The rapidly moving blockchain environment has spawned a wide variety of different platforms over the last few years. It’s now clear that the blockchain is the future of the internet, but the various different blockchain networks that are in use today create a number of issues.
Interoperability is the key issue presented by the various different blockchains that exist today. There are many different blockchain solutions in use, all of which use different methods to achieve consensus. A new platform, however, aims to create a network of distributed ledgers that solves a number of long-standing problems in the cryptocurrency and blockchain ecosystems.
Cosmos is a new blockchain network that has recently launched a successful initial coin offering in order to fund an extremely ambitious project. In this article, we’ll take a look at the Cosmos blockchain network and find out how it plans to work to help you determine whether it’s worth participating in.
What Is Cosmos?
Cosmos is a new blockchain platform that focuses on interoperability with other blockchain networks. The Cosmos network is able to interact with other cryptocurrencies and applications, which is something that other blockchain networks cannot achieve easily.
The Cosmos Blockchain Network works over a series of independent parallel blockchains called “zones”. Each of these zones are powered by classical Byzantine fault tolerance consensus protocols such as Tendermint, which is already being used by blockchain platforms such as Hyperledger’s Burrow.
Some of the zones in the Cosmos Blockchain Network function as hubs with regards to other zones, allowing a spectrum of different zones to operate between a single shared hub.
The first blockchain in the Cosmos Blockchain Network is the Cosmos hub. This hub will connect to other zones in the Cosmos Blockchain Network via a unique inter blockchain communication protocol, called IBC. The Cosmos hub keeps a record of the total number of tokens in each zone, making it possible to transfer tokens between zones quickly and easily without the need for third-party liquid exchange, which adds extra transfer costs.
The Cosmos hub aims to connect a wide variety of different zones via IBC, and as a result is able to foster communication between a broad spectrum of different currencies and languages such as those used by CryptoNote, ZeroCash, Ethereum, and Bitcoin.
Creating a new zone on the Cosmos Blockchain Network makes it possible to plug any kind of blockchain system into the Cosmos hub and transfer tokens without the need for intermediary exchange. Another major feature offered by the Cosmos Blockchain Network is the high level of scalability it offers. Many of the blockchain solutions present today are unable to compete with the volume of transfers managed by existing traditional financial systems such as MasterCard.
If transaction speed in a Cosmos Blockchain Network zone is compromised by excessive user and transfer volume, it’s possible to simply create another zone and direct half of the existing users over to that zone, effectively doubling transaction speed. The Cosmos hub ensures that all zones that are connected to it remain in sync.
The Cosmos Blockchain Network Fundraiser
The Cosmos Blockchain Network operates on the Atom token, which takes its name from the practice of atomic cross-chain trading. These tokens function as a license for holders to vote, validate, or delegate to other users, as well as act as staking tokens.
The Cosmos fundraiser ended on the 6th of April 2017, in which 168,475,963 ATOM tokens were claimed across 1090 donations. The entire fundraiser generated 4,870 BTC and 246,900 ETH. The Cosmos roadmap shows that an alpha version of the network should be released soon. Interested parties are able to keep up on the latest movements of the Cosmos development process via the Cosmos blog.
The Cosmos Blockchain Network is a highly innovative solution that aims to catalyze powerful and significant change in the blockchain ecosystem. By allowing disparate blockchain networks to communicate with each other while at the same time arming users with the ability to create their own hubs, the Cosmos Blockchain Network makes it possible to create a global interconnected blockchain network free from a “centralized decentralized” intermediary.