Cosmos is a blockchain platform that powers a network of blockchains engineered to scale and work together. The platform works on a network of many separate blockchains referred to as zones. These zones are powered by Tendermint BFT, which provides a high-performance, reliable, and secure PBFT-like consensus engine with stringent fork-accountability overseeing malicious behavior of actors. Scaling public proof-of-stake blockchains is a breeze using the Tendermint BFT consensus algorithm.
In the words of its developers – they call it ‘a novel blockchain network architecture’, Cosmos presents a vision of blockchain technology that integrates communication between separate blockchains. The Cosmos network’s Hub and Zones connect via an inter-blockchain communication (IBC) protocol, similar to a virtual UDP or TCP for blockchains. Tokens are securely and swiftly moved from one zone to another without the requirement for exchange liquidity. All inter-zone token transfers are routed through the Cosmos Hub, which keeps track of each zone’s total token holdings. Each zone is isolated from the failure of other zones by the Hub. Zones provide future compatibility with new blockchain breakthroughs because anybody can connect a new zone to the Cosmos Hub.
Cosmos isn’t just a single distributed ledger, and the Cosmos Hub isn’t a fortress or the universe’s center. The developers have created a protocol for an open distributed ledger network that can serve as a new baseline for future financial systems based on cryptography, sound economics, consensus theory, transparency, and accountability.
Cosmos powered by Tendermin
The Cosmos Hub is the Cosmos Network’s first public blockchain, powered by its Tendermint BFT consensus algorithm. The Tendermint open-source project was founded in 2014 to solve Bitcoin’s proof-of-work consensus algorithm’s speed, scalability, and environmental concerns. The Tendermint team conceptually demonstrated a one-of-a-kind proof-of-stake cryptocurrency that addresses the nothing-at-stake problem suffered by first-generation proof-of-stake cryptocurrencies such as NXT and BitShares1.0 improving on proven BFT algorithms developed at MIT in 1988.
Practically all Bitcoin mobile wallets rely on trusted servers for transaction verification. Tendermint delivers instant and provably secure mobile-client payment verification, unlike other blockchain consensus solutions. Mobile wallets can receive rapid confirmation since the Tendermint is designed never to fork, making trustless and practical payments a reality on smartphones. This has far-reaching implications for Internet-of-Things applications.
Validators in Cosmos play a similar role to Bitcoin miners. Validators are dedicated, secure workstations in charge of committing blocks. Non-validators can delegate their staking tokens (known as “atoms”) to any validator to receive a share of block fees and atom rewards, but they risk being penalized (slashed) if the delegate validator is hacked or breaks the protocol.
How is Cosmos governed?
Validators and delegators on the Cosmos Hub can vote on proposals to automatically adjust system settings (such as the block gas limit), coordinate upgrades, and vote on revisions to its human-readable constitution. The constitution enables stakeholders to work together on theft and bugs, allowing for a faster and more efficient resolution.
Each zone can also have its constitution and governing structure. The Cosmos Hub, for example, might have a body that mandates immutability at the Hub (no rollbacks except for flaws in the Cosmos Hub node implementation), but each zone can specify its rollback policy.
The Cosmos network allows its users complete freedom and the option for permissionless experimentation by facilitating interoperability among different policy zones.
The Hubs and Zones of Cosmos
At its core, the Cosmos Hub oversees a slew of separate blockchains known as “zones” (or “shards” in allusion to the database scalability technique known as “sharding”). The Hub can maintain track of the state of each zone thanks to a steady stream of recent block commits from zones displayed on the Hub.
Similarly, each zone maintains track of the Hub’s status (but zones do not keep up with each other except indirectly through the Hub). Information packets are then exchanged from one zone to another by publishing Merkle-proofs as proof that the data was sent and received. This mechanism is known as Inter-blockchain communication, or IBC for short.
Individual users or zones can hold tokens on the Cosmos Hub, a blockchain that supports a multi-asset distributed ledger. In a unique concept known as a “coin packet,” these tokens can be transported from one zone to another. The Hub is in charge of maintaining the entire amount of each token’s global invariance throughout all zones. The sender, Hub, and receiving blockchains must all commit IBC coin packet transactions.
