ATOM is the native asset of the Cosmos Hub, which can be further subdivided into 1 million micro ATOM (uATOM).
The Cosmos project aims to create an entire ecosystem around a blockchain running on Tendermint BFT consensus to make blockchains easier to use, from providing developer SDKs to enabling interblockchain communication via a "Hub-and-Zone" model. The Cosmos chain will serve as the first hub, through which other chains and tokens can transfer information using Interblockchain Communication.
|Public Fundraiser Price||$0.10 USD|
|Public Fundraiser Date||April 2017|
|Mainnet Phase 1 Launch Date||14 March 2019|
|Token Transfer Enablement Date||25 April 2019|
|Initial Total Supply||236,198,958.12 ATOM|
|Initial Network Inflation Rate||7% APY|
|Current Block Reward||3.62 ATOM|
|Current Circulating Supply||190,238,328 ATOM|
|Current Staked Supply||124,869,453 ATOM (65.64%)|
|Target Staking Ratio||66.66%|
|Average Block Time||6.85 seconds|
|Delegation Unbonding Period||21 days|
Cosmos Network is an ecosystem focused on the scalability and usability of blockchain solutions. Its core products are Tendermint consensus, the Cosmos SDK, and Interblockchain Communication (IBC), built with the vision of enabling an "Internet of Blockchains"
Featuring a Bonded Proof-of-Stake mechanism, Cosmos utilizes a "Hub-and-Zone" model to allow for interblockchain transactions to occur.
At its core, it features:
Cosmos and Tendermint have several projects that have been building within their ecosystem. For example, projects like Binance DEX, FOAM, and Sentinel run on Tendermint-powered blockchains.
Other projects, such as IRIS Network are already building services and support around the Cosmos system for easier adoption in specific targeted geographies.
A full list of 84 projects building on / with Cosmos can be found on this list.
Cosmos' Interblockchain Communication (IBC) works by bonding an amount of ATOM, then relaying a proof of the ATOM bonding to a second chain, and then validation of this proof, before a corresponding amount is released on the second chain. This makes it easier to issue and create tokens representing assets on other chains. IBC is compatible with fast-finality chains, meaning blockchains with instant or near-instant confirmation times where a transaction is certain to be final within a short period of time; however, chains running on Proof-of-Work that do not have fast finality can still be used in IBC with the help of "Peg Zones" that impose a "finality threshold" for some number of blocks to assume that transactions are effectively final, similar to how accepting parties (such as exchanges) require deposits of Bitcoin to receive a certain number of confirmations to reduce the risk of any double spends or other attacks. This "pseudofinality" from this threshold is relayed back to the Cosmos ecosystem using the peg zones.
While the first peg zone for Ethereum started in 2018, other chains such as Loom have already announced compatibility with the Cosmos Hub.
|Initial Total Supply||236,198,958.12 ATOMs|
|Seed Allocation Tokens||12MM ATOM (5.08%)|
|Seed Sale Token Price||$0.025USD / ATOM|
|Seed Contributions Total||$300,000 USD|
|Strategic Allocation Tokens||16.6184MM ATOM (7.03%)|
|Strategic Allocation Price||$0.08USD / ATOM|
|Public Fundraiser Date||April 2017|
|Public Fundraiser Allocation||160.29305 MM ATOM (67.86%)|
|Public Fundraiser Price/td>||$0.10USD / ATOM|
|Amount Raised Public Sale||$16.0293 MM USD|
The All in Bits (team) tokens are earmarked specifically for the continued support of Tendermint and building of tools such as the Cosmos SDK and the underlying technology for the ecosystem. Tokens given to team members are non-transferrable for 12 months, but can be staked and used in governance. The rest of All in Bits' tokens are vesting for 22 months with a 2 month cliff after mainnet launch.
Conversely, the Interchain Foundation is a non-profit entity to encourage and support open and decentralized networks, and as such has funded projects such as sponsoring Cosmos' Game of Stakes testnet competition.
The team uses a multisignature wallet to hold the team's allocation of ATOM tokens.
In this proof-of-stake system, the ATOM token is used as a work token, whereby users can stake their ATOM or delegate their ATOM to other validators who are participating in validation.
The network inflation rate is bounded, with a minimum of 7%, and a maximum of 20%; the block reward is adjusted to achieve a target network staking participation rate of 2/3 (66.66%). All staked tokens require 21 days to "unbond", so that stakers cannot sell their tokens right away after staking.
Cosmos tokens are also used for on-chain governance; for example, token holders recently voted for the proposal of enabling token transfers.
The project may also release or airdrop a secondary token called the Photon, specifically for transaction fees. This token has not yet been finalized as of the time of writing. Photons in the long run would be generated by validators and stakers for their transaction processing. The specifics of the Photon will be determined via on-chain governance.
Cosmos' milestones, both upcoming and past, can all be found on the project's website.
As of time of writing, the next milestones for Cosmos are to propose support for IBC, and a full transfer of governance to the entire Cosmos token holder community.
The project's original roadmap from early 2017 can be found here.
For a full picture of the launch of Cosmos network, please refer to this Medium primer.
As per the Cosmos website disclaimer, "the development of the Cosmos project is led primarily by Tendermint Inc." - a private, for-profit entity, but the funding for the development comes from the Interchain Foundation, a Swiss non-profit.
The full Tendermint team, profiles, and backgrounds can be found on the Tendermint website.
Cosmos has several public repos, ranging from its public SDKs, to documentation for its migration from testnets to mainnet.
Cosmos's main community focus has been to create tools for developers to use its SDK.
The team has encouraged various Hubs to provide localized support in Asia, particularly in the Chinese and Korean communities.
The Tendermint team, primarily based in Berkeley, California, also is active in the Bay Area blockchain community. The Interchain Foundation, based in Switzerland, also provides unique access to collaboration with other chains to adopt / adapt to IBC standards. Together, the cohesive goal (across team, foundation, and Hubs) is to increase blockchain interoperability and enable more dApps working within a more cohesive blockchain ecosystem.
Medium (Interchain Foundation)