Launching Support for Cosmos (ATOM)

BitGo is excited to announce the expansion of our support for the Cosmos ecosystem with support for ATOM including: wallets, and staking services.

What is Cosmos?

Cosmos is an open-source blockchain platform that aims to enable the interoperability of multiple independent blockchains. It provides a framework for building scalable and customizable blockchains that can communicate and interact with each other, creating what is often referred to as the Cosmos Network.

The Cosmos Network, also known as the Internet of Blockchains, is a decentralized ecosystem of interconnected blockchains. It allows different blockchains, referred to as zones, to connect and communicate with each other. This interoperability is facilitated by the Inter-Blockchain Communication (IBC) protocol, which serves as a standardized language for the blockchains within the Cosmos Network.

At the center of the Cosmos Network lies the Cosmos Hub. The Cosmos Hub serves as the economic hub and central facilitator for blockchain transfers within the network. It acts as a hub for connecting different zones, enabling them to exchange value, share data, and collaborate effectively. By connecting to the Cosmos Hub via IBC, a blockchain gains access to the entire network of interconnected blockchains associated with the Hub.

Interconnected Blockchains

The IBC protocol plays a crucial role within the Cosmos Network by addressing the need for interoperability between independent blockchains. Many blockchains operate in isolation, creating fragmented ecosystems where they cannot easily communicate or exchange value with each other.

IBC is a protocol specifically designed to enable secure and decentralized communication between different blockchains within the Cosmos Network. By implementing IBC, blockchains connected to the Cosmos Network gain the ability to communicate and exchange value with other interconnected blockchains.

Consensus

ATOM leverages the Tendermint algorithm, a robust Byzantine Fault Tolerant (BFT) mechanism designed to achieve secure and efficient consensus in distributed systems. With Tendermint, validators engage in a multi-round process, encompassing proposal, prevote, prec-ommit, and commit stages. Validators take turns proposing blocks, followed by voting through prevote and pre-commit messages. Once a block receives a two-thirds majority of precommits, it moves to the commit stage, where validators broadcast commit messages to finalize the block.

Cosmos SDK

The Cosmos Software Development Kit (SDK) allows developers to create application-specific blockchains that can interoperate within the Cosmos Network. This framework simplifies the process of building custom blockchains and allows developers to focus on the specific business logic of their applications. The Cosmos SDK provides a modular architecture, enabling composability and reusability of components, making it easier to integrate existing modules and tools, and ultimately reducing the effort required to build new blockchains on the Cosmos Network.

The Value of Interoperability and Autonomy

By enabling interoperability among blockchains, Cosmos breaks down barriers and encourages collaboration, rather than competition, among projects. The ability to exchange assets and data across different blockchains opens up new possibilities for decentralized applications. For example, Cosmos enables cross-chain token transfers, allowing tokens from one blockchain to be exchanged with tokens from another blockchain within the Cosmos Network.

Additionally, Cosmos promotes blockchain sovereignty, allowing each blockchain within the network to define its own governance rules and validator set, allowing developers and blockchain communities to customize their chains according to their specific needs.

Key Takeaways

• Cosmos is an open-source blockchain platform that aims to enable the interoperability of multiple independent blockchains through the Cosmos Network.

• The Cosmos Network, also known as the Internet of Blockchains, allows different blockchains to connect and communicate with each other, facilitated by the Inter-Blockchain Communication (IBC) protocol.

• The IBC protocol serves as a standardized language that enables secure and decentralized communication, data sharing, and asset transfers between interconnected blockchains within the Cosmos Network.

• Cosmos leverages the Tendermint algorithm, a robust Byzantine Fault Tolerant (BFT) mechanism, for achieving secure and efficient consensus in distributed systems, ensuring enhanced interoperability and scalability.

• The Cosmos SDK empowers developers to build application-specific blockchains that can interoperate within the Cosmos Network, providing a modular architecture for ease of development and customization.

Get Started

For current BitGo customers who are eligible, go to your wallet dashboard and create an ATOM wallet. Once your wallet is created and funded, you can start staking directly from your wallet by clicking the ‘stake’ button.

If you are not a current customer, connect with our team.

For any further questions, reach out to support@bitgo.com.