- Cosmos, the internet of blockchains, has seen a surge in the popularity of its project
- Amidst the market correction, Cosmos (ATOM) flew to a new all-time high of $44.7
- The interconnected economy is now home to more than 250 apps and services, including the latest launch of Desmos
- To expand its ecosystem, Cosmos has announced Interchain Security, the solution to shared networks
Cosmos refers to itself as the internet of blockchains and the interconnected economy of the future. The project focuses on building an open, scalable, and interoperable network for projects. There are currently over 250 apps and projects on the network.
The project has excelled specifically in its interoperability feature, which gives it more promise in the rising DeFi space. So, what is the drive behind Cosmos’ growing popularity?
Amidst a bearish market, Cosmos (ATOM) reached a new all-time high of $44.7. While the majority of the crypto market has struggled over the past week, Cosmos has rallied by almost 30% and over 80% in the last 30 days.
The 30-day price chart of Cosmos (ATOM). Source: Tradingview
However, after a strong rally comes correction. Over the last 24 hours, ATOM has dropped by more than 20%. ATOM now trades at $35.166. As a result, Cosmos now has a market cap of $7.84 billion, which makes it the 22nd largest crypto.
The 24-hour price chart of Cosmos (ATOM). Source: Tradingview
Recent Developments and Future Events
Cosmos was recently featured on the September 19 edition of New to the Street, a television show that profiles public companies, advertises and markets their products and services, and provides business news.
Also on the show were Peng Zhong, the CEO of Tendermint, and Ben Armstrong of BitBoy Crypto. Both parties come together via W3BT: Web 3.0 Blockchain Transition to discuss with New to The Street host Jane King the successes at Cosmos and why the DeFi interoperability platform works.
Cosmos recently completed the launch of Desmos, an advanced graphing calculator implemented as a web application and a mobile application on its mainnet.
While Cosmonauts are greatly excited about the launch of Desmos, there is more to be excited about in the future. Cosmos has announced a rather ambitious project, Interchain Security, as the solution to shared security.
Miners secure Proof-of-Work (PoW) blockchains; the higher the hash rate, the more difficult it is for an attack. For Proof-of-Stake (PoS) networks, the more value staked in a network, the more secure the network.
For smaller and emerging chains with few resources, there is an already existing problem of security. Interchain Security solves this problem by allowing larger chains to share their security by lending capital to validate blocks on the smaller chain.
Interchain Security is currently being developed by Cosmos, with the focus now on cross-chain validation and the IBC application-level logic required for interchain security. Cosmos has announced Q4 of 2021 as the expected date for the first roll-out on its testnet.
The Cosmos Team is discussing the future of the network at #MainNet Launch 2021. The event started on September 20 and runs until September 22.
On The Flipside
- While ATOM has slumped in the market, there are exciting predictions about the future.
- The Cosmos network has been deemed invaluable because it allows different blockchains to communicate in a decentralized fashion.
- As the Cosmos Network expands, ATOM has been predicted to be a game-changer for the crypto industry.
Members of the Cosmos community are fondly referred to as Cosmonauts. Cosmos has built a strong community thanks to community involvement and constant updates on the project’s progress.
For example, Cosmos hosted a video contest in September, challenging Cosmonauts to use their creativity to produce high-quality educational videos aimed at new community members.
In addition, the DailyCoin team found that Cosmonauts tend to be firm believers in the project. However, as it is with most promising projects, some supporters are in just for the moon.
At the announcement of Interchain Security, @postingpaint wrote;
Another user, @granadeiro_luis, wrote;
Wow. This is going to be huge!!!!! 🔥 🔥 🔥— Luís (@granadeiro_luis) August 31, 2021
Another Twitter user, @BucinanG, wrote;
Go to the moon moon babi— kang Bucin (@BucinanG) September 3, 2021
Why You Should Care?
At the end of August, Cosmos launched its mainnet, Desmos, a decentralized social network used for developing user-centric social networks. Since then, Cosmos has received massive attention. The Cosmos ecosystem already supports more than 250 apps and services and is ranked as one of the most promising projects.