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Note: this cryptocurrency is not available for withdrawal to external crypto wallets. It can be bought, held, and sold on Uphold.
About Cosmos (ATOM)
Cosmos wants to create ‘The internet of blockchains.’ A network of blockchains that can communicate in a decentralized way.
Cosmos is a network comprised of many independent chains, all of which utilize the byzantine fault-tolerant (BFT) consensus algorithms. Cosmos allows developers to build both permissionless and permissioned blockchains. The network launched with the release of its first blockchain, the Cosmos Hub, in 2019.
Back in 2017, the Interchain Foundation, a Swiss non-profit organization that funds open-source blockchain projects, contracted for-profit Tendermint, Inc. (which also utilizes the name All Bits, Inc.) to develop and launch the Cosmos software. Tendermint was launched in 2014 by Jae Kwon, who developed his own byzantine fault-tolerant (BFT) consensus mechanism and started the company to develop business-related opportunities for the algorithm.
Kwon co-wrote the Cosmos whitepaper and Tendermint raised $9 million to continue the project through a Series A funding round in March 2019.
What are the project's goals?
The team behind Cosmos plan to accomplish their vision via a set of open-source tools. The Cosmos network is composed of three separate technologies. The Tendermint protocol, responsible for governance; the Cosmos software development kit (SDK), an easy way to develop applications; and the Inter-Blockchain Communication (IBC) protocol.
The network supports token, data, and asset exchanges between blockchains. The Hubs that connect all these fluctuating blockchains require validators staking the ATOM currency, which will earn ATOMs for staking, thus the more connected the network becomes, the greater the potential for passive income to be generated through staking.
How much COSMOS/ATOM is on the open market?
ATOM has a large supply, there is 201,794,916 ATOM on the market, with a total supply of 259,579,519 tokens.
What the bears are saying about Cosmos (ATOM)
- Too long a lock-up? There is a minimum lock-up period to stake your tokens of three weeks. For the casual investor, this presents a problem through a lack of flexibility. The lock-up makes it hard if you want to sell up quickly.
- Hype: Arguably many cryptos full into this category; many enjoy hype they can’t possibly live up to.
- Infighting: Back in February 2020, there was a huge falling out between the co-founders, which started strangely. Jae Kwon accused Zaki Manian of blasphemy, arguing over whether this software was “godly” and demanding that Manian renounce his “self-professed godliness.” Yup, all true, not something from a Star Trek episode. For potential investors, this kind of stuff can be off-putting.
What the bulls are saying about Cosmos (ATOM)
- Cosmos SDK: Their platform to build apps is more user friendly and customizable than other solutions in the market. With the SDK, Cosmos wishes to reduce the development time of a new blockchain from years to weeks.
- Partnerships: ATOM has some fantastic partnerships with the likes of Binance and also with the Oracle Corporation and high profile cryptos such as OmiseGo.
With high profile partnerships and working with top companies to build on blockchain exclusively, there are many reasons for investors to be happy.
How to buy Cosmos (ATOM)
With Uphold, you can buy digital currencies in just 11 clicks - even if you don’t have an account yet.
Nothing could be easier.
Here’s how fast it is to get started:
1. Go to Uphold.com and click sign up.
2. Enter your email address and personal details.
3. Click the link we send you and create a password
… and you’re off to the races!
Just start trading.
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