Cosmos | Is the hype justified?

Uncategorized by Blockspectator News  | 3 months ago

Over the past month or so, many cryptocurrency enthusiasts were miffed as to why a project called Cosmos (ATOM) was appearing in the top 20 projects on CoinMarketCap.com.

There appeared to be minimal information on the projects supply or even exchange information- it all made for an intriguing episode concerning the project.

However, following Binance’s announcement that they would be listing ATOM- the native crypto asset of the Cosmos blockchain, the market price soared by over 30% on the first day of official trading.

Since then, the community interest in Cosmos has continued to peak, and this has been reflected in the price, with there being a sustained bullish movement ever since the launch.

Cosmos Network calls themselves the connected blockchain or the internet of blockchains. What they’re trying to achieve is to solve a few of the primary and most important problems of blockchain and digital ledger systems.

Essentially Cosmos Network is a developer platform to create and connect different blockchain projects.

The project is aiming to solve prevalent blockchain problems such as:

  • Scalability
  • Usability
  • Interoperability

Scalability

Existing Proof-of-Work (PoW) protocols such as Bitcoin are notoriously sluggish. Cosmos will be using the underlying platform, Tendermint, to create a secure consensus protocol using a proprietary method called Bonded Proof-of Stake (BPoS).

Usability

Cosmos plan to create a developer-friendly standard for more accessible and efficient mediums of work. Much like what HTML, CSS or JavaScript attempts to do for coding, Cosmos are aiming to recreate for this blockchain ecosystem.

Scalability

This will allow virtual economies to converse and connect. This will lead to a new ecosystem of elements and convenience for the individuals associated with the ecosystems.

Cosmos is a powerful platform with a very ambitious goal of connecting the blockchains of this time. In doing so, they hope to create a whole new tokens economy and token system for more scalable projects.

When truly scaling the scope of the platforms desired objectives, it’s clearer to see why the community has placed much interest in Cosmo.

There will be concerns of course as to whether such an ambitious project is genuinely feasible or if there is too many moving parts for a real deliverance on their aim.

However, hedging by the reaction received so far; it seems that many are in the thought that Cosmo’s lofty objectives could very well become a reality.

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