What is Cosmos Coin?
Cosmos Coin is responsible for powering this entire ecosystem of blockchains that are made to interoperate and scale with one another. Furthermore, Cosmos utilizes the proof-of-stake consensus mechanism. This enables ATOM holders to stake their tokens, which helps maintain the Cosmos network and rewards holders with more ATOM. The team behind the Cosmos network has made their vision clear, which mainly involves creating an “internet of blockchains.” Here, a network of blockchains is generated so they can communicate with one another in a decentralized manner.
Who Founded Cosmos Coin?
Jae Kwon and Ethan Buchman are two names that come to mind when the inception of the Cosmos blockchain is discussed. Jae Kwon founded Tendermint Inc. in 2014, directly resulting from applying BFT research within a PoS public blockchain context. Then Ethan Buchman joined him the following year to work on the development of Tendermint.
Cosmos became a reality in 2016 when Tendermint initially started developing its software, which led to the Cosmos Hub launch in March 2019. Then there is the Interchain Foundation, a Swiss non-profit organization formed to aid the development of Cosmos and its underlying ecosystem. In addition, 15 or more firms have been responsible for building Cosmos.
What does Cosmos Coin Do?
Through its vision, Cosmos intends to create a network that enables blockchains to maintain their sovereignty, communicate with other blockchains within the same ecosystem, and swiftly process transactions, all of which would make it effective for several use cases. These blockchains, which can be autonomous, are called zones. Additionally, its functionality is made possible by utilizing BFT consensus algorithms alongside Tendermint consensus, all of which help power every blockchain within the “Cosmos.”
Also, the Tendermint BFT is a PoS consensus protocol used to power both the Cosmos SDK and the Cosmos Hub, which are both integral aspects of its ecosystem. On the other hand, Byzantine fault tolerance (BFT) is used as a consensus algorithm for distributed networks that achieves consensus even when a few nodes within a network cannot respond or fail to answer accurately.
Being an open-source framework, the Cosmos SDK intends to create multi-asset public PoS blockchains. As for the Cosmos Hub, it is a blockchain that serves as the first “zone” and is the economic center for the entire platform. It also seeks to provide interchain security, interchain token custodianship, interchain token exchange, and bridges to the Ethereum and Bitcoin blockchains.
How to buy Cosmos Coin (ATOM)
Those looking to buy ATOM can do so from any leading cryptocurrency exchange, such as Bybit. To buy ATOM on the Bybit exchange, all you have to do is follow a few simple steps.
1. Creat Account in Bybit
First, you must create an account. And connect your wallet, deposit some cryptocurrency. Once you have done that, head to the spot trading page at Bybit.
2. Select Order
After that, on the page’s left side, choose your trading pair, such as USDT and ATOM, for example. Then you can select any kind of order you like, which includes conditional, market, and limit orders. However, this is not the only way to acquire ATOM on Bybit. You can also directly buy it using your debit or credit card.
3. Limit Orders
Choose “Limit” and enter the amount you wish the order price and number of ATOM to be, then select “Buy ATOM.” After you have verified that your information is accurate, select “Buy ATOM” again. Following that, you can see the details of your order under the “Active” section of the web page, or if you happen to be using the app, then it would be under “Orders.”
4. Market Orders
Choose “Market” and add the number of USDT you have paid to purchase ATOM. Select “Buy ATOM,” and after you verify your information to be accurate, select “Buy ATOM” again. Following that, you can view the details of your order under the “Filled” section.
5. Conditional Orders
Choose “Conditional” and add the trigger price you want. After that, you can select either “Limit Price” or “Market Price.” The order price does not require setting for the latter, while for the former, it does. Select “Buy ATOM,” and after you have verified your information to be accurate, select “Buy ATOM” again. Following that, you can view the details of your order under the “Conditional” section of the web page.
How does Cosmos fare against other cryptocurrency networks
Here, we will look at how Cosmos performs compared to Polkadot, Ethereum, and Solana.
Cosmos vs. Polkadot
Although both projects seek to offer a more coherent and scalable future for cryptocurrency, their use cases differ. Polkadot tends to lean more on security, while Cosmos concentrates more on adoption. When market capitalization is concerned, Polkadot is higher. However, when it comes to price, ATOM’s is more elevated than DOT’s.
As of this writing, Cosmos provides its users with much more usability. This is because it enables anyone to set up blockchains on its network easily. That said, Polkadot can cover a bit of that gap once it completes its roadmap since it will have more uses alongside its better security.
However, Cosmos has some roadmap to achieve, including important security updates. Still, if both of these networks successfully complete their roadmaps, they might fully address problems pertaining to scalability and interoperability within the blockchain sector.
Cosmos vs. Ethereum
While there is no comparison between the two in terms of market capitalization and price, Cosmos has the advantage in terms of scalability, interoperability, and overall use. This is because the smart contracts on Ethereum tend to be general-purpose, which limits their functionality. Hence, more complex projects have to blend several basic smart contracts to reach the desired functionality. This can increase the overall workload for the network, which then clogs it, increases its gas fees, and slows down transactional verification. And Ethereum has yet to fully address these problems in Ethereum 2.0, which might take a while.
On the other hand, Cosmos circumvents all these problems by allowing projects to create their own, custom blockchains that can easily fit their needs. The projects will maintain the ability to engage with other blockchains linked to Cosmos’ ecosystem. With these projects operating on their separate chains while still being connected, the experience is much smoother when compared to Ethereum, the gas fees are significantly reduced, and transaction throughput is not severely affected.
Cosmos vs. Solana
Solana and Cosmos have taken different routes in terms of utility, but they are roughly equal. In other words, they enjoy extra benefits, but that does not necessarily place one over the other. For example, as previously stated, Cosmos was designed to be a platform on which other blockchains can be easily built, while Solana was made to support scalable decentralized applications. Cosmos uses proof-of-stake, while Solana uses a combination of both proof-of-stake and proof-of-history to manage security. In some aspects, like decentralization and interoperability, Cosmos comes out on top, while in others, such as scalability and cost, Solana surpasses Cosmos. Overall, the utility comparison can allow one to conclude that both Cosmos and Solana are promising investments.
Regarding market capitalization and price, Solana has topped Cosmos, although not by a lot. SOL is currently hovering around $13, while ATOM is around $10. And Solana’s market capitalization is almost $5 billion, while Cosmos’s is nearly $3 billion.
|Name||Price||Market Capitalization||Circulating Supply||Daily Trading Volume||Interoperability||Scalability|
|Cosmos||$10||$2.9 billion||286 million||$151 million||Yes||Yes|
|Solana||$13||$4.9 billion||367 million||$1.14 billion||No||Yes|
|Ethereum||$1260||$154 billion||122 million||$6.2 billion||No||No|
|Polkadot||$4||$5.3 billion||1.15 billion||$132 million||Yes||Yes|
Is Cosmos a good investment?
According to the data collected from CoinMarketCap, Cosmos (ATOM) sits in the 22nd spot within the entire cryptocurrency ecosystem. Over the previous week, its price has increased by almost 11%. Not only that, but it has also displayed an impressive daily trading volume, which is more than $151 million. These figures, combined with the utility already offered by the platform, might make Cosmos an investment worth looking into.
Cosmos Coin Prediction
Another figure that may be of interest is its price in the future. Consequently, according to Bitnation, there is a chance that ATOM’s price might go from $32 in 2025 all the way to $83 by 2030, which means that it may grow a lot in the coming years.
Is Cosmos Coin safe?
Yes, Cosmos has been around for long enough and has proven its reputation. While the risk brought about by volatility might still affect it, its overall utility may still be convincing enough for one to check it out.