Tendermint was founded by Jae Kwon, Zarko Milosevic and Ethan Buchman. The ICO helped the company raise over $17 million. Two years later, in 2016, the Cosmos network went live, along with the ATOM initial coin offering (ICO) in 2017. Cosmos (ATOM) HistoryĬosmos was created by a company called Tendermint in 2014. However, you must hold the ATOM token to earn the rewards, which could drop in price and eat away at profits. Many use Cosmos as a way to earn passive income through the staking and rewards protocol. Cosmos supports almost any idea that you can come up with. Programs can be anything from a decentralized exchange (DEX) to an artificial intelligence program such as Fetch.ai. Both tokens have major backing and brought lots of attention to Cosmos.Īnother reason to use the Cosmos chain is to develop your own decentralized applications (dApps), which are programs that rely on the blockchain to run. Some of the larger tokens on the Cosmos chain are Cronos (CRO) and Binance Coin (BNB). Perhaps the most prominent is to access the projects that are built on the chain. You may discover several reasons that you’ll want to use Cosmos. Cosmos is looking to create a vast network of blockchains all centered around their hub, which is the blockchain that serves as a home base of sorts for all other chains on the network. Each new chain that is created on the network is automatically able to communicate with all others on the network. Interoperability is one of the main goals of the project, so it is built into the chain.
Cosmos is also looking to solve this problem. For example, the Ethereum chain cannot communicate at all with the Bitcoin chain you cannot directly trade Bitcoin for Ethereum-based assets.
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Essentially, the project writes the bulk of the code for developers but still leaves lots of room for creativity and exploration in development.Īnother issue that blockchains have run into is interoperability, or the ability of blockchains to communicate with each other. Cosmos offers tutorials and a variety of helpful tools for its developers. Most of the time, blockchain developers will have to learn new coding languages or go through several steps to see their programs run on a blockchain. Votes can be cast on future proposals and projects, giving the community more power in terms of the future direction of the project.Īdditionally, Cosmos focuses on creating a powerful and simple experience for blockchain developers. For further security, if a validator fails to do their job correctly, then the chain has the right to take ATOM tokens from the holder.ĪTOM tokens can also be used as a form of governance. These rewards are generated from transaction fees and minting new ATOM tokens. As of May 2022, the reward for staking ATOM is just under 10% APY. This system involves holders of the ATOM token staking their tokens on the chain in exchange for the right to validate transactions and earn rewards. This protocol allows the chain to fulfill transactions with higher volume and speed than its competitors. Other BlockchainsĬosmos uses a proof-of-stake (PoS) consensus system to verify the transactions on the chain.
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