Cosmos is a decentralized network of independent parallel blockchains, each powered by BFT consensus algorithms like Tendermint.
The Cosmos Network is an ecosystem of blockchains that can scale and interoperate with each other. The vision of Cosmos is to create an Internet of Blockchains, where different blockchains can transfer value and data to each other in a trustless and decentralized way.
Cosmos is powered by the Tendermint consensus algorithm, which is a variant of the Practical Byzantine Fault Tolerance (PBFT) algorithm. Tendermint is a Byzantine Fault Tolerant (BFT) consensus engine that can power any kind of blockchain application.
The key difference between Tendermint and PBFT is that Tendermint uses a voting system to determine whether or not to commit a block, while PBFT uses a signing system. Under the Tendermint consensus algorithm, there is a set of validators that vote on whether or not to commit a block.
NOTE: WARNING: Cosmos is not an Ethereum; it is a separate blockchain network with its own independent blockchain and cryptocurrency, ATOM. It has a different consensus mechanism and governance model compared to Ethereum. Investing in either of these cryptocurrencies requires thorough research and understanding of their respective protocols and underlying technology.
If more than 2/3rds of the validators vote to commit a block, then the block is committed and added to the blockchain.
The Tendermint consensus algorithm is very fast and can confirm transactions in seconds. This makes it ideal for powering high-speed parallel blockchains like Cosmos.
The Cosmos Network launched its mainnet on March 13, 2019 and has been live since then. The native currency of the Cosmos Network is ATOM, which is used to pay fees on the network and also used as stake in the proof-of-stake consensus algorithm.
So far, the Cosmos Network has been very successful and has attracted a lot of users and developers. The network has processed over $1 billion worth of transactions and has over 100,000 ATOM staked by users.
The success of the Cosmos Network proves that it is possible to create an Internet of Blockchains where different blockchains can interoperate with each other in a trustless and decentralized way.
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