What is Cosmos Network?
Cosmos Network is one of the leading blockchain ecosystems to solve interoperability issues. As we all know, blockchain interoperability has become a big problem in the crypto space. When everybody launched his own blockchain platform, obviously, there would be a need to connect them all together in one giant ecosystem.
Cosmos Network is exactly that. It tries to connect all these different crypto assets into one big ecosystem. Cosmos’ official website claims that it’s the internet of blockchains, where different chains all can communicate and interact with each other under one same SDK and ecosystem. So far, it’s been doing well in this particular industry.
Tendermint Core And Cosmos SDK
So, how does Cosmos Network work? How are they able to create an interconnected world among different chains? It’s quite simple, actually. They created an SDK of their own called Cosmos SDK. They also have Tendermint Core which is the software to replicate an application on many different devices and machines.
Through the combination of Tendermint Core and Cosmos SDK, Cosmos is able to offer a blockchain creation platform to any entity or corporation who wish to leverage modern blockchain technology to create their own chain. The good thing is that their own blockchains can interact, recognize, and transact with each other, with Cosmos being the center of it.
Thanks to its revolutionary technology, Cosmos quickly became popular and has become one of the more popular interoperability blockchain platforms. If history has taught us anything, a mainstream blockchain platform that pushes forward new ideas will be able to stay on top of crypto market cap rankings for quite some time.
The Adoption Of Cosmos
How about Cosmos adoption rate? Is it another promising technology with empty adoption? Fortunately not. It has been able to live up to its own hype. Cosmos became popular the first time after it was forked by Binance to create Binance Chain. As an acknowledgment, Cosmos’ native cryptocurrency, ATOM, was listed on Binance in 2019, the year when Binance didn’t list many new tokens outside its own IEOs.
And since then, the adoption of Cosmos has been growing very fast. It’s been used by various promising altcoins like Band Protocol, Kava, and IRISnet. In the year 2020 where DeFi-related applications get all the attention, the rise of BAND and KAVA have been able to pump Cosmos’ popularity as well.
Compared to similar solutions, Cosmos has been doing much better and is now in a much better position. There are serious competitions to Cosmos such as Polkadot, but they are still approaching “blockchain interoperability” from different perspectives. Both can coexist with each other.
The Future Of Cosmos
The most important concern that the crypto audience wants to know is quite simple. What will be the future of Cosmos? Well, here’s the thing. Nobody truly knows what’s going to happen. But, let’s say the current bull market will keep on going until the end of 2020 or 2021, for sure Cosmos is going to be adopted even more than before.
Cosmos won’t just “connect” the likes of BAND and KAVA but there will be more and more blockchains that will use Cosmos SDK and Tendermint Core in order to build their own chains. The fact that crypto traders are always hungry for new altcoin to put their money into is a huge benefit for Cosmos and its believers.
Cosmos’ native cryptocurrency, ATOM, will also benefit whenever there are new serious blockchains inside the same ecosystem. While ATOM usage is not mandatory for other chains, Cosmos has a huge privilege for being the center of the ecosystem. ATOM has also been climbing the crypto market cap rankings in Q2 and Q3 2020. The future is bright, assuming the crypto appetite for new altcoins keeps on growing.
Nowadays, there are also newer DeFi protocols that try to mix Cosmos-based altcoins with other protocols, such as with NEO and ONT. It’s interesting to see how this plays out and what impact it will have on Cosmos network and its liquidity.