Cosmos: Learn about Cosmos, a proof-of-stake coin that allow delegators and validators to earn reward through staking and a coin that allow communication between different blockchain

Cosmos: Learn about Cosmos, a proof-of-stake coin that allow delegators and validators to earn reward through staking and a coin that allow communication between different blockchain

By quintomudigo | cryptoforex street | 9 Aug 2019

$0.39 tipped


        Cosmos.png  

Cosmos(ATOM) is a native cryptocurrency created on Cosmos Blockchain network whose transaction takes place from one peer to another without involvement by the government thus is being considered to be a decentralized asset. Cosmos was mainly created to enable different blockchains to be built using its Cosmos network. Cosmos was also mainly created to enable different blockchains to communicate with each other thus ensuring easy transfer of tokens from one blockchain to another.It was also created to enable staking of Cosmos coin in order to ensure that the Cosmos network is well maintained thus in return the stakers receive reward up to 13 % per year.

Cosmos  transaction

  Cosmos transaction takes place on the Cosmos blockchain explorer based on block height and timestamp. To view how the transaction takes place at Cosmos blockchain explorer, simply follow the link below;

https://www.mintscan.io/txs  

  Date Launched

 Cosmos was created in 2017 with the main objective of  becoming a staking coin thus allowing validators of the Cosmos network to earn interest by staking their Cosmos coin

Founder Of COSMOS

Cosmos was created by Jae Kwon who is a computer programmer and a former employee of Amazon.  Jae Kwon created Cosmos with the main objective of making it become a hub of allowing other blockchains to communicate with each other as well as to allow easy transfer of tokens from one blockchain to another. Jae Kwon also wanted to solve the problem of proof-of-work thus he created Cosmos to become a proof-of-stake coin.

    Process of creating Cosmos

Unlike cryptocurrencies like bitcoin and Ethereum which are proof-of-work thus are created through the mining process in the presence of power and internet, for Cosmos that is not the case, instead, Cosmos was created to become a proof-of-stake coin thus most of it is being released to the Cosmos network through staking. You can either decide to become a solo staker which is less rewarding or can join a pool staking which is more rewarding. When you become a pool staker, you will be assigning your Cosmos token to validators who will be taking part in voting consensus of the Cosmos network transaction. The validators will be randomly chosen by the network based on the amount of token they have. The more the token the validators have the more the network will choose them to validate transactions on the Cosmos network thus the more the reward thus the stakers who will have taken part in delegation of their token will earn more reward from those validators. Validators who go against the network will be slashed their delegation coin. This will happen if validators set higher fees than the required by the network or they set lower fees than the actual network fees or even they try to cheat the network to earn more block reward. To be secure you should delegate your Cosmos coin to a professional validator. The staking period will last for a period of 21 days after which the validators will be rewarded based on the amount delegated to their staking pool. The more the delegation the higher the reward. Per year, the staking reward can amount up to 13% based on the amount delegated. If you feel you want to start staking Cosmos and earn reward just like other delegators, you can follow the link to join the pool of the Cosmos validators;  

https://staked.us        

Maximum circulation of Cosmos

The maximum supply of Cosmos coin that is expected to be circulating in the Cosmos Network  should be 236,198,958.12 . Out of this amount, 1,777,707 are locked for a period of 1 year to cater for employees need while 21,842,188.81 are locked on monthly basis for a period of 22 months. Another 120 millions are bonded for a period of 21 days after which they are unbounded. The remaining amount which is approximately to 90 million coins are the one circulating at the moment.

  Cosmos  Price

Currently, 1 Cosmos is worth more than $3 and its price is expected to increase over the next period of time. Cosmos is being abbreviated as ATOM.  

Converting my Cosmos to other cryptocurrencies

To convert your Cosmos to other cryptocurrencies such as bitcoin and ethereum, you need to have a cryptocurrency exchange account. If you don't own one then you can follow the link to open a cryptocurrency exchange account for easy conversion of your Cosmos to bitcoin or ethereum.   https://www.binance.com/?ref=10776203  

  Storing my Cosmos

To store your Cosmos(ATOM), you need a Cosmos  wallet . You can either store online or offline. To store your cosmos online you can use  https://wallet.cosmostation.io/wallet  or can use other online wallet supporting Cosmos like coinpayment. To secure your cosmos from being stolen by hackers, you can use offline cosmos wallet like ledger Nano or can download cosmos wallet.  

Transferring my Cosmos to other Users

If you want to transfer your Cosmos to another user, the two of you must have trust in each other. The trust should be the Cosmos address provided for the receiver while the sender must have the Cosmos balance in their account to send to the receiver. For the sender, a blank space to insert receiver address and another blank space to insert the amount to send to the receiver is indicated. Here is how it looks like;

COSMOS SENDER.png  

COSMOS RECEIVER.png    

Knowing more About Cosmos

If you feel that you need to learn more about Cosmos coin, then you can follow them on their site. Here is the link redirecting you to Cosmos website  https://cosmos.network/  

  Now that you know, I think that it is time for you to start earning some Cosmos by staking them. The more you stake the more you earn. If you feel that I should also own some Cosmos for helping you to know about it then here is my Cosmos address;  

cosmos1p0tufz3m4g2wv3suleghk54nrqj93lzuvweyp8


quintomudigo
quintomudigo

Trader, Blockchain Technologist and Contentpreneur. Also founder and CEO @ Teacher Forex School.


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