Cosmos (ATOM) Plans To Connect The World’s Economy To The Blockchain Technology
The things that have become possible since the advent of the blockchain and cryptocurrencies are quite numerous and have continued to increase. For instance, in the past things like secure and uncensorable trading, fast and free international transactions and a virtual store of value, etc. were impossible with the old systems but today, the new technology has made them possible and it continues to break new grounds daily.
Yet one thing threatens the beautiful world the blockchain and cryptocurrencies have the potential to build and that is the tribal differences growing in the community. These differences can be seen when Ethereum Classic (ETC) enthusiasts claim their choice is more advantageous than Ethereum. Another example is when Bitcoin fans consider other digital assets of little relevance compared to Bitcoin.
This obvious lack of unity within the crypto community is causing more harm than good and definitely posing a threat to the growth and potential of cryptocurrency, according to Zaki Manian, the Director of Tendermint Labs. Cosmos blockchain is one of the projects being developed by Tendermint.
What Is Cosmos?
Cosmos is a reply from Tendermint to the ailing world of cryptocurrency and blockchain to bring independent blockchains together so that they could communicate and transact with one another. Cosmos, which has also been nicknamed the “Internet of Blockchains,” serves as an intermediary layer where two blockchains can be connected together. It also provides scalability solutions, which includes a new BFT consensus mechanism that can scale to thousands of transactions per second.
Describing its solution, the company's website states that:
“More than anything, Cosmos is not a product but an ecosystem built on a set of modular, adaptable and interchangeable tools.”
The Cosmos Mission
Cosmos came to be for the purpose of promoting the independent development of projects and at the same time paving a way for them to the wider cryptocurrency ecosystem, Manian explained.
Presently, the cost required to execute a cryptocurrency project is on the high side. In addition, blockchains find it difficult to work with one another, in fact, developing on one blockchain automatically keeps out users of other platforms.
Going by the current state of things, the crypto space is just a collection of blockchain projects that lack the ability to relate with one another but all that is about to change. With Cosmos now in the picture, different teams, for example, Ethereum Classic and Ethereum will be able to communicate with each other without harming their unique features in any way. In the words of Manian, the mission of Cosmos is to
“facilitate economic integration while maintaining political independence.”