Cosmos (ATOM) Connects Blockchains and Grows Ecosystems

Cosmos-the blockchain aimed to offer inter connectivity and scalability has been working on the improvement of inter-blockchain communication with the development of an incorporated cosmos ecosystem of chains.

What was initially described as the “Internet of Blockchains” in the project is gradually materializing itself as more chains start using the Cosmos SDK and connecting to the Inter-Blockchain Communication (IBC) protocol. The successful launch and, thus, the adoption of IBC have been a game-changer for Cosmos.

Cross-chain communication and value exchange with this protocol are possible to enable numerous new applications and services across the various existing blockchains. Since its launch, many chains within the Cosmos ecosystem have adopted IBC, thus forming a continually expanding cross-chain network.

Such an ecosystem has drawn developers and projects from the sectors like DeFi, NFTs, and DAOs among others. Cosmos’ also been able to quickly spin up sovereign, application-specific blockchains with the help of the Cosmos SDK.

This approach makes it possible to have projects that each develop their own blockchains, but that of which specific one can be created for a given project depending on its needs, yet maintaining compatibility with the Cosmos network. The ATOM token which functions as the native asset of the Cosmos Hub has had more use cases and hence more demand as more projects are developed in the ecosystem.

ATOM is utilized for staking, governance, and has adopted the capacity as an anchor reserve currency of the Cosmos network. Additional functions such as interchain staking and liquid staking have only strengthened ATOM’s proposition. Cosmos has also been quite active and in the enterprise blockchain segment as well.

The platform’s focus on sovereignty and interoperability has drawn attention to it from corporations and governments engaged in the search for blockchain applications. Many flagship projects have opt for Cosmos technology to engage in such activities such as national digital currency schemes.

With the Cosmos rising, its system posed with an issue, the issue that many systems face, whereby, decentralization and security can compromise as more chains join the ecosystem. The Cosmos team has been contributing efforts for modifications on the shared security model and other governing aspects of the Cosmos network to resolve these issues.

Future work of Cosmos will be aimed at improving interoperability and at integrating it with other blockchains. Currently, some other connectors to other crucial blockchain platforms, such as Ethereum, and Polkadot, for expansion of Cosmos’ vision of the connected economy are still under development.

Due to its solid technological base and the continuous development of the connections of various chains, Cosmos has great potential in the development of interoperability and scalability of blockchain.