos Hub, like the majority of blockchains in the Cosmos network, is secured by the Byzantine Fault-Tolerant (BFT) Proof-of-Stake consensus algorithm, Tendermint.
Cosmos token type
ATOM
Native
Payments, Vote
ATOM is the native token of Cosmos Hub, the PoS blockchain that constitutes one of many hubs on the Cosmos network. Since the PoS consensus mechanism requires validators to own ATOM to participate in the validation process, the main purpose of ATOM is the security and sustainability of the Cosmos Hub network. ATOM owners can stake their tokens to ensure network security, and in return, get a portion of the network transaction fees and block rewards distributed for validation. The token is also necessary for taking part in Cosmos Hub governance. ATOM owners can delegate their tokens or actively take part in governance by holding ATOM in their wallets.
Cosmos history and first price
Crowdsale, Private Sale
The Interchain Foundation ran multiple private investment rounds, and a public fundraiser event ended on April 6, 2017. The foundation categorized recipients of these minted ATOMs into four different blocks: Private Contributors, Public Contributors, All in Bits Inc (AiB), and the Interchain Foundation (ICF).
- The strategic and early adopters received 7.1% of the initial supply equivalent to 16,856,718.97 ATOMs, in exchange for their contribution of $1,329,472.3.
- The seed contributors received 5% of the initial supply, equivalent to 11,809,947.91 ATOMs in exchange for $300,000.
- The public contributors received 67.9% of the initial supply, equivalent to160,293,050 ATOMs, in exchange for $16,029,305.06 collected in BTC or ETH.
- All in Bits Inc (Tendermint Inc.) received 10% of the initial supply equivalent to 23,619,895.81 ATOMs for developing the open-source IP that is used in Cosmos Network.
- ICF received 10% of the initial supply equivalent to 23,619,895.81 to pursue their R&D activities for Web 3.0. In total, 236,198,958.12 ATOMs were allocated at genesis to 984 accounts.
Cosmos aims to combine the utility of open-source software, decentralized networks, and time-stamped blockchain data storage to accelerate the scaling, adoption, and use-case experimentation of blockchains. To bypass the hindrances such as limited performance and ad hoc governance that inherently exist in PoW chains, Cosmos was envisioned as a decentralized network of independent, scalable, and interoperable PoS blockchains. The ideal solution, according to Cosmos, was a tool for interacting with multiple parallel blockchains such that the unique value proposed by a chain can be expanded to any other chain.
The idea of a Proof-of-Stake blockchain with Byzantine Fault-Tolerant (BFT) consensus mechanism originates from the year 2014 when the future Tendermint Inc. co-founder Jae Kwon explored the possibilities in his research. With the participation of Ethan Buchman, the other Tendermint Inc. co-founder, this idea was further developed in 2015, and Cosmos was introduced in 2016. Tendermint Inc. and Interchain Foundation (ICF) have been responsible for the development and adoption of the technologies underlying the Cosmos network, Tendermint Core (a BFT consensus mechanism) and the Cosmos SDK (a modular framework for building new blockchains).
ICF ran a successful initial coin offering for ATOM in 2017 and used the collected funds to boost the development of Cosmos SDK, IBC, and Peggy. The first blockchain of the network, Cosmos Hub, launched on mainnet in 2019, and since then, many well-known projects have sprouted in the network such as Terra, THORChain, and Crypto.com.
The Cosmos Hub and its Tendermint Proof-of-Stake (PoS) network launched in March 2019.
The Cosmos Hub's on-chain governance system unlocked token transfers roughly one month after its launch.
a href=" "Stargate/a introduced an extensive set of upgrades to the Cosmos Hub, including new interoperability abilities and various performance improvements. It involved the transition of the third version of the Cosmos Hub (Cosmos Hub 3) to a fourth iteration (Cosmos Hub 4). Stargate's primary new feature was the Inter-Blockchain Communication (IBC) protocol, the interoperability standard that enables the exchange of cryptoassets and data across other Tendermint-based chains. Stargate also included several user-experience and performance upgrades, such as: Protobuf Migration to increase transaction throughput and lower gas costs by increasing block capacity. It also introduces a composability standard State Sync to shorten the time it takes to sync a Cosmos node Full-featured light clients to help accelerate full node sync times Chain upgrade module to increase the efficiency of network upgrades
Cosmos Proposal 41 enabled the transfer of assets using the Interchain Standard 20 (ICS20) on the Cosmos Hub. IBC asset transfers allow IBC assets available in the Bank module of the Cosmos Hub and ATOM to be available on Zones connected to IBC (Inter-Blockchain Communication).
Introducing Gravity DEX to enable enhanced liquidity for Cosmos Hub tokens.
Cosmos technology explained
Cosmos is designed to operate as a network of zones and hubs. Zones are application-specific blockchains with sovereign security and governance models while hubs are intermediary blockchains that observe the state of connected zones and facilitate asset transfer between them. Cosmos is not a blockchain but a toolbox to design new blockchains. However, Cosmos Hub is the first PoS blockchain that works as a hub between zones and contains a multi-asset ledger, and lets other subsequent zones interact with each other through the inter-blockchain communication protocol, IBC. Their interaction is powered by Tendermint Core, a secure consensus protocol that provides fast finality and is easily adaptable with Proof-of-Stake (PoS) blockchain. Interacting with the IBC protocol requires chains to have a consensus mechanism that offers fast finality, meaning that Cosmos cannot use IBC for asset transfers between proof-of-work blockchains like Ethereum and Bitcoin. In order to bypass this shortcoming, Cosmos introduces account-based blockchains called peg zones (Peggy) and offers fast finality through implementing finality thresholds to blockchains with probabilistic finality.
