Cosmos For Beginners 7
Cosmos For Advanced 7
Cosmos Quiz 1
Advantages Over Other Projects
As a first of the advantages, we will mention again the SDK part of the project. The Cosmos SDK is a modular framework that makes creating a blockchain application on Tenedermint quite easy while also making it easier for developers to onboard onto the Cosmos blockcahin.
With the Inter-blockchain communication now being live, the Tendermint based blockchains are now interoperable and able to send the tokens from one to another. Dapps and standout blockchains with real adoption with Binance chain, Luna, Kava, and others that have integrated with the network showing the advantage of interoperability that cosmos provides. The plans to create an opt-in shared security model among other zones in the network will create even more freedom, flexibility, and incentives to join Cosmos for projects and developers that are looking to build their own blockchains.
There are a few competitors in decentralized finance which makes it important for the blockchain to possess a faster speed of processing transactions but fortunately, Cosmos employs a proof of stake algorithm and now a proof of work one so one of the main advantages of using it Is the enormous security which falls on the issuing blockchain technology. This was the main reason why the first-mover of smart contracts ETH decided to follow bitcoin’s template rather than employing a new algorithm.
Cosmos is a protocol that aims to create interoperability among other networks and can process up to 1000 transactions per second. This is in line with competitors like Algorand as it provided a platform where ATOM can settle transactions effortlessly. The speed of processing transactions is the main reason why in less than 3 years after the release of the mainnet there were more than 200 use cases. In the future, if ETH 2.0 doesn’t become fully functional by the end of 2021, most developers could choose Cosmos as a potential replacement. In the same category of blockchain technology, if Cardano doesn’t become fully functional, Cosmos and other competitors can command a fair share of the decentralized finance market.
Another one of the advantages is that the project can bring passive income in two ways, staking and trading. The cosmos engagement is also very high. There are thousands of cryptos on the market and in May of 2021, there were about 10,000 coins on the market so this is the main reason why being relevant via its network effects is crucial to the survival of every project. Cosmos has more than 160,000 followers on Twitter but aside from that, it has 32,000 members on Reddit.
Cosmos also has a Telegram account and it comprises more than 12,000 members as they discuss the possibilities of the technology and how it impacts decentralized finance in the long term. The last engagement continues to expose Cosmos and the native asset ATOM to thousadns of people.