The Cosmos price endured a serious toll along with other altcoins from the last crypto crash. Like many other coins, ATOM too declined heavily. This article is all about what is Cosmos crypto and the native token ATOM price analysis. Let’s take a look at it in more detail.
What is COSMOS Crypto?
Cosmos is a blockchain with a priority on interblockchain contact. Cosmos is an ecosystem of blockchains that can mount and interoperate with each other. Blockchain is dubbed the internet of Blockchains because it supports a design that permits Blockchain to flourish in uniform. Cosmos SDK is an open-source framework for creating multi-asset public Proof-of-Stake (PoS) blockchains. In other words, COSMOS is a decentralized network of autonomous similar Blockchain backed by Byzantine Fault Tolerance (BFT) consensus.
Cosmos Network authorizes various blockchains to share, transfer data, and complete transactions between one another. With this, other blockchains can interoperate without contending to be the soundest. Rather, the multiple blockchains can concentrate on their specialization and the benefits they deliver.
One of the important issues confronting Blockchain before the invention of COSMOS was isolation. Blockchains could not interact with each other, therefore restricting their capabilities and transaction speed. They were also difficult to create and restricted in the power of processing transactions. Yet, with the birth of COSMOS, these technical issues have come closer to a resolution. According to its developers, COSMOS is a developing ecosystem of interconnected apps and services. The focus of these ecosystems being created by COSMOS is tailored toward the future.
How does COSMOS crypto work?
COSMOS is a blockchain correcting the absence of communication between numerous cryptocurrencies globally. Cryptocurrencies, despite their resemblances, are contesting to transact over a diverse network. A specific example of this is that an Ethereum user cannot transmit it on the Dogecoin network. Yet, this is the issue that the COSMOS blockchain is solving by building an internet of the blockchain model.
This is accomplished by linking each blockchain to the inter-blockchain communication (IBC) protocol. Each Blockchain in COSMOS is dubbed a Zone, and they are linked through the IBC. Alternatively, these linked blockchains maintain their unique effects while interacting with the other Blockchains. This is made achievable by deploying Tendermint’s Byzantine Fault Tolerant consensus.
Tendermint BFT And The ABCI
Tendermint is an advanced BFT consensus supporting the COSMOS Blockchain. Earlier, creating a blockchain needed three layers- networking, consensus, and application. Ethereum’s effort to facilitate this approach, while it was established to be useful, did not solve the problem. Yet, the 2014 creation of American Blockchain Software Architect- Jae Kwon enabled COSMOS to fix this issue. Tendermint BFT is a resolution that includes the networking and Consensus layer of a Blockchain into one single engine.
Tendermint seeks to confirm that developers completely concentrate on creating applications without concern about protocols. The benefit of this essential component is that designers save a lot of time in creating applications. The security, increased execution, and instant finality quality of Tendermint make it a good technology. Alternatively, Application Blockchain Interface (ABCI) is the socket protocol linked to the Tendermint BFT engine. ABCI seeks to confirm that developers utilizing Tendermint are not restricted by programming languages.
How does COSMOS improve the blockchain ecosystem?
Earlier, Bitcoin seemed to be the foremost and most prosperous application of Blockchain technology. Since it was the first decentralized application on a Blockchain, developers were restricted from creating new projects. Either they fork the Bitcoin code or create new technologies on it. It was rather challenging to create either alternative, with problems like limitations and non-user-friendly language hovered as barricades.
Alternatively, Ethereum’s 2014 recommendation to create decentralized applications with the Ethereum Virtual Machine (EVM) did not demonstrate a significant solution. While it permitted the developer to process smart contracts without limitations, its boundaries became possible. Problems like scalability, usability, and authority became relevant. The shared rate of 15 transactions per second and inferior flexibility access to developers became massive troubles. Yet, this is the benefit of COSMOS, as the Blockchain has made it more straightforward for developers to create without limitations. With its internet of Blockchain elements, blockchains can now interact with each other in a decentralized manner.
What Is ATOM?
One of the most significant issues with blockchains is that they are built independently, and few can share data. ATOM is the token that backs the COSMOS ecosystem of blockchains. Users can utilize ATOM for staking and make a bonus for it. Between 2019 and 2020, the ATOM price was between $3 and $8. Yet, the token was one of the inheritors of the Crypto bull run in 2021 that witnessed it hit $29. The token is presently listed on popular crypto exchanges like Binance and Coinbase.
ATOM Price Analysis: Is ATOM A Good Investment?
ATOM/USD Weekly chart – GoCharting
If we analyze the volume of the Cosmos price, we can notice that the price had dropped volume a few days ago. After the last insignificant crash, the volume picked up again. These price manners prove the uptrend. In addition, the Cosmos price has invariably made higher highs and higher lows in recent weeks. This is another measure that must be fulfilled for an uptrend. At the time of writing this, the ATOM price is sitting at $9.39.
Support level – $6.2 and $5.2
Resistance level – $10 and $14
Atom is one of the best tokens to invest in despite the current price drop. The current project in COSMOS, which includes the Theta Upgrade, is expected to enhance the prices of ATOM. Blockchain developers herding near COSMOS are also supposed to support the assets of the blockchain. However, while the future is promising for COSMOS and ATOM, anticipations from users and investors remain to be high.
Where to Buy Cosmos Crypto?
ATOM is a popular cryptocurrency and is presently one of the biggest cryptos by market capitalization. Many exchanges present this token against numerous denominations. It is crucial on the other hand to always pick a trustworthy exchange. Security grounds, high fees, and platform usability play a vital role in utilizing a crypto exchange. Here are the ones we suggest: