The Cosmos network is a decentralized network that consists of sovereign blockchains that can scale and interact with other blockchains within the ecosystem. The network uses the Byzantine Fault-Tolerant (BFT) proof-of-stake consensus algorithm, Tendermint. Tendermint BFT secures the Cosmos Hub and the Cosmos SDK (software development kit). The Cosmos Hub provides interchain security, token exchange and token custodianship. The Cosmos SDK is an open-source framework used for building multi-asset public proof-of-stake (PoS) blockchains.
The Cosmos network aims to create an “internet of blockchains” where each blockchain can remain sovereign while interoperating. It also allows blockchain applications to achieve scalability and sustainability to accelerate adoption and use-case experimentation. Cosmos offers scalability solutions by duplicating a blockchain or separating the apps into application-specific blockchains to reduce congestion. Its proof-of-stake (PoS) consensus algorithm also helps reduce carbon footprint compared to proof-of-work (PoW) blockchains.
ATOM is the native token of the Cosmos Hub that secures its interchain services. ATOM holders can stake their tokens and earn more ATOM as a reward. The market cap of ATOM now stands at about $3.4 billion, with over ATOM 292 million tokens in circulation (as of late March 2023). ATOM’s all-time high (ATH) price peaked at $44.45 in January 2022 and is now trading at about $11.64. (as of late March 2023).
Cosmos (ATOM) token (BEP-20) is available on the Matrixport app; alongside other blue-chip cryptocurrencies like Bitcoin (BTC), Ether (ETH), Stablecoins (USDT & USDC), and many more. Users can deposit, withdraw and transfer ATOM on the app.