Cosmos For Beginners 7
Cosmos For Advanced 7
Cosmos Quiz 1
What Is Cosmos?
Cosmos is a project described as the Internet of Blockchains that connects sovereign blockchains using the Inter-Blockchain Communication protocol. This protocol standardizes communication across blockchains and connects them via the Cosmos Hub, making them interoperable. The data and value can be transferred from one zone to another in a trustless manner by simply routing all transfers via the central Cosmos Hub.
The ATOM token underpins the Cosmos Hub which utilizes a proof of Stake consensus method so as the users stake ATOM to help secure the network and receive compensation via inflation and fees, Cosmos tries to create a decentralized meta-layer for the blockchains that improve security, scalability, and liquidity in the blockchain space. The vision of Cosmos is to help developers build a blockchain easily and remove the barriers between the blockchains by allowing them to interconnect. The end goal here is to create a new network of blockchains that are able to simply communicate with each other. Cosmos allows blockchains to maintain sovereignty, efficiency and connect with other blockchains in the space. To accomplish the goal, Cosmos users open-source tools like Cosmos SD, Tendermint, and IBC.
Cosmos hopes to solve some pressing issues in the crypto space like Scalability. The decentralized applications built on the ethereum blockchain are inhibited by the shared rate of 15 transactions per second and the real reason behind this is that Ethereum uses a Proof of Work mechanism and its dapps Compete with a limited resource of the single blockchain. The problem is not limited to ETH but to every blockchain that has a platform that will fit all of the use cases.
Cosmos offers two solutions: Vertical scalability and Horizontal scalability. The vertical scalability provides methods for scaling blockchains as Tendermint BFT can handle thousands of transactions per second by optimizing the components thus moving away from the PoW. The horizontal scalability allows transactions to pass even if a single chain goes down. The multi-chain architecture providers a solution to this limitation so implementing multiple parallel chains that run the same application and are operated by teh validator set can make the blockchains infinitely scalable.
Cosmos offers vertical scalability at launch which is a huge improvement on current blockchains and will implement the horizontal scalability solutions after completing the IBC module. The goal is simple: enabling blockchains to communicate, share data, and transact simply. By allowing other blockchains to communicate, there’s almost no need for these networks to compete and become one blockchain that will rule them all. Many different blockchains can coexist with their own specialized use cases and advantages.
Cosmos is a complete technology stack that goes beyond simply allowing different blockchains to connect and to share data with each other so they also create a streamlined development process that allows the developers to create their own customized blockchains in weeks.