Cosmos seeks to address these challenges by arming developers with tools to build blockchains easily and break down the walls between them ultimately leading to the Internet of Blockchains. In simple words, Cosmos is a decentralized ecosystem of blockchains that can interact and transact value with each other.
Unlike the rest, in the Cosmos protocol, Tendermint BFT(byzantine fault-tolerant) bundles the networking and consensus layers as a generic engine. It enables the developers to focus more on the development of the application rather than on the underlying protocol. Developers can also build Private and Public blockchains on top of the Tendermint. As a result of this engine, block time is reduced to 1 second and scalability is dramatically improved and will be able to process thousands of transactions per second.
In order to enhance the usability, Cosmos provides its developers with Cosmos SDK which eases the process of developing the Application Blockchain Interface (ABCI). In addition, developers can also use any programming language to create applications. The main purpose of the SDK is to be modular and it can also be used to migrate the Ethereum Virtual Machine into an SDK module.
Inter-Blockchain Communication protocol (IBC) AKA Internet of Blockchains
In the Cosmos, Heterogeneous Chains are the individual blockchains built with different layers and unique governance. IBC allows the transfer of tokens and data between two Heterogeneous Chains using the Instant Finality property of Tendermint consensus. These chains are further grouped into zones which are connected to the Hubs. These Hubs are blockchains specifically designed to connect the chains and transact value among them. Cosmos Hub is the first blockchain to be launched in the Cosmos Network.
ATOM is the native token of the Cosmos ecosystem. The coin is not minted and is not meant for paying the fees to the transactions. ATOM can be used to…