Cosmos is known as a decentralized independent parallel blockchain network, each powered by BFT (Byzantine Fault Tolerant) consensus algorithms such as Tendermint consensus. So, what is ATOM coin? Here are the ATOM coin review and details about its future…
What is Cosmos?
Cosmos is an entity developed in partnership with Blockchain Communication Protocol (IBC) and California-based startup Tendermint, aiming to be the foundation of next-generation internet technology. It can also be described as an independent ecosystem for blockchains.
Instead of dividing cryptocurrencies, Cosmos aims to bring them all together and work together. It enables private blockchain internet for currency exchanges. The proprietary currency used by the network is called Atom.
Cosmos release date is March 14, 2019. It was promoted as a powerful project, but it was not without problems. It had a structure consisting of two layers, but it was mentioned that it would be expanded by two more layers.
How is the Infrastructure of Cosmos?
Let’s talk about the two layers Cosmos has:
The first layer, Tendermint, is an open source base focused on blockchain development. Anyone who owns this application has the right to integrate their decentralized and BFT compatible ideas into this base. IBC, defined as
Blockchain Communication Protocol, can be defined as an interconnection layer that provides communication between all independent chains. Chains in this layer are independent but have a common system architecture. Coin is the key to digital asset and data sharing.
Although it is claimed that there are security vulnerabilities in the system, which was faced with the threat of an attack in the summer of 2019, it has a level that many analysts show as an example in the field of global economy. Moreover, the layer expansion studies they mentioned are continuing to strengthen the system. Once brought to the desired level, another entity with an independent structure is expected to rival Ethereum.
How Does the Cosmos System Work, What is its Value?
Since its launch, Cosmos can run any decentralized application. Thanks to the developed BFT Pos system, all transactions ranging from financial applications to social media are handled in seconds.
The native cryptocurrency of the Cosmos Network system is Atom. The market value of Cosmos aka Atom is $850,756,294; The 24-hour trade volume is; It is $112,172,850. At the time of writing, Atom’s purchase value is 26.38 TL, ie; It is $4.44.
How to Buy Cosmos (ATOM)?
It is currently not possible to directly purchase ATOM in Turkish Lira. For this reason, you must first deposit Turkish Lira in a domestic exchange, then buy Bitcoin (BTC) and transfer your BTCs to one of the foreign exchanges such as Okex, Huobi and Kucoin and use your BTCs to buy ATOM.
You can use Turkey’s largest cryptocurrency exchange Paribu to buy Bitcoin (BTC) with Turkish Lira. First go to Paribu by clicking here and create a new account or continue by logging in if you have one.
After completing the login or registration procedures, you should use the “Deposit Transactions” menu to deposit TL into your exchange account.
Things to consider when depositing TL in Paribu;
- Only individual, current, Turkish Lira accounts opened in your name should be sent. Submissions made from accounts belonging to a different person will not be accepted.
- Transfers made using ATM (with/without card) will not be accepted as it is not possible to confirm sender information.
- The amount you sent will be automatically credited to your account by the system after the checks.
- It is important that you write the code allocated to you during your bank transactions in the explanation field. Transfers made without explanation are refunded by deducting the transaction fee.
- All your transfers made with your fixed investment code defined in your account are automatically reflected in your Paribu balance. Also, you do not need to make a notification.
Easy Buy-Sell
After completing the TL deposit, you can quickly buy Bitcoin via “Market” or “Easy Buy-Sell” (BTC) you can buy. We will make our narrative over “Easy Buying-Selling”.
Adjust the fields on the screen above according to the amount of money you deposit or the amount of BTC you want to receive. After completing the purchase, we will switch to Huobi. At this point, first create a Huobi account by continuing here or log in to your existing account.
After creating an account, click on the “Balance” menu in the upper right corner of the screen and click on the “Exchange Account (Deposit and Withdrawal” option.
From the “BTC” column, click on “Deposit”
In this step, a unique Bitcoin address will be generated for you. Click “Copy” next to the address.
Now go back to Paribu and click on “Withdrawals” from the menu
Click on BTC from the tabs, enter the amount of BTC you want to withdraw and the wallet you copied from Huobi Paste the address in the “Wallet Address” section. Your transfer will be initiated shortly after you give the withdrawal order, but the arrival at the recipient address varies depending on the density in the Bitcoin network.
After your withdrawal request is fulfilled, we are now done with Paribu. Return to Huobi now Go to “Exchange” from the top menu and select “BTC” from the options on the left, type “ATOM” in the search bar and click on the filtered ATOM on the screen.
According to your available BTC balance, enter the “Buy Price” according to the current purchase price, enter the amount of ATOM you want to buy and click the “Purchase ATOM” button.
After this process, you now have Cosmos (ATOM) in your crypto wallet. You can keep this money for as long as you want and change it whenever you want.
