What is ATOM?
Cosmos (ATOM) is a distributed ledger with various assets. More specifically, it’s best defined as a network of blockchains that use the BFT algorithm to run independently.
The idea for Cosmos (ATOM) was created by Jae Kwon and is modeled after his “Gnuclear” white paper.
The protocol in question provided for the use of a decentralized, interoperable blockchain system. The Tendermint “consensus protocol” allowed this to happen.
The project was later perfected with the help of community programmers, thanks to whom on 5 August of the same year, after numerous changes, it was renamed Cosmos.
The Tendermint protocol was introduced in 2014, long before the Cosmos white paper was published in 2016. It is a key contributor to the network and played a pivotal role in its establishment.
Cosmos has been working on developing solutions for the blockchain industry since then. One of their goals was to help make decentralized financing more scalable, usable, and sovereign by creating an internet of blockchains.
You can get hold of ATOM in a few easy steps
- Sign up to an exchange which trades ATOM
- Fund it with cryptocurrency
- Trade your crypto for ATOM
Sign up to an Exchange
We recommend Binance? This for a number of reasons.
We recommend Binance because they are the most popular cryptocurrency exchange in the industry, they offer both crypto-to-crypto trading and fiat to crypto trading, and their website is user friendly.
Binance is a reputable crypto exchange. This is not surprising considering how it has been around since 2013. Binance offers both crypto to crypto trading and fiat to crypto trading. It also has a user friendly website that is easy to navigate.
Binance is a cryptocurrency exchange, with its headquarters in Beijing. It was founded by Changpeng Zhao on July 2nd, 2017. Some of the features of this exchange include low trading fees and a high level of security.
We recommend Binance because it has a low trading fee and a high level of security. Its new user sign-up bonus is also quite generous.
We recommend Binance to our readers for a number of reasons. One is that the service offers a huge selection of coins and tokens. That’s why it ranks #1 on this list.
You can also buy Bitcoin or Ethereum with your credit card from Binance without having to leave your wallet app open on the web or download any other apps.
Binance offers an amazing selection of coins and tokens at low costs for deposits, withdrawals, and transactions.
Fund your Binance account
Now you need to transfer BTC in order to trade ATOM with it.
It’s really easy to buy BTC with your debit card on binance.
You can transfer your funds from your bank account or use our other options to make the process easier for you.
You can also setup recurring orders! which is another great option for Binance which other platforms don’t offer. In order to make it easier for customers to set up recurring orders on Binance, the company released an official guideline which makes it clear.
Trade your BTC for ATOM
We now need to get into our trading section of the guide.
To do this follow the above picture and click on Classic!
Now we have to find the correct pair BTC/ ATOM
Now type ATOM in the top corner like i did here.
If you are new to the market, the stock market can be a confusing place. Let’s break down some of the most basic terms you need to know in order to get started.
– Market order: this order type is executed immediately. This means that your trade will execute as soon as possible and the price of the trade will not change.
– Limit order: this order type is put in place so that your trade executes for a specific price and does not execute until it reaches that specified price.
How does ATOM work?
The main goal of Cosmos is to create a new type of internet with no boundaries. This is done through the use of a structure called The Hub.
Cosmos Blockchain is a new kind of scalable and interoperable blockchain that implements the IBC protocol.
For example, if two blockchains connected through Cosmos share the same event, that event would be witnessed by the Hub.
Your interactions will be documented and recorded to the blockchain, so if challenged it will be difficult for you to lie about your actions.
This is very useful, as this type of structure makes it very easy to develop DApps (decentralized applications). In any case, the Hub is a story of events between the participants in the Cosmos network.
This story is possible thanks to the IBC protocol – The Cosmos blockchain communication protocol.
The purpose of the protocol is to create a standard connector that allows blockchains within Cosmos to exchange messages and information between themselves, while also maintaining a complete record of what has been shared.
This way it is possible to exchange tokens between different blockchains. The purpose of this idea is so broad that some people call Cosmos “the internet of the blockchain”.
Why is it a good investment?
Pros
- Fast and cheap blockchain
- Great staking options
- It already has a functional product
There is a need for a unified system to make it popular. This year when Stargate was launched, it was to connect the ATOMs blockchain with other blockchains. Stargate earned its nickname as “Inter Block Chain Communication” because of this, so that’s why we named it that.
The goal of this project is to improve interoperability, by making it so blockchains are able to easily communicate with one another. This will be done by allowing any blockchain to join the network, which should result in greater data shareability and more possible transactional interactions.
Utilising a next-generation stack, the cardius pentachain not only becomes a mediator for unification, but the coins get mined better and run smoothly.
Cosmos is an interoperability platform made to allow differing chains, with differing purposes, to coexist. These differing blockchains can leverage each other’s features for greater usage without competition.
As the network becomes more mainstream- it has many projects lined up to be launched such as the development of Inter-Chain accounts that would let users secure their digital assets. As wireless networks become more popular, the demand for them will likely increase greatly since they are already being used to use them in GravityDex.