Here’s the Latest Blockchain Project Gaining Mainstream Attention
Every so often, the mainstream tech and investing media pick up on a new project or platform within the blockchain industry.
Self-styled as the third iteration of blockchain technology (Bitcoin being the first and Ethereum the second), Cosmos plans to solve many issues plaguing current platforms, including scalability, usability and sovereignty. Cosmos hope to achieve this by creating an “Internet of Blockchains” — essentially a network of existing blockchains able to communicate with each other in a decentralized way.
If this sounds familiar, it’s because it’s similar to the stated missions at competing blockchain projects like Wanchain (WAN) and POA Network (POA). Nonetheless, in short order Cosmos has been able to largely supplant these earlier entrants and raise a $9 million Series A round led by Paradigm, while catching the interest of TechCrunch.
“Last week the Cosmos Network launched, which I believe to be a major event,” said Jon Evans of TechCrunch, one of the first mainstream writers to cover Ethereum (ETH). “Yes, it’s a blockchain initiative — but definitely not just another one. If I’m right, its repercussions will one day reach your life too, though it’s sufficiently bleeding-edge that those ripples probably won’t hit you for a decade. Maybe five years, for a cutting-edge TechCrunch reader like you.”
Cosmos has its own token, ATOM, which is designed to incentivize its proof-of-stake (PoS) validator network. While the team has stated that these tokens are designed solely as a mechanism for selecting membership into the system, the altcoin’s staking system has generated a fair amount of interest.
Despite growing awareness, ATOM is currently down around 42% in the past week to $3.44, bringing its market cap to a still respectable $814.5 million. It’s now the 15th largest altcoin, according to CoinGecko.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.