While Tendermint constitutes the networking and consensus layer of the application-specific blockchains built within the Cosmos network, Cosmos SDK offers a framework to construct the application layer by building deterministic state machines through SDK modules. Since the consensus mechanism and application layer are separate informational domains in Cosmos blockchains, the changes in the state-machines (e.g. transactions on the blockchain) are communicated to the Tendermint consensus engine through the Application Blockchain Interface (ABCI). Another implication of this separateness is that the blockchains on the network are not limited by strict rules when choosing a consensus mechanism. They do not require to use of Tendermint's vanilla version and can make adjustments on the consensus mechanism to render it suitable for application-specific purposes.
Cosmos supply limit
Inflationary
Dynamic Emission
Atom's targeted annual inflation rate is recalculated every block. The inflation is also subject to a rate change (positive or negative) depending on the distance from the desired staking participation ratio, currently fixed at 67%. The annual inflation is capped as between 7% and 20%. If more than ⅔ of the Atoms are being staked, atom block rewards decrease gradually down to a floor of 7% annualized inflation. If less than of the Atoms are being staked, atom block rewards increase gradually up to a ceiling of 20% annualized inflation.
Cosmos consensus
Delegated Proof-of-Stake
Tendermint Consensus Mechanism
0.1 min
Cosmos is designed to operate as a network of zones and hubs. Zones are application-specific blockchains with sovereign security and governance models while hubs are intermediary blockchains that observe the state of connected zones and facilitate asset transfer between them. Cosmos is not a blockchain but a toolbox to design new blockchains. However, Cosmos Hub is the first PoS blockchain that works as a hub between zones and contains a multi-asset ledger, and lets other subsequent zones interact with each other through the inter-blockchain communication protocol, IBC. Their interaction is powered by Tendermint Core, a secure consensus protocol that provides fast finality and is easily adaptable with Proof-of-Stake (PoS) blockchain. Interacting with the IBC protocol requires chains to have a consensus mechanism that offers fast finality, meaning that Cosmos cannot use IBC for asset transfers between proof-of-work blockchains like Ethereum and Bitcoin. In order to bypass this shortcoming, Cosmos introduces account-based blockchains called peg zones (Peggy) and offers fast finality through implementing finality thresholds to blockchains with probabilistic finality.
Cosmos governance
Delegated On-Chain Vote
All the zones in the Cosmos network have distinct governance styles tailored for the value proposition of the blockchain. The Cosmos Hub, on the other hand, employs a hybrid governance model where it uses an off-chain governance platform for discussions and uses on-chain voting for decision-making and execution. Any user can submit proposals on protocol upgrades, modifications to network parameters, bounty allocations, and other governance policies and participate in discussions on the Cosmos governance forum. Since community governance plays an essential role in the development and stability of the network, Cosmos Hub obliges each validator to vote on every proposal. Those who do not vote, get penalized by the protocol and their validator status gets deactivated for a predetermined period of time. The Cosmos Hub also benefits from an additional aiding agent named Governance Working Group which aims to equip Cosmos governance with structural tools, improve governance functionality, and conduct educational efforts to further the awareness and the adoption of Cosmos governance.
Store Cosmos with Cropty cryptocurrency wallet by 3 simple steps:
- Download the app from the Apple AppStore or Google Play, or open your browser wallet.
- Create your Cropty wallet account with Face ID or Touch ID security options.
- Transfer ATOM from external wallet.
Receive Cosmos to your Cropty wallet by QR-code, phone number, e-mail and nickname:
- Download the app from the Apple AppStore or Google Play, or open your browser wallet.
- Create your Cropty wallet account, set up a nickname.
- Click ‘Receive’ and follow the instructions.
You can transfer your Cosmos holdings and store it safely with Cropty wallet. Cropty secures safety of your holdings through various verification options like using password, authenticator app, Face ID, Touch ID and backup codes. You can be sure no one can get access to you Cosmos holding except you.
Start investing in Cosmos with Cropty cryptocurrency wallet by 3 simple steps:
- Download the app from the Apple AppStore or Google Play, or open your browser wallet.
- Create your Cropty wallet account, set your authentication settings.
- Transfer ATOM from external wallet.
The Cropty wallet provides the most convenient application for storing and transfering Cosmos. Cropty targets to become one the best crypto wallets for Android and iOS in 2024. Cropty provides convenient application and secure custodial services, built for crypto beginners, as well as for crypto-savvies.
You can receive Cosmos donations instantly with Cropty wallet. Download Android or iOS app or open the web version, sign up, click ‘Receive’ and follow simple instructions. Share your address with someone who wants to donate you in crypto.
You can receive Cosmos donations instantly with Cropty wallet. Download Android or iOS app or open the web version, sign up, click ‘Receive’ and follow simple instructions. Share your address with someone who wants to donate you in crypto.
You can send Cosmos instantly without fee in the Cropty wallet. Download Android or iOS app or open the web version, sign up, click ‘Send’, choose ‘Send via e-mail, phone number or nickname’ and follow simple instructions.
- Sign up to Cosmos wallet.
- Top up your balance with Cosmos.
- Store, trade or deposit your Cosmos.
- Get Cosmos deposit interest directly to your Cropty wallet.