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Cosmos (ATOM) is an internet of blockchains designed to scale and interoperate with each other. It is a Proof-of-Stake (PoS) blockchain with a Byzantine Fault-Tolerant (BFT) consensus mechanism. Before Cosmos, blockchains were unscalable as they existed in siloed environments and thus could not communicate with one another. By providing a modular framework to build and connect different blockchain and dApps, Cosmos offers a way for blockchain networks to be inter-connected and enjoy the benefits of network effects, decreasing the fragmentation in the ecosystem.

ATOM is the native cryptocurrency of the Cosmos blockchain ecosystem. ATOM tokens are earned by a hybrid proof-of-stake method, and they aid in the security of the Cosmos Hub, the project’s main blockchain. Validators in the Cosmos ecosystem run nodes and help maintain the security of the network by staking their tokens. In return, they earn additional ATOM tokens as a reward. Additionally,  ATOM also plays a key role in the governance of the network, enabling all token holders to participate in the development of the ecosystem.

The following features make Cosmos (ATOM) unique:

• Unifying the fragmented blockchain ecosystem – Currently, over 100 blockchain networks exist. These blockchains have their own unique rules, dApps, governance, consensus mechanisms and thus cannot communicate with each other. Cosmos provides a solution to this restriction of no communication by creating an internet of blockchains, all connected by a single framework that makes it possible for them to communicate with each other.
• Making it easier for new blockchain networks to be built using the Cosmos SDK – Cosmos SDK is an open-source software development kit that allows users to create their own blockchains. Using Cosmos SDK streamlines the process and provides all of the industry standards one would expect when creating a blockchain. It also allows users to develop additional features and attributes via plug-ins, making it highly configurable. Many widely used blockchains like the BNB Chain and the Terra blockchain were built using the Cosmos SDK.

The Cosmos network has a Proof of Stake (PoS) blockchain mainnet and several customizable blockchains called Zones. 

Cosmos Hub, the primary blockchain in Cosmos’ internet of blockchain, transports assets and data between linked Zones while also providing a common layer of security. All the Zones work together using Tendermint, the novel consensus mechanism adopted by Cosmos.

Additionally, the Cosmos network is divided into three layers:

1. Networking – Allows hub blockchains to connect with transaction confirmations and other consensus messages.
2. Application – Notifies the network of changes in transaction and balance status.
3. Consensus – Determines how nodes agree to add new transactions.

A range of open-source tools and apps integrate these three levels into an SDK that developers can use to create their own blockchain. Tendermint allows blockchain developers to focus solely on the application layer, saving them time and money.

The origins of Cosmos can be dated back to 2014 when Cosmos co-founder Jae Kwon explored the idea of a Proof-of-Stake blockchain that uses a Byzantine Fault-Tolerant (BFT) consensus mechanism in his research. This idea was further developed in 2015 with the help of Ethan Buchman, another Tendermint Inc. co-founder, and a white paper for Cosmos was released in 2016. 

Since the launch of the Cosmos network, Tendermint Inc. and Interchain Foundation (ICF) have been responsible for developing and adopting its technologies. In 2017, ICF raised over $17 million through a successful initial coin offering for ATOM, with the proceeds going into the development of Cosmos SDK, IBC, and Peggy. 

In 2019, Cosmos Hub, the first blockchain of the Cosmos network, went live, and since then, the Cosmos SDK has been used to build many widely used blockchains in the ecosystem.

The Cosmos standard for blockchain interoperability, the Inter-Blockchain Communication (IBC) protocol, was launched in April 2021. On February 17, 2022, the ICF announced the release of the Interchain Accounts update, which allows a blockchain to govern an account on a different chain.

Cosmos employs a consensus mechanism known as proof-of-stake. In this setup, validator nodes that stake a high amount of ATOM tokens are selected to maintain the network’s security and validate transactions. To discourage malicious activities by the validators, slashing penalties ensure that the validators lose their ATOM tokens if they are deemed to be acting dishonestly.

Additionally, Cosmos’ layered design includes a Tendermint BFT engine. This component of Cosmos allows developers to create blockchains with its SDK. This algorithm is leveraged by the network of nodes operating Cosmos’ software to secure the network, validate transactions, and commit blocks to the blockchains.

The new and advanced hardware/cold wallets offer a wide range of services and a one-stop solution for the security, storage, and management of tokens such as Cosmos (ATOM). A hardware wallet can overcome the vulnerability and tackle security concerns of centralized exchange (CEX) and hot wallets. 

A Ledger hardware wallet keeps your private keys offline and thus makes your crypto assets inaccessible for anyone except you in the event of a computer hack. 

The Ledger Live app gives the option to manage 1800+ coins and tokens from a smartphone or desktop, making the system extremely convenient. The provision to use a PayPal account or Debit/Credit Card to purchase Cosmos (ATOM) offered by Ledger is also extremely useful for new users. Follow the simple steps below to purchase ATOM on a Ledger wallet: 

1. Get a Ledger Hardware Wallet.
2. Download and set up ledger Live on a web or mobile device.
3. Create a designated Cosmos (ATOM) account after setting up Ledger Live.
4. Install the Cosmos (ATOM) application from the app catalog.
5. Start buying ATOM using Ledger Live.