Cosmos Ecosystem (ATOM): A highly multiverse ecosystem

Recently, Layer-1 Blockchains like Solana, Near, Avalanche, Fantom, etc. have attracted a lot of interest. Is it thus worthwhile to pay attention to the platform that links Blockchains in accordance with the "Internet of Blockchain" model?

This article will give readers comprehensive information on Cosmos and the Cosmos ecosystem, the first commercial Internet of Blockchain platform.

cosmos-ecosystem

Cosmos Network Overview

Before learning about Cosmos Ecosystem (ATOM), let's take a look at Cosmos overview first.

What is Cosmos?

Blockchains that can scale and work together decentralizedly make up the "Cosmos" ecosystem. Blockchains couldn't connect with one another prior to Cosmos since they were distinct.

With a collection of open source tools including Tendermint, the Cosmos SDK, and IBC that are meant to help developers create blockchain applications fast, Cosmos addresses these issues.

The Zones of the Cosmos network are several separate, parallel blockchains. A shared Hub enables many zones to communicate with one another since certain zones serve as hubs for other zones.

You may connect any blockchain system to the Cosmos hub and transfer tokens back and forth between those Zones without the use of a middleman by creating a new zone.

cosmos-ecosystem-architure

The Cosmos Ecosystem (ATOM)

The environment of Cosmos is currently growing more active. That accomplishment is the result of the team's constant work to advance the system that enables communication across Cosmos' zones and the back-and-forth conversion of values.

cosmos-ecosystem-overview

Its rapid development distinguishes it from the chains of its competitors, which are also based on the "Internet of Blockchain" concept. Cosmos focusses on developing its zones before building the bridges that would connect them (ecosystem blockchains). In contrast, in "Polkadot Ecology" or "Avalanche Ecosystem," they prioritize developing the primary chain before developing an ecosystem surrounding it.

Since the initial parachains, such Moonbeam, Acala, and Astar, have only been operating for slightly more than two months following the mainnet debut while Polkadot is still in the auction stage, it is clearly clear that Polkadot is lagging Cosmos as a result of the two divergent tactics (still quite young).

Cosmos Hub ($ATOM)

The Cosmos Hub built a network called the Cosmos Hub. Due to its function as the IBC bridge's hub for tying the ecosystem's blockchains together, Cosmos Hub is essential.

The Cosmos Hub

When the IBC bridge was finished in March 2021, ATOM and Cosmos Hub entered a new chapter. During the four years of IBC construction, essentially nothing was on Cosmos Hub aside from the ATOM tokens. By connecting blockchains, Cosmos Hub will make chain interaction and communication safe, secure, and quick.

The IBC-enabled Ecosystems

cosmos-ecosystem-ibc-hub

Imagine a world where the ecosystem's primary planets can interact, communicate, and trade resources with one another to create a superuniverse. The IBC universe will get stronger in terms of both general structure and composition as additional planets join it.

IBC is currently connected to more than 40 planets in the Cosmos ecosystem (ATOM), including well-known and potent nations like Terra and Cronos.

Osmosis ($OSMO)

Osmosis is the first AMM at the Cosmos Hub. On Cosmos, the cross-chain DEX protocol Osmosis also acts as a hub for other chains. Despite being merely a DEX, its TVL has grown significantly in a short amount of time, from 57 million at the time of its first debut in July 2021 to more than 1.7 billion at this moment, placing it 11th in the overall market.

Osmosis has now traveled half way and has already crossed notable landmarks like:

the CosmWasm (Done).

Staking Superfluid (Done).

Three other essential features of this DEX are anticipated in the future:

LPB 2.0 (Soon).
Integration with Ethereum (Soon).
Switch Stable (Soon).

That's exciting, isn't it? Let's monitor what transpires going forward with the largest DEX in the Cosmos ecosystem (ATOM)

Gravity Bridge Chain ($GRAV)

Ethereum and Cosmos are connected through the Gravity Bridge. Since genuine whales are lurking on the Ethereum Chain, building a bridge between these two networks will provide Cosmos access to a significant quantity of money within the Ethereum ecosystem.

