The Cosmos (ATOM) Cryptocurrency is a simple project that solves some of the most complex problems facing the blockchain industry. The cryptocurrency focuses on offering an antinode to slow, unscalable, expensive, and environmentally harmful POW (Proof of work) protocols like those used by other popular cryptocurrencies like Bitcoin by offering an expansive ecosystem of connected blockchains.
The other goals of this Cosmos (ATOM) Cryptocurrency project include making the blockchain technology less complex and challenging for different developers. Grateful for a modular framework that demystifies decentralized apps or dApps. Furthermore, an inter-blockchain communication protocol makes it a lot easier for the blockchain networks to communicate with each other and prevents fragmentation in the industry.
The origin of Cosmos (ATOM) Cryptocurrency can be dated back to 2014, when Tendermint, a core contributor to the network, was founded. Then, in the year 2016, a white paper for this Cosmos (ATOM) Cryptocurrency was published, with a token sale held in the following year. Cosmos (ATOM) Cryptocurrency tokens are earned through a hybrid POS (Proof of stake) algorithm, and they help keep the cosmos hub. The Cosmos (ATOM) Cryptocurrency also has a role in the governance of the network.
Who Are The Founders Of Cosmos?
The co-founders of the Tendermint- the gateway to the Cosmos ecosystem were Zarko Milosevic, Jae Kwon, and Ethan Buchman. Jae Kwon is still listed as a principal architect, as he stepped down as the CEO in 2020. He is also a part of the project but mainly focuses on other initiatives. He has now been replaced as the CEO Tendermint’s CEO by Peng Zhong, and the complete board of directors was given a considerable refresh. The goals of the Cosmos (ATOM) Cryptocurrency project include the experience of different developers, creating an enthusiastic community for the Cosmos while building an educational resource so that a more significant number of people are aware of what this network is capable of.
What Makes The Cosmos Unique?
The primary concern for some in the crypto industry centers on different levels of fragmentation seen in various blockchain networks. There are numerous in existence, but very few of them can communicate with one another. The Cosmos (ATOM) Cryptocurrency focuses on turning this on its head by making it possible. The Cosmos (ATOM) Cryptocurrency is described as ‘Blockchain 3.0’, and the main goal is to ensure that the central infrastructure is straightforward to use. Furthermore, the Cosmos (ATOM) Cryptocurrency software development kit focuses mainly on modularity, allowing a network to be quickly built using various chunks of code that already exist. It is expected that these complex applications will be straightforward to construct as a result.
Furthermore, scalability is another priority that means substantially more transactions can be processed within a second than the old-fashioned blockchains like Ethereum and Bitcoin. If all these blockchains are ever to achieve mainstream adoption, they will need to be able to cope with the demand of existing payment processing companies or websites.
How Many Cosmos (Atom) Cryptocurrencies Are There In Circulation?
To be exact, Cosmos (ATOM) Cryptocurrency has a particular total supply of around 260,906,513. Out of these, at the time of writing this article, about 203,121,910 were in circulation. It is worth noticing that these cryptocurrencies are not mined. Instead, they are earned through staking. Two private sales were held in January 2017, followed by an excellent public sale in April. It raised a total of $16 million which is equivalent to about $0.10 per ATOM. If we break down the whole token distribution, about 80% was allocated to the investors, while the remaining 20% was split between two companies- Interchain Foundation and All in Bits. Furthermore, Cosmos (ATOM) Cryptocurrency has compared the ATOM tokens to the ASICs to mine Bitcoin.