Validators receive ATOM as a reward based on the amount of ATOM staked.
Holders can lock in or “stake” their ATOM tokens to take part in validating transactions on the blockchain. Cosmos Hub uses a Tendermint BFT Proof-Of-Stake consensus algorithm. The native cryptocurrency of Cosmos Hub, ATOM, underpins the entire ecosystem. Once a Zone is connected to Cosmos Hub using IBC, it is then interoperable with all other connected Zones or other IBC-enabled blockchains.Ĭosmos Atom Use Case: Fees and Staking for Rewards IBC tackles this issue and allows Cosmos Hub to monitor the state of each Zone and allows the secure transfer of tokens between zones. This was due to different languages, consensus methods and differences in design. Previously most blockchains existed in silos and were unable to communicate with each other. The Cosmos Inter-Blockchain Communication protocol essentially functions as a messaging system built to transfer data between blockchains. It is designed with scalability in mind and is able to process thousands of transactions in a short period of time. Cosmos Hub is a proof-of-stake blockchain that was designed to function as a main ledger for the entire ecosystem and monitor the state of every Zone using the Inter-Blockchain Communication Protocol (IBC). Hubs are blockchains that act as an intermediary between Zones for transactions and keeps track of the state of each Zone.Īlthough there can be other Hubs, Cosmos’ primary Hub is its main blockchain, Cosmos Hub. This means they can authenticate transactions, create tokens and enact changes on their own blockchain by themselves. Zones are independent blockchains with specific applications, uses and methods of governance. Underpinning this network is the blockchain, Cosmos Hub, which helps maintain the connections as an intermediary and is powered by the native token, ATOM.Ĭosmos Atom Use Case: Connecting BlockchainsĬosmos can be seen as a network of Zones and Hubs. These independent blockchains are all interoperable, meaning they can communicate with each other seamlessly and conduct transactions.
They held a highly successful Initial Coin Offering in 2017 that raised over $17 million.Ĭosmos Network is a network of blockchains, called Zones. In partnership with The Interchain Foundation, a Swiss non-profit that funds open-source blockchain projects, they brought it to the public in 2016. Together they designed and launched Cosmos Network. To this end, they wanted to design a decentralised network of independent Proof-of-Stake blockchains with a focus on scalability and blockchain interoperability. Jae Kwon and Ethan Buchman (also co-founders of Tendermint) envisioned that the future of cryptocurrency would be an ecosystem of independent blockchains with different uses, all capable of communicating with each other and conducting transactions.
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