Cosmos is striving to establish an interconnected network of Blockchains, known as the “Internet of Blockchains,” where data and tokens can be shared without the need for a central authority. This network utilizes open-source tools like the Tendermint BFT algorithm and the Cosmos Software Development Kit (SDK), with the Cosmos Hub ensuring communication and interoperability among all regions. With its native cryptocurrency ATOM, Cosmos offers a flexible and interoperable ecosystem. In this article, we will address two commonly asked questions: What is Cosmos (ATOM) and how can one buy Cosmos (ATOM) with TRY.
What is Cosmos (ATOM)?
Often dubbed as the “Internet of Blockchains,” Cosmos aims to create an interconnected network of Blockchains. Its primary objective is to facilitate transactions between different Blockchains using open-source tools, focusing on customization and interoperability. Unlike other projects that prioritize their own networks, Cosmos promotes an ecosystem where various networks can exchange data and tokens without the need for a central authority. To stay updated with the latest technology news, visit NEWSLINKER.
Each new independent Blockchain within Cosmos, referred to as a “region,” connects to the Cosmos Hub. The Hub maintains records of each region’s state and vice versa. Operating on a proof-of-stake Blockchain, this central hub is powered by the native ATOM cryptocurrency. The Cosmos network consists of three main layers: the application layer, the network layer, and the consensus layer. The application layer handles transactions and updates the network’s state, while the network layer facilitates communication between transactions and Blockchains. The consensus layer helps nodes agree on the network’s current state. These layers are interconnected through various open-source tools, with Tendermint BFT being a crucial component.
Tendermint BFT (Byzantine Fault Tolerance) is an essential algorithm for the Cosmos network, enabling developers to create Blockchains without extensive coding. Tendermint Core, a proof-of-stake governance mechanism, ensures that the distributed computer network running Cosmos Hub remains synchronized. Validator nodes, which power the Blockchain and vote on changes, must stake ATOM to participate. To become a validator, a node must rank among the top 100 stakers of ATOM, with voting power proportional to the staked amount. Users can also delegate their tokens to other validators, influencing network governance while earning a portion of the block reward.
Cosmos Hub, the first Blockchain launched within the Cosmos network, acts as an intermediary for all independent Blockchains or regions created within the ecosystem. Each region functions independently, managing tasks such as account validation, transaction validation, token creation and distribution, and Blockchain updates. By maintaining a comprehensive record of their states, Cosmos Hub facilitates interoperability between these regions.
A notable feature of Cosmos is the Inter-Blockchain Communication (IBC) protocol, which connects regions to the Cosmos Hub, allowing information to move securely between regions. Once a region connects to the hub, it becomes interoperable with all other regions connected to it, enabling seamless data exchange between various Blockchains with different applications, validators, and consensus mechanisms.
The Cosmos team has developed the Cosmos Software Development Kit (SDK) to assist developers in creating Blockchains using the Tendermint consensus algorithm. This toolkit simplifies the development process by offering common Blockchain functions such as staking, governance, and token management. Moreover, developers can create custom plugins to add unique features to their Blockchains, enhancing the flexibility and functionality of the Cosmos ecosystem.
How to Buy Cosmos (ATOM) with TRY?
For investors in Turkey looking to buy Cosmos (ATOM), Binance TR is the ideal cryptocurrency exchange. Binance TR offers over 100 cryptocurrencies, including ATOM, for trading. Creating an account on Binance TR is a straightforward process. To purchase Cosmos (ATOM) with TRY on Binance TR, follow the steps outlined below.
How to Open an Account on Binance TR?
Creating an account on Binance TR is simple. Visit trbinance.com and proceed with the “Create Account” step. Provide basic information such as your email address, phone number, name-surname, date of birth, nationality, and T.C. identity number. Complete the verification process through email/sms to proceed to the next step, identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is crucial for security and must be completed before engaging in cryptocurrency trading. You can perform the verification process via your phone or the official Binance TR website. Follow the steps provided on the website to complete the verification process accurately.
How to Deposit TL on Binance TR?
You can deposit TL into your Binance TR account from various banks such as Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans. Deposits up to 50,000 TL can be made 24/7 with FAST from other banks, while deposits over 50,000 TL are processed during EFT hours. Follow the steps on trbinance.com to deposit money into your account.
How to Buy ATOM Coin with TL on Binance TR?
After completing the deposit process, you can proceed to buy ATOM coins with TL on Binance TR. Click on the “Buy-Sell” option on the website and follow the instructions to purchase ATOM coins.
What is Binance TR?
Binance TR, launched by Binance, the world’s largest cryptocurrency exchange, is designed for cryptocurrency investors in Turkey. The platform offers fiat-to-crypto and crypto-to-crypto trading services, allowing users to trade various cryptocurrencies with Turkish lira (TRY) trading pairs. With advanced security measures and liquidity provided through the Binance Cloud infrastructure, Binance TR ensures a seamless trading experience for users.
Disclaimer: The information provided in this article is not investment advice. Investors should be aware of the high volatility associated with cryptocurrencies and conduct their own research before making investment decisions. Stay updated with the latest news on Telegram, Facebook, Twitter, and Coinmarketcap.
