If you have read our Polkadot coin guide, you have probably figured out by now that one of the best ways to increase cryptocurrency and blockchain adoption is to make them more scalable and able to support more users by allowing networks to work together or communicate between each other. This is what a project called Cosmos is also trying to achieve, but with a pretty unique approach.
Cosmos is an ever-expanding ecosystem of interconnected apps and services built for a decentralized future. In summary, Cosmos describes itself as a project that addresses some of the industry’s “hardest difficulties.” Its goal is to provide an ecosystem of connected blockchains as an antidote to “slow, costly, unscalable, and ecologically destructive” proof-of-work systems like Bitcoin’s.
Cosmos, with its native token ATOM, has a unique approach to the blockchain network and application creation in the sense that it allows developers to focus on the application development process. At the same time, Comos provides them with open-source tools such as Tendermint, Cosmos SDK, and IBC that give developers pre-packaged frameworks and code structures that ultimately save them hundreds of hours of development and can focus on a more critical part of their apps.
You can use your ATOM tokens in the following ways:
At the time of writing (May 16th, 2022), ATOM’s price is $11.74. The current Market Cap ranking is #27, with a market cap of $3.3B.
ATOM had a great 2021 since it reached its all-time high price of $44 in September. That is an over 7x gain from its price at the start of 2021, which was around $6. 2022 initially started great for ATOM since it almost repeated its all-time high price but fell short of $1. After that, the market correction dragged the price down like every other cryptocurrency, and it kept dropping.
Since its inception, ATOM has averaged a growth rate of 157.4%.
ATOM has had three token sales, raising a total of $17.6M.
The initial token distribution went as follows:
ATOM does not have a maximum supply cap, and currently, there are 286.3M tokens in circulation.
ATOM has grabbed a fair share of the market in the niche of blockchain networks that try to solve communication problems between blockchain networks. Alongside that, it does not have a cap on its supply which further adds to the demand for ATOM.
The primary way people buy their ATOM is through centralized exchanges because they offer the ability to purchase them with credit\debit cards, which most people prefer.
Although significantly more complicated, the second way is through decentralized exchanges such as Uniswap. Decentralized exchanges usually require users to already have some cryptocurrencies in their wallets to buy other cryptos.
Finally, it can be purchased easily through a broker app such as our Veli App, where you can get your hands on some ATOM in just a few taps on the screen.
The co-founders of Tendermint, the gateway to the Cosmos ecosystem, are Jae Kwon, Zarko Milosevic, and Ethan Buchman. Although Kwon is still listed as the principal architect, he stepped down as CEO in 2020. Peng Zhong replaced him as Tendermint’s CEO, and the board of directors was changed.
Cosmos has an official one-year roadmap created based on the inputs of Comos’s key stakeholders. It features a list of upgrades that aim to improve liquidity, economic security, usability, and participation.
Cosmos has a vibrant community around it that is present on every major social media channel. They also attend and create events, such as hackathons regularly. On top of that, they have local Cosmos communities in many cities worldwide and have a grants program where you can get funds for your contribution to the Cosmos ecosystem.
Cosmos has attracted investment from several prominent names in crypto, including Paradigm, Bain Capital, and 1confirmation. Cosmos Network has raised $17M in funding over seven rounds. Their latest funding was raised on May 27, 2021, from a Venture-Series Unknown round.
Cosmos has not faced any known legal issues so far.
ATOM is available on Ethereum, BNB, Cosmos, Polygon, Cronos and Canto blockchains.
Cosmos’s main competitors are Polkadot and Ethereum.
Ethereum is the world’s first programmable blockchain. It has started the technological trend of giving users the power to build all kinds of applications using blockchain technology. The main difference between Cosmos and Ethereum is that Cosmos is much faster and cheaper than the current version of Ethereum.
Polkadot is the first blockchain network that was created to connect and give blockchain networks the ability to communicate with each other. Cosmos and Polkadot differ in the core technological approach, and Cosmos is also much faster than Polkadot.
Here is some additional information to help you get a more clear picture of this competition.
Cosmos | Polkadot | Ethereum | |
Transactions per second | 10,000tps | 1500tps | 15 |
Time needed to confirm a transaction | 1s | 12-60s | 6 min |
Average transaction fee | 0.01$ | 0.001-0.3$ | 15$ |
Market cap | $5.17b | $14.9b | $310b |
Circulation supply | No limit on the number of tokens | No limit on the number of tokens | No limit on the number of tokens |
Total number of wallet addresses | 600K+ | 1m+ | 150.6m |
Total number of daily active users | 10.6k | 2.2k | 509k |
Launch date | 2017 | 2020 | 2015 |
Average growth rate | 171.60% | 189.00% | 178.20% |
When it comes to investing, there are obvious risks, just as there are with any other asset type. Because there are so many types of cryptocurrencies, risks may be divided into two categories: generic risks that apply to all cryptocurrencies and coin-specific risks.
We’ve put up a guide that covers broad cryptocurrency investment risks and provides advice on how to reduce them, while risks related to individual assets are handled specifically in coin guides such as this one.
Website: https://cosmos.network/
Twitter: https://twitter.com/cosmos
Telegram: https://t.me/cosmosproject
Cosmos ATOM is another blockchain network that tries to solve the problem of communication between separate blockchain networks. It takes a unique approach from its competitors by focusing on making it easier for developers to create their blockchains and apps using its open-source toolset. It had a strong 2021, and with a vast one-year roadmap ahead of it, we can only wait and see how it goes from here.
