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The idea for Cosmos was born in Jae Kwon ‘s mind back in 2014. Observing the blockchain networks already in operation at the time, he thought that a different implementation, one that blended mechanisms to cope with the so-called Byzantine Fault Tolerant (BFT) problem – i.e. being able to continue operating even if nodes failed or acted maliciously – with a secure Proof-of-Stake system, would be effective in the context of public blockchains. In 2015, he met Ethan Buchman. The two men teamed up to work on a first implementation of Jae’s idea: Tendermint (which became Ignite in February 2022). Tendermint’s White Paper quickly laid the foundations for a high-performance, transparent, interoperable and auditable BFT protocol, flexible enough to support a variety of applications for individuals, private companies and public organizations, while also being capable of supporting decentralized money.
Tendermint software makes it possible to launch new blockchains and develop related applications in any language, but above all to make them communicate with each other! The following year, the idea of testing the Tendermint protocol in practice was put forward, and the Cosmos Network White Paper was published. In its very first version, the project was named “Gnuclear”, and its white paper described an interoperable blockchain system that would be 100% decentralized, and based on the Tendermint consensus protocol. With the help of the community, the idea gradually evolved and was then renamed Cosmos.
In 2017, Jae Kwon began looking for funding to bring the project to fruition. Private sales of tokens are organized at the beginning of the year, followed by an ICO (initial coin offering) over the summer. The Swiss-based Interchain Foundation managed the ICO to support research into both Cosmos and Tendermint, raising $16.8 million in just 30 minutes. ATOMs, the native cryptocurrency of the system’s central blockchain (called “Cosmos Hub”), were then introduced, and went off without a hitch for 10 cents. These native tokens of the Cosmos platform are initially launched to encourage the collaborative work of the people who participated in the birth of the blockchain network, and then as a second step to reward the work of the validators who are responsible for securing the Tendermint protocol.
The ATOM token is a crypto that also serves as a security mechanism to prevent misuse of the network, and as a governance system since token holders enjoy voting rights. Initial tests, carried out in autumn 2017, of both the technology and its consensus system showed (unsurprisingly) anomalies, which were gradually resolved by the research team. This essential step took around a year and a half to complete. The operation of the system was also thoroughly reviewed. Finally, on March 13, 2019, the Cosmos main network and its ATOM crypto were officially launched, and the very first block (genesis block) was generated.
Very quickly, the project is getting a lot of buzz, and the native token, ATOM, is getting listed on the major marketplaces.
On Binance, the largest crypto trading platform, from April 2019.
See the ATOM price live.
Cosmos Hub was founded in 2019 by the Tendermint Inc. team, led by Jae Kwon and Ethan Buchman, two pioneers in the blockchain space. Their vision was to create an interoperable network of blockchains, enabling different chains to communicate with each other in a decentralized and secure way.
Cosmos stands out for its modular architecture, which uses the Tendermint consensus protocol to offer increased scalability and rapid transaction finality. The Cosmos Hub team is made up of experienced developers and contributors from the open-source community, who continue to innovate to strengthen the Cosmos ecosystem and foster interoperability between blockchains.
Cosmos Hub functions as a central network in the Cosmos ecosystem, facilitating communication between different blockchains thanks to its Inter-Blockchain Communication (IBC) protocol. The Hub uses a modular architecture that enables decentralized, secure connections between independent blockchains, known as “zones”, which can exchange data and assets.
The Tendermint protocol, used by Cosmos Hub, guarantees fast and efficient consensus, and enables secure transactions with rapid finality.
This makes Cosmos Hub particularly well-suited to interoperability, as it enables blockchains to maintain their sovereignty while participating in a wider ecosystem. By facilitating these interactions, Cosmos Hub aims to become an “internet of blockchains”, where chains can interact freely without compromising their independence or security.
ATOM tokens are the native tokens of Cosmos Hub and play several essential roles in the Cosmos ecosystem:
Cosmos Hub’s projects in 2024 aim to strengthen its ecosystem and improve interoperability between different blockchains. Here are a few concrete elements:
Patience is always a virtue in cryptocurrencies. If you’re interested in this project as a financial investment, remember that participants in the 2017 ICO received their ATOMs at ten cents. Now, in the summer of 2022, the price of an ATOM, Cosmos’ crypto, was worth around $9: the first investors (those who helped fund the project) therefore multiplied their stake by 90 in USD, in the space of 5 years. And this despite the cryptocurrency crash that hit all investors in April 2022! Regular listings on marketplaces, starting with the addition of Cosmos (ATOM) on Binance in April 2019, are also giving a wide panel of investors the opportunity to hop on the moving wagon, and trade this crypto to take a share of profit.
ATOM has always been a promising crypto-asset with a place in any portfolio. What’s more, the Cosmos platform opens the way to extraordinary possibilities, making it likely to generate a great deal of use value in the future. For example, it could be possible to connect Ethereum’s popular decentralized finance ecosystem to the incomparable power of Bitcoin, through this interoperable system. This would have huge implications for the crypto world, in the opinion of many experts. If Cosmos ever manages to establish itself as the epicenter of all blockchains, enabling them to communicate, and become the “Internet of blockchains” touted by its designers, then the gains would be almost infinite. However, it should be noted that competitors are already beginning to appear, and Cosmos is no longer alone in the blockchain interoperability segment. These include Icon Foundation. In any case, the crypto sector has now reached critical mass, and there are at least several thousand blockchains (of varying degrees of success) in operation around the world.
Solutions such as Cosmos therefore have their place in the sector, facilitating the mass adoption of digital currencies and solving the many problems posed by the extreme decentralization of cryptos. It is undoubtedly through platforms like this one that the famous “Web 3” could finally become a reality… To wit: ATOM is one of the cryptocurrencies available on the Coinhouse platform, which can act as a broker to enable you to make an investment. You can buy this crypto by credit card, or alternatively by making a deposit as part of a bank transfer. In short, Cosmos tackles the problem of blockchain interoperability in an innovative way, thanks to the Tendermint protocol architecture on which it is based. By focusing on interoperability and reducing the barrier to entry for blockchain developers, the project takes an interesting position.
The ability to act as an extension to existing blockchain networks is a feature to keep an eye on as we turn our attention to the concept of sidechains. Today, ATOM has established itself as one of the major layer 0 projects.
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