Cosmos is a project that many people are interested in. So what is Cosmos and what is the Cosmos ecosystem like? To know more about this ecosystem, please read the following article of SmartOSC.
1. A few questions about cosmos smart contract
1.1. What is Cosmos’ smart contract
Cosmos (ATOM) is a decentralized network, it has the ability to connect to independent Blockchains to expand the scale and interoperability between Blockchains.
Cosmos is a Layer 1 Blockchain, developed under the “Internet of Blockchain” model.
1.2. Does Atom have a smart contract?
Yes. Cosmos solves 3 main problems of Blockchain today:
Scalability: Ethereum currently has slow performance due to many development projects. Cosmos offers a solution to create Zones (other small blockchains) based on the Cosmos SDK platform.
Interoperability: Blockchains cannot interact with each other and must create too many bridges. Cosmos creates an IBC bridge to connect it all together.
Upgradability: Cosmos aims for good update ability when upgrading to new versions.
1.3. Is Cosmos Like Ethereum?
No, Cosmos is so far different from Ethereum.
- Cosmos allows users to create applications and or build entire blockchains on top of them. Ethereum does not provide this opportunity.
- Cosmos is not a direct competitor to Ethereum, although some blockchains built using the Cosmos SDK compete with Ethereum.
- The Cosmos network offers cheaper fees than Ethereum.
2. What class is Cosmos smart contract?
Cosmos is an ecosystem that provides developers with tools to create smart contracts on any blockchain compatible with the Cosmos ecosystem.
For example, you can build smart contracts for the Cosmos blockchains using CosmWasm, Agoric Swingset, and Ethermint.
Agric Swingset allows developers to test any smart contract built using ETRP in various blockchain setup ecosystems.
Cosmas is a WASM-based smart contract module that allows developers to build smart contracts using Rust that supports multiple blockchains.
3. What is Cosmos cryptocurrency used for?
The ATOM cryptocurrency can be used in the following cases:
- Pay transaction fees in Cosmos Hub.
- Validators Stake ATOM Token to process transactions in the system.
- Delegators Stake ATOM Tokens into selected Validators. Currently, there are 100 Validators in the system of Cosmos Hub Blockchain.
- Reward Validators for processing transactions.
- A portion of the fees collected from the transactions will be paid to the respective Delegators when Voting for Validators.
- Vote for future proposals for the Cosmos network.
- This fund can be divided among potential new projects (these projects must hold ATOM Tokens to be entitled to receive).
4. What project is in space?
- Social media
- Health care
- Real Estate
Real-life use cases the company includes:
- Gravity Dex
- Gravity Bridge
4. What technology does Cosmos Network use?
Cosmos uses a delegated Proof-of-Stake (PoS) consensus mechanism. On the other hand, the protocol operates through two main roles: Validator and Delegator.
Validators that contribute a higher number of ATOM Tokens are more likely to be selected to verify transactions and earn rewards. When nodes are found to be dishonest, they will be penalized and may lose their contributed Tokens:
- Application Layer: Acts to process transactions and update the state of the network.
- Network Layer: Allows communication between Blockchains.
- Consensus Layer: Nodes can decide on the current state of the ATOM Defi system.
Through the above article, hopefully, users have a better understanding of “What is Cosmos Network?” If users have any questions related to the cryptocurrency market, please contact BHO Network immediately by accessing the SmartOSC website. The admin team will wholeheartedly support and answer everyone’s questions.
Contact us if you have any queries about Blockchain development services, dApps development, NFT marketplace development, Crypto wallet development, Smart contracts development.