Cronos ($CRO)

In general, Cronos is a blockchain that coexists alongside the Crypto.org Chain. This is akin to how Binance Chain and Binance Smart Chain are related.

cosmos-ecosystem-cronos

Read more: What is Cronos crypto (CRO)- Market247.io

Secret Network ($SCRT)

A blockchain called the Secret Network is devoted to safeguarding user data and private information in the cryptocurrency industry.

It's important to note that the Secret network has a distinct method of development. Secret Network has made this service open to other blockchains rather than creating its own privacy ecosystem.

A handful of the significant blockchains with which the project has finished five bridges in H1/2021 are Ethereum, Polkadot, BSC, Terra, and Monero. The team has worked very hard over the years to develop these bridges.

Injective ($INJ)

Built on top of the Injective Chain, Injective is a cross-chain protocol for financial applications. The Injective exchange, which acts as a trading platform for a range of financial goods including spot, derivatives, and so on, is one of the many applications on this network.

More than $120 million in TVL belongs to Injective. Acala, BNB Chain, Aurora, Avalanche, and Alpha Finance Labs are just a few of the many additional dApps and chains that this sophisticated DeFi Hub has already connected to.

Other Names

Kava ($KAVA): Initially, Kava was only a project focused on the loan sector utilizing Stablecoin USDX, which was backed by well-known crypto assets like BTC, ATOM, XRP, BNB, and others. Kava is a blockchain constructed in the Cosmos Ecosystem (ATOM) using the Cosmos SDK.
Persistence ($XPRT): Persistence is an ecosystem of DeFi goods powered by a Cosmos-based Layer-1 network with the goal of making liquid staked assets the standard assets in the PoS economy.
THORChain ($JUNE): Thorchain is a Cross-chain DEX that enables frictionless, decentralized, and trust-minimized trading between digital assets on different chains.
Juno Network: The Cosmos Ecosystem (ATOM) includes the smart contract platform Juno Network. The CosmWasm smart contracts reside in Juno.

Cosmos Ecosystem Prediction

It is a really encouraging trend that projects in the Cosmos Ecosystem (ATOM) are making major efforts to develop whether there is a bull market or a bad market. Cosmos will have completed all of its goals within four years of its founding.

With this achievement, the Internet of Blockchains on Cosmos enters a potential new phase. Small ecosystems will start connecting and exchanging information via IBC around 2022, which is anticipated to be a turning point for Cosmos.

The fifth-highest number of active developers in the market are employed by Cosmos. The creation of the Cosmos multiverse as it exists today was made possible through unrelenting efforts.

Disclaimer: This article is only a sharing on the subject of Cosmos Ecosystem - A highly converged multiverse ecosystem it does not endorse any particular company, service, or product. It makes no prior recommendations for trading.

Conclusion

Cosmos is a "environment," not a product, that is composed of a variety of flexible, interchangeable, and modular tools. To make the promise of blockchain technology a reality, developers are invited to participate in the effort to enhance current tools and develop brand-new ones. The decentralized internet and future global financial system can only be built on top of these tools.

This is the conclusion of our discussion on Cosmos Ecosystem (ATOM) If you have any queries or issues, don't forget to write a comment below. Market247 will always reply.

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Cosmos Ecosystem (ATOM) - FAQs

What projects are on Cosmos?

The most well-known Cosmos-based projects include Keplr wallet, Osmosis DEX, Injective Protocol, and Kava. On the Cosmos network, Atom token is primarily employed to cover transaction costs. Atom is used by validators to generate a transaction charge and a reward for blocking.

Is Cosmos a blockchain of its own?

The Cosmos Network, which lays the groundwork for a new token economy, is a decentralized network of autonomous, scalable, and interoperable blockchains.

Who owns Cosmos ecosystem?

Developers Jae Kwon and Ethan Buchman created Tendermint, the consensus algorithm that would later power Cosmos, and they also co-founded the Cosmos network in 2014. Later, Kwon and Buchman wrote the Cosmos white paper, distributed it, and released its software in 2019.

Cosmos Ecosystem (ATOM): A highly multiverse ecosystem - Market247.io