About Cosmos (ATOM)weiss-badge

Overview

Cosmos is described as a decentralised ecosystem consisting of independent, parallel blockchains. Each blockchain is able of scaling independently yet operating with each other, enabling the transfer of assets between chains. Cosmos is capable of both vertical and horizontal scalability, solving one of the biggest problems faced by Proof-of-Work networks. Making blockchain application building more user-friendly is a big focus for Cosmos.  

Technology

Tendermint, a BFT (Byzantine Fault-Tolerance) consensus algorithm, bundles the consensus and networking layers of the blockchain into one. Any developers building on the network need only focus on the application layer which is compatible with any coding language. This allows for the creation of both public and private blockchains, block times of 1 second, instant transaction confirmation, and the capability of processing thousands of transactions per second. The Cosmos SDK (software development kit) boasts modularity, making it even easier and faster for developers building apps. Additionally, the Cosmos SDK can be used by other consensus engines provided they implement the socket protocol, ABCI.   Finally, the Inter-Blockchain Communication (IBC) protocol enables developers to connect various blockchains together. Cosmos is the first blockchain framework enabling such a high level of interoperability. This isn’t limited to only Tendermint-based blockchains but can accommodate any blockchain, either through the IBC mentioned above or through a Peg-Zone that acts as a bridge between the two different chains.  

Future Focus

The overarching goal for Cosmos is to realise an “Internet of Blockchains”. A complete network of blockchains that communicate with one another in a decentralized manner. Currently, the team’s roadmap consists of passing support for the IBC protocol and enhancing community governance when it comes to operating and updating the ecosystem.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

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POLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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