Cosmos Wallet: The Inter-Blockchain Universe in the Palm of Your Hand
Did you hear about Web 3.0? Yes, it’s a new version of the internet where cryptocurrencies will have a major role. Like web technologies, crypto technology is quickly evolving and you need to keep up. The best way to stay up to date on generation 3 (Gen 3) crypto is with a Cosmos Wallet from Atomic Wallet. Cosmos uses inter-blockchain interoperability to provide fast transactions at low costs.
Let’s get an up-close look at the Cosmos universe and all the Cosmos Wallet’s features.
Cosmos Background
Cosmos, like Solana, is known as an Ethereum Killer. Why? Because Cosmos is part of the Gen 3 cryptocurrencies. What does that mean for you? Well, Gen 3 cryptocurrencies are solving problems that generations 1 and 2 are still dealing with. Bitcoin and Ethereum suffer from slowness, network congestion, and high network fees.
That said, Cosmos offers blockchain interoperability. As the Cosmos ecosystem grows, tokens and decentralized apps (dApps) created out of Cosmos will be able to interact to support quick and low-cost transactions. Tell me that isn’t cool!
Where did this cool universe come from? Let’s discover how this entered the crypto space.
Cosmos History
Many people and foundations contributed to Cosmos’ creation. One is the Interchain Foundation (ICF), a non-profit foundation based in Switzerland. Its founders aimed to support Cosmos’ development.
Then, ICF contracted Tendermint, a decentralized software development company. Tendermint is working on the Tendermint Core, Cosmos SDK (Software Development Kit), and IBC Protocol. These are all integral software to the Cosmos blockchain, ecosystem, and token. Tendermint is the software’s nucleus, while SDK allows developers to write dApps, contracts, etc. The IBC is what drives inter-blockchain communication.
Jae Kwon, a Cosmos founding member, developed the Byzantine Fault Tolerance (BFT) for a Proof-of-Stake (PoS) mechanism. This mechanism runs the validations on the Cosmos blockchain. It also solves a problem with consensus between distributed nodes and their communication over a multi-blockchain ecosystem. A normal PoS mechanism wouldn’t be enough in this multi-blockchain environment. Kwon, with Ethan Buchman, also founded the software development company Tendermint.
Kwon began his venture into blockchain development in 2014. Cosmos was officially on paper in 2016, and subsequently, in 2017, the ICF raised $16.7 million to fund Cosmos.
In 2018, a novel testnet disguised as a game, called Game of Stakes, was launched. It had more than 200 consensus nodes. At the time, that was a record consensus node number running in a BFT PoS network.
On March 13, 2019, Cosmos went live with its native token, ATOM, debuting at a $7.38 price. To put things into context, Solana had debuted at $0.77 per token, which means ATOM started off very high.
Now that we understand the background, it’s time to jump into the historical price action.
Cosmos Historical Pricing
After its sky-high debut, ATOM’s price slid to $3.76 in only a week, which is typical with most newly listed tokens. Cosmos’ price remained below par, hovering between $2 and $4 up until August 2020. At that point, it briefly hit a new high of $8.54 before quickly retracing its gains. It wouldn’t be until January 2021 that we saw some consistent gains, where Cosmos quickly recovered from red territory.
On Valentine’s day in 2021, Cosmos hit another new record high around $22. Later, in May 2021, it hit $30 at the height of a large crypto bull market, before pulling back to as low as $9 around the end of June.
By early August, Cosmos experienced a turnaround, starting its largest ascent. That climb continued until September 18, 2021, when it hit its all-time high of $44.54. Since then, the chart has had its peaks and troughs between $20 and $40 per token.
As it stands, it can possibly take off in the next bull market. Note that before making any investment decisions, you need to conduct your own research. Atomic Wallet isn’t offering any investment advice.
Now, let’s dive into what makes Cosmos’ Tokonomics special.
Tokenomics
Currently, more than 286.3 million ATOM tokens are in circulation. Cosmos has a market cap of more than $7.7 billion. For comparison, Solana has some 320 million tokens in circulation, and Cardano has 33.6 billion tokens in circulation. Remember that each crypto is unique to its own environment.That’s why having more or less tokens isn’t too important. It’s the crypto’s features and functions that drive its adoption and value.
Cosmos uses the PoS consensus mechanism. That brings great opportunities to earn and participate in block validations. Did we mention that Cosmos validates a block every second? This lightning-fast validation time leaves Bitcoin and Ethereum in the dust. Bitcoin’s block time is 10 minutes! The Gen 3 crypto’s rapid advances are making Bitcoin look like an old legacy system.
PoS ecosystems are generally inflationary where stakers get a percentage of each transaction. The Cosmos website states that transactions cost just $0.01 and are final in about 7 seconds. Just try seeing if Bitcoin or Ethereum can execute transactions that quickly and for the cost. I don’t think so.
Over time, as technology evolves, the new replaces the old. That creates some questions as to how that’ll pan out for digital currency. We’ll have to see if the older cryptocurrencies can upgrade and compete with this new tech. If they don’t, the newer cryptocurrencies may replace them. For more technical insights into how Cosmos works, check out the official information on the Cosmos website.
That’s helping ATOM gain some adoption. If you’ve joined the Cosmos space through buying ATOM, you’ll need to securely store your tokens. What do you need? You need a crypto wallet. Simple enough, right? And we have just the best wallet for you! Atomic Wallet lets you send, receive, stake, and swap in one wallet!
Atomic Wallet
Atomic Wallet is a desktop and mobile app, a multi-coin wallet that can store more than 300 different cryptocurrencies. Atomic Wallet allows you to buy, sell, trade, stake, send, and receive cryptocurrencies. You can even use it to add any ERC2 token that you’d like to use!
Atomic Wallet also rewards you with a 1% cash back on transactions. You’ll receive this cash back through our native token, AWC. When more people use Atomic Wallet and earn AWC, it’ll become more valuable! Join today and invite your friends!
Get started using your Atomic’s Cosmos Wallet today by following these 5 quick steps:
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Go to Atomic Wallet’s main website, and download the installation file for your operating system. You can also get the app for your mobile devices from Apple or Google Play Stores.
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Click Run Atomic, then click Create Password.
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Enter a strong password, and click Set Password.
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Save your 12-word seed phrase in a safe place.
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Click Open Wallet, and you’re ready to start trading!
Now, let’s navigate 3 of Atomic Wallet’s tabs.
1. Wallet
The first screen that appears on the app is the wallet interface. In the Wallet tab, you can see all the available coin balances and your wallet addresses for different currencies. You can also sort the tokens by volume and hide any zero balances to make the screen easier to read and track your assets. Atomic Wallet also allows you to add any custom ERC-20 (Ethereum-based) token to the wallet.
2. Exchange
The swap tab allows you to swapswap hrough partner exchanges, like ChangeNOW, Changelly, and ShapeShift.
3. Settings
In the Settings tab, you can change your password and store private keys securely in an encrypted format. What’s more, you can import external wallets into the Atomic Swaps Wallet. To do that, you need to know the private key to the wallet you’re importing. You can also use the wallet to connect to another decentralized swap or swap ternal wallets.
Let’s examine your Cosmos wallet’s features. When you know all about your wallet, you can have a seamless crypto experience.
Cosmos Wallet Features
Atomic Wallet’s Cosmos wallet has many features. For now, we’ll cover 4 of the most important features. We’ll also show you how to use them.
1. Cosmos Wallet Address
When you buy things online, you need to provide your mailing address to receive the shipment. Cryptocurrencies are the same. To receive ATOM, you have to have a Cosmos wallet address. Each asset has a different wallet and address. You’ll find it on Atomic Wallet’s main screen for each asset. Follow these 3 steps on Atomic Wallet to find your Cosmos wallet address:
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Go to Cosmos (ATOM) and open it (If you can’t find what you’re looking for, just start typing in the search bar)
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Find Send and Receive at the bottom
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Click on Receive. You’ll see your Cosmos wallet’s address.
A wallet address is a long sequence of alphanumeric characters. A Cosmos wallet address starts with cosmos and is 45 characters long.
An example of a Cosmos wallet address is:
cosmos1wze8mn5nsgl9qrgazq6a92fvh7m5e6psjcx2du
Always ensure you’re sending your Cosmos tokens to the correct Cosmos address, or you could lose it forever. You can’t reverse what you’ve sent, so always make sure the address is correct. It’s not just Cosmos, either. Any cryptocurrency you send to the wrong address will be out of reach forever.
We can’t emphasize this enough, always double-check your addresses!
2. Seed Phrases
When you create a new Cosmos wallet, you’ll need to create a seed phrase. It’s the first thing you must do! The seed phrase is usually 12 (or 24 or more) random words in a particular order. It’s important to remember the words and their order, too! Write down your seed phrase and place it somewhere safe. That’s the only chance to set up your seed phrase.
Your seed phrase allows you to access your wallet even if you forget your password. It also helps you activate your old wallet on a new device. Don’t forget to delete your wallet from your old phone, though. Most of all, don’t leave any data on your old device once you’ve ported data to your new device.
Write down that seed phrase for now, because we’re going to cover passphrases next.
3. Passphrases
Passphrases enhance your Cosmos wallet’s security. It keeps your crypto as secure as possible.
A passphrase is like two-factor authentication but stronger. That’s because the questions aren’t about things you have. Usually, cybercriminals can easily discover the answer to regular two-factor authentication questions. That’s not the case with passphrases, though. The questions are about things you know, so it’ll be harder for anyone to get your answers.
4. Private and Public Keys
Private and public keys are terms you often hear in the encryption universe. The private key is your wallet’s identification on the network. It should stay with you, like your seed phrase. You should also know how to store it properly. Your Cosmos wallet uses the private key to generate a public key.
The public key is your private key but hashed. The hashing protects your private key. Your public key is only available for decryption in one direction, for one time. The public key is decrypted to show the private key and send funds to the correct address. This encryption is called hashing, and it’s the most prevalent encryption form in the crypto world.
5. Transaction Fees
Wise crypto investors pay attention to transaction fees, so you should, too.
When you buy cryptocurrencies on Atomic Wallet, you’ll pay a flat 2% fee with a minimum $10 fee per transaction. Your bank could charge a fee, too. You also have to pay a network fee or miners’ fee.
When you swap, send, or receive crypto on Atomic Wallet, you’ll pay us zero fees. That said, you still need to pay the network fees to that respective network. On Atomic Wallet, open The swap pairs page to see the network fee for each transaction.
Final Thoughts
Cosmos is poised to be an “Ethereum Killer”. From a technological standpoint, it’s a Gen 3 cryptocurrency. Cosmos has a lot of support and has grown into a robust ecosystem with many projects and other third parties on board. CoinMarketCap ranks it 21 just right after Litecoin, and with a large market cap itself, it has a lot of ground to stand on for the future. Download Atomic Wallet now and enjoy all the features the Cosmos wallet offers. Atomic Wallet also features 1000+ cryptocurrencies, so you’ll have many additional cryptocurrencies to choose from!
FAQ
What is Cosmos?
Cosmos is a cryptocurrency designed to be a blockchain ecosystem. It targets to allow blockchains to interoperate with each other. Cosmos also aims to solve the problems that hold back the earlier cryptocurrencies, like Bitcoin and Ethereum. These suffer from overloaded networks, slow processing times, high transaction fees, etc. Cosmos is part of third-generation cryptocurrencies.
What is blockchain interoperability?
Cosmos’ main premise is to have multiple blockchains working together. That should provide fast and low-cost transactions and many more features to its users. Blockchains set to interoperate together have a peg zone, which is another blockchain, tied to each blockchain. In other words, it’s a blockchain within a blockchain that monitors other blockchains’ state in the ecosystem.
What is Proof-of-Stake (PoS)?
On Bitcoin, miners solve complex cryptographic equations to verify transaction blocks. That’s the Proof-of-Work (PoW) mechanism. PoW needs a lot of computing power. That also requires massive amounts of electricity, which isn’t good for the environment. Here’s where PoS came to shine. In the PoS mechanism, users stake their tokens to become validators on the network. PoS provides more incentives for users to hold and stake their tokens. It also cuts down electricity usage to give the environment a break.
What is BFT?
BFT stands for Byzantine Fault-Tolerance. Byzantine faults in distributed systems are one of the hardest challenges to handle. A Byzantine Fault-Tolerant consensus algorithm guarantees safety for up to a third of Byzantine faults. To put this non-technically, assume you have three Byzantine generals that plan to attack a city. Each general is a node on the blockchain network. To attack, they must all have consensus. That said, they’re positioned in different geographic locations. They also only have one courier that goes in one direction with the message from each general/node. That means the communication is really unreliable. Long story short: this conundrum happens from lack of communication and requires a consensus. The BFT remedies a large portion of this problem and allows nodes to obtain consensus.
What are generation 3 cryptocurrencies?
Third-generation blockchains aren’t even practically blockchains anymore. Breaking out of the blockchain mold allows them to go beyond the blockchain’s traditional restrictions. Ultimately, Gen 3 blockchains are decentralized software architectures. They can allow near-infinite scalability and decentralization. They can also have instant transactions and zero or very low fees. Best of all, it only uses a fraction of Bitcoin’s energy. In a nutshell, the Gen 3 blockchains will take over the crypto space.
Resources
Atomic Wallet
Check the latest assets offerings and their wallets on Atomic Wallet’s official website.
Atomic Wallet FAQ
Get answers to your questions when you visit the Atomic Wallet FAQ section.
Cosmos Wallet
Click here to download Atomic Wallet and get started right away!
Cosmos’ Official Website
Learn more about Cosmos on its official website.
Cosmos Technical
Get technical with the technical documentation on What is Cosmos?
Cosmos Network
Check out the Cosmos Network to see all the fun things Cosmos offers.