The security of the Cosmos Hub is critical since it serves as the central ledger for the entire system. While each zone may be a Tendermint blockchain with as few as four validators (or even less if BFT consensus isn’t required), the Hub must be protected by a globally decentralized set of validators capable of surviving the most severe attack scenarios, such as a continental network partition or a nation-state sponsored attack.
A Cosmos zone is a self-contained blockchain that communicates with the Hub using IBC messages. A zone is a multi-asset dynamic multi-signature account that can transmit and receive tokens using IBC packets. Like a cryptocurrency account, a zone can’t send more tokens than it possesses, but it can accept tokens from others who do. A zone can be identified as a “source” of one or more token kinds, allowing it to inflate the supply of those tokens. Validators of a zone connected to the Cosmos Hub can stake atoms from the Hub. Users must submit tokens to zones they trust because the Cosmos Hub does not verify or execute transactions committed on other zones.
Atom Prices in India
1 Atom is approximately ₹2,074.54 as of 21 February 2022.
Figure: Atom price INR chart (as of 21 February 2022)
You can trade, buy or sell Atom at India’s trusted cryptocurrency exchange platform WazirX.
How to Buy Cosmos (Atom) online with WazirX
To purchase Cosmos online with WazirX, you must first create an account on the platform. Follow the steps below if you’re not familiar with it.
Create an account
Visit the WazirX website or download the WazirX app from the Google Play Store or App Store.
Then, fill in your email address and password to register on the platform.
After that, verify your email address.
Secure an account
You may protect your account by using an Authenticator App or through mobile text verification. You can optionally skip this step; however, it is typically suggested that you secure your account with 2-factor authentication for your own protection.
KYC verification is the following step, which is required for crypto trading. WazirX uses top-of-the-line identity verification technology to process your KYC as quickly as possible, resulting in a faster onboarding process and a more seamless trading experience.
Deposits of funds
1. The next step is to add funds. You have the option of depositing funds in INR or cryptocurrencies.
2. To deposit INR, provide your account number, bank name, IFSC code, and other pertinent information. You can transfer INR funds from your bank account to your WazirX account using UPI, IMPS, NEFT, and RTGS, among other payment methods.
3. Depositing cryptocurrency funds from your wallet (or even from other exchanges) is a simple process with no additional fees. To do so, first, get your deposit address from your WazirX wallet. Then, to send your cryptocurrency, share this address in your other wallet’s ‘Send Address’ area.
Buy Cosmos (Atom)
1. You’re ready to proceed once you’ve placed funds into your WazirX wallet. To see the current Cosmos price in India, go to the WazirX Exchange and select “ATOM/INR.”
2. Enter the INR amount of ATOM you wish to buy in the box that says “Buy” and “Sell,” hit the “Buy” button, then wait for ATOM to be transferred to your wallet once the order is executed.
Enjoy a hassle-free trading experience on India’s trusted crypto trading platform, WazirX.
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Can I Invest In Cryptocurrency?
Yes, with exchanges like WazirX, you may invest in cryptocurrency in India. To begin, go to the WazirX website and register. After that, you will receive a verification email. The link received by verification mail will only be available for a few seconds, so make sure you click it as quickly as possible. This will successfully verify your email address. The following step is to set up security, so choose the best solution for you. After you’ve set up the security, you’ll be given the option of continuing with or without completing the KYC process.
What Is The Safest Cryptocurrency To Invest In?
Bitcoin has had the highest market capitalization, has been around the longest, has the most experienced development team, and has enormous network impact and brand recognition. As a result, while trading cryptocurrencies, the rate of return on Bitcoin is commonly used as a benchmark. However, the risks associated with cryptocurrencies remain, and the safest cryptocurrency for you depends on your analysis.
Is Cryptocurrency Safe To Invest In?
Cryptocurrency investments are subject to market risks, but if sufficient security measures are not taken, trading accounts can be maliciously accessed. Investments come with risks and uncertainties, and we cannot claim that any digital currency investment is risk-free. Buying and selling cryptocurrencies can be risky even if the trader is knowledgeable about the market and treats their coins carefully.
What Are The Best Cryptocurrencies To Invest In?
The best cryptocurrencies to invest in would be the ones you study and analyze in detail. Some of the most popular cryptocurrencies include Bitcoin, Ethereum, and many altcoins such as Tron, Ripple, Litecoin, etc.
Is Mining Cryptocurrency Legal?
Cryptocurrency mining can be time-consuming, expensive, and sporadically profitable. Mining has an appeal for many cryptocurrency enthusiasts as miners are paid directly with crypto tokens for their efforts. The legality of cryptocurrency mining is dependent on where you live. In India, there is no restriction on crypto mining.
Is Ethereum Safe To Invest?
The Bitcoin market is unquestionably more volatile than the stock market. This may not be the market for you if you are incredibly risk-averse. Ethereum, on the other hand, may be a terrific investment for you if you’re a diamond-handed investor who won’t lose sight of short-term losses. Ethereum is a relatively safe investment as it is also based on blockchain.
How To Invest In Cryptocurrency Stocks?
Cryptocurrency can be purchased in two ways: through mining or exchanges. The process of confirming and adding transactions to the blockchain public ledger is known as cryptocurrency mining. Cryptocurrency exchanges are another option. Exchanges make money by charging transaction fees, but there are alternative platforms where you may communicate directly with other cryptocurrency traders.
How Safe Are Cryptocurrencies?
Cryptocurrencies can be safe, but your crypto wallets can be hacked if proper security steps are not performed.There are also dangers and uncertainties associated with investments, and we cannot declare any virtual currency investment risk-free. Buying and selling cryptocurrencies does not have to be dangerous if the trader is well-versed in the market and treats his coins with care.
Is Bitcoin And Cryptocurrency The Same Thing?
Bitcoin is a cryptocurrency that was designed to facilitate cross-border transactions, eliminate government control over transactions, and streamline the entire process without third-party intermediaries. The absence of intermediaries has resulted in a significant reduction in transaction costs. Satoshi Nakamoto, the creator of Bitcoin, created the first cryptocurrency in 2008. It began as open-source software for money transfers. Since then, plenty of cryptocurrencies have emerged, with some focusing on specific fields.
Are Cryptocurrencies A Good Investment?
Cryptocurrency has the potential to make you extremely wealthy, and the potential to cause you to lose your money. Crypto assets, like any other investment, come with many risks and potential rewards. Fundamentally, cryptocurrency is an excellent investment, particularly if you want to gain direct exposure to the demand for digital currency.
Who Invented Cryptocurrency?
Satoshi Nakamoto invented cryptocurrencies and the technology that makes them function in 2009. The presumed pseudonymous individual or persons who invented Bitcoin used this identity. In addition, Nakamoto created the first blockchain database. Even though many people have claimed to be Satoshi Nakamoto, the person’s identity remains unknown.
Are Cryptocurrencies Legal In India?
In India, cryptocurrency is legal, and anyone can buy, sell, and trade it. Because India lacks a regulatory system to regulate its operations, it is presently uncontrolled. According to the Ministry of Corporate Affairs, companies must now document their crypto trading/investments inside the financial year.
Is Pi Cryptocurrency Safe?
Pi Network (PI) is the newest digital token to catch the cryptocurrency community’s interest, even before it has wholly debuted. Some users see it as a chance to get engaged in a cryptocurrency from the beginning and profit in the future, similar to how early Bitcoin adopters made huge profits by mining and keeping the coin. Other users have compared Pi to a worthless multi-level marketing (MLM) scheme.
What Is Virtual Currency?
Virtual currency is a type of uncontrolled digital currency that can only be used online. It is exclusively stored and transacted using designated software, mobile or computer applications, or unique digital wallets, and all transactions are conducted through secure, dedicated networks. Because digital currency is just currency issued by a bank in digital form, virtual currency is not the same as a digital currency. Virtual currency, unlike ordinary money, is based on a trust structure and cannot be issued by a central bank or other banking regulatory organization.
What Is The Meaning Of Crypto?
A cryptocurrency is a digital currency that is secured by the process of cryptography, making counterfeiting and double-spending almost impossible to happen. Blockchain technology is used to produce cryptocurrencies ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a centralized authority does not issue them.
Which Cryptocurrency Is Best To Invest Now?
Litecoin has an 84 million coin limit and a 12.5 LTC block reward, which is more than other cryptos. Miners will find that mining Litecoin is faster than mining any other cryptocurrency because the average time to mine a Litecoin is under two minutes. Because of its increasing popularity, Litecoin is the best of all the altcoins. At WazirX, the current price of Litecoin is ₹12,410.22.
Which Cryptocurrency Is Best To Invest In 2021?
Many altcoins are flourishing to invest in. Some cryptocurrencies with great potential are Ether, Ripple, Tron, and more. Investors are trying to diversify their portfolios and are flocking to the leading cryptocurrencies. Many growing businesses are already accepting cryptocurrency as acceptable payment methods.
Is Cryptocurrency Banned In India?
No, cryptocurrency is not banned in India. India has seen its ups and downs in the crypto sector concerning its legal status. The Reserve Bank of India (RBI) issued a circular in April 2018 advising all organizations under its jurisdiction not to trade in virtual currencies or provide services to assist anyone in dealing with or settling them. A government committee proposed outlawing all private cryptocurrencies in mid-2019, with up to ten years in prison and severe penalties for anyone dealing in digital currency. The Supreme Court overruled the RBI’s circular in March 2020, allowing banks to undertake cryptocurrency transactions from dealers and exchanges.
What Is Crypto?
Crypto or a cryptocurrency is a digital currency protected by cryptography, making counterfeiting and double-spending nearly impossible. Blockchain technology is used to produce cryptocurrencies (a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a government does not issue them. The word “cryptocurrency” refers to the encryption methods employed to keep digital currencies and the network secure.
Is Crypto Legal In India?
Cryptocurrencies are legal in India, and anyone can purchase, sell, and exchange them. It is currently uncontrolled, as India lacks a regulatory structure to oversee its operations. Per the Ministry of Corporate Affairs, companies must now record their crypto trading/investments within the financial year. In cases where a person receiving the gains is an Indian tax resident, or the cryptocurrency is regarded as domiciled in India, cryptocurrency transactions have been taxable in India
How Many Cryptocurrencies Are There?
There are over 5000 other digital currencies available on the internet in addition to Bitcoins. The only problem is that they haven’t gotten the users’ attention. Besides Bitcoins, a few other digital currencies have gained popularity among users. It’s been more than ten years since Bitcoins were first released, and now they’ve achieved new heights thanks to their phenomenal success.
How To Invest In Cryptocurrency In India?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is the process of verifying and adding transactions between users to the blockchain public ledger. Purchasing cryptocurrency in India is a straightforward procedure where investors simply participate by registering with a crypto exchange such as WazirX. After registering for an account, citizens can trade multiple cryptocurrencies, store cryptocurrency in wallets, and more.
How Cryptocurrency Works?
Cryptocurrencies use cryptography technology to keep transactions and their units (tokens) secure. Cryptocurrency works via a technology called the blockchain. A blockchain is a decentralized technology that handles and records transactions across numerous computers. The security of this technology is part of its value.
How To Invest In Cryptocurrency?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is considered the procedure of verifying and adding transactions to the blockchain public ledger. Another option is via cryptocurrency exchanges. Exchanges generate money by collecting transaction fees, but there are alternative websites where you can interact directly with other users who want to trade cryptocurrencies.
Is Cryptocurrency Legal In India?
In India, cryptocurrencies are legal; anyone can purchase, sell, and trade cryptocurrencies. They are currently unregulated; India does not have a regulatory framework in place to regulate its functioning. According to the Ministry of Corporate Affairs (MCA), companies must now declare their crypto trading/investments during the financial year, according to the Ministry of Corporate Affairs (MCA). Cryptocurrency transactions have been taxable in India when people receiving such gains are Indian tax residents or where the crypto is considered to be domiciled in India
What Is Cryptocurrency?
A cryptocurrency is a digital currency secured by encryption, due to which chances of activities such as counterfeiting and double-spending taking place get close to impossible. Cryptocurrencies get created on blockchain technology ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are unique in that they do not get issued by any central authority. The term “cryptocurrency” comes from the encryption techniques used to keep digital currencies and the network safe.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn’t represent any investment advice or WazirX’s official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.