If you are looking to buy Cosmos there is the option of using many exchanges, and each one with its pairs to buy Cosmos. Although the most common is to buy Cosmos with USDT, in the ATOM/USDT pair. