Professional Documents
Culture Documents
What Is Cosmos (ATOM) ?: Proof-Of-Work
What Is Cosmos (ATOM) ?: Proof-Of-Work
What Is Cosmos (ATOM) ?: Proof-Of-Work
In a nutshell, Cosmos bills itself as a project that solves some of the “hardest
problems” facing the blockchain industry. It aims to offer an antidote to
“slow, expensive, unscalable and environmentally harmful” proof-of-
work protocols, like those used by Bitcoin, by offering an ecosystem of
connected blockchains.
The project’s other goals include making blockchain technology less complex
and difficult for developers thanks to a modular framework that demystifies
decentralized apps. Last but not least, an Interblockchain Communication
protocol makes it easier for blockchain networks to communicate with each
other — preventing fragmentation in the industry.
A major concern for some in the crypto industry centers on the levels of
fragmentation seen in blockchain networks. There are hundreds in existence,
This study source was downloaded by 100000832486888 from CourseHero.com on 03-16-2022 03:16:01 GMT -05:00
https://www.coursehero.com/file/133075641/Cosmosdocx/
but very few of them can communicate with each other. Cosmos aims to turn
this on its head by making this possible.
This study source was downloaded by 100000832486888 from CourseHero.com on 03-16-2022 03:16:01 GMT -05:00
https://www.coursehero.com/file/133075641/Cosmosdocx/
ATOM has a very specific total supply — 260,906,513 to be exact. Of these,
at the time of writing, about 203,121,910 were in circulation. It is worth
noting that these cryptocurrencies aren’t mined — instead, they are earned
through staking.
Two private sales were held in January 2017, followed by a public sale in April
of that year. This raised a total of $16 million, which is the equivalent of
about $0.10 per ATOM.
Breaking down the token distribution, about 80% was allocated to investors,
while the remaining 20% was split between two companies: All In Bits and
the Interchain Foundation.
Cosmos has compared ATOM tokens to the ASICs that are used to mine
Bitcoin. As a technical paper written by the Tendermint team explained: “It is
a piece of virtualized hardware (economic capital) that you need to obtain in
order to participate as a keeper in the network.”
This study source was downloaded by 100000832486888 from CourseHero.com on 03-16-2022 03:16:01 GMT -05:00
https://www.coursehero.com/file/133075641/Cosmosdocx/
Powered by TCPDF (www.tcpdf.org)