There is so much hype surrounding blockchain technology that it’s easy to get caught in an echo chamber of similar thoughts. When you take a step back though and analyze the industry through a non-biased lens, you’ll see it’s not without its challenges too. Let’s take scalability for example.
Everyone loves to talk about dapps and NFTs but fails to mention the extremely high gas fees on Ethereum as a result of these innovations. The fact is, blockchain has an efficiency issue and a scalability issue. It also has a big interoperability issue. This last one is the essence of Cosmo's mission. To create an “internet of blockchain” that helps all blockchain connect and work together so the industry can reach its full potential.
Keeping the network secure is the ATOM token, a governance token that users can buy, stake, and use for voting rights within the ecosystem. Cosmos first came to fruition in 2016 and attracted investment from a variety of large names in crypto like Bain Capital, Paradigm, and 1confirmation. Multiple teams develop Cosmos such as the Interchain Foundation and the Tendermint team. While former CEO Jae Kwon stepped away in 2020, he promised to remain close to the project.
There are some criticisms about ATOM’s lack of utility. Unlike other tokens like ETH, users don’t need to pay Cosmos blockchain fees in ATOM. However, the Cosmos teams are taking steps to strengthen ATOM’s utility through staking and fee-earning abilities. Like any other top blockchain project, Cosmos has a bright future but that all depends on several factors that we can’t predict. Crypto is still a very high-risk industry, so always do ample research before investing.
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