Cosmsos- The Internet of Blockchain

Thursday, January 4, 2024 9:23 AM UTC

Cosmos is an ever-expanding ecosystem of interoperable and sovereign blockchain apps and services, built for a decentralized future. It's a novel blockchain network architecture that addresses all of these problems.

How Does Cosmos Work?

Cosmos Consensus mechanism-

Cosmos is a network of many independent blockchains, called zones. They use the Tendermint consensus mechanism. In Tendermint, nodes have a nonnegative amount of voting power. Validators are nodes that have positive voting power- There are 180 validators and hosts over 249 inter-chain apps and services. It reduces the development time of blockchain from years to weeks.

The Cosmos SDK is a generalized framework that simplifies the process of building secure blockchain applications on top of Tendermint BFT.

The Cosmos Hub is the first of an exploding number of interconnected blockchains that comprise the Cosmos Network. It is a blockchain that hosts a multi-asset distributed ledger, where tokens can be held by individual users or by zones themselves.

It is a public Proof-of-Stake blockchain, and the weight of validators is determined by the amount of staking tokens bonded as collateral.

The Cosmos Hub is a blockchain that hosts a multi-asset distributed ledger, where tokens can be held by individual users or by zones themselves.

Inter-Blockchain Communication Protocol (IBC)- It is a protocol that helps to communicate between two blockchains.

CometBFT- helps to finalize transactions once included in a block. No need to wait for confirmation.

Cosmos features-

Transaction per second 40000

Transaction fees- <$0.01

ATOMUSD prices pared some of its gains after jumping more than 90%. It hit a high of $12.60 and is currently trading around $9.91. The pair is holding above the short-term (21 and 55-day EMA) and above the long-term moving average (200-day EMA).

The near-term resistance is around $12.60, any indicative breach above will take the pair to $17.25/$20. On the lower side, immediate support is $9, and any violation below targets $8/$6.15.

Indicators ( Daily chart)

CCI(50)- Bearish

Directional movement index - Neutral

It is good to buy on dips around $8 with SL around $6 for TP of $17.20.