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What is Cosmos (ATOM) and how does it work?

by Financial Economy

Cosmos (ATOM) is a decentralized ecosystem that connects independent blockchain systems. Cosmos essentially emerged as a stance against the fractionated crypto currency world, demonstrating the interoperability of different blockchains. ATOM is the Cosmos network’s own crypto currency. Detailed information about Cosmos (ATOM) is included in the rest of the content. For information on BUSD (Binance USD), you can check out here.

What is Cosmos (ATOM) and how does it work?

In short, the purpose of the Cosmos ecosystem is to enable cross-chain transactions by allowing different blockchains with rules to interact with each other. The Cosmos network is also defined as the “Internet of Blockchains” (IoB), which means the internet of blockchains. Cosmos started to make a name for itself with a fund of $ 9 million from San Francisco-based crypto-money-focused investment firm Paradigm and Boston-based investment company Bain Capital, which specializes in many fields.

Although Cosmos started its market life as a powerful and ambitious project, it was not perfect like every new venture. A few months after it started its market life, it fell prey to hackers. This cyberattack has revealed some of the important vulnerabilities of the Cosmos network. With this problem, ATOM coin, the official token of Cosmos Network, also suffered great losses.

Cosmos Network’s own cryptocurrency, ATOM coin, entered the market on April 6, 2019, with an ICO study that allows it to collect $ 17.3 million of ETH, BTC and USD. 75% of ATOM’s total supply at that time was sold as ICO. ATOM is not basically based on mining activities, but instead is achieved through a hybrid proof of ownership algorithm (PoS).

For details: https://en.bitcoinwiki.org/wiki/Cosmos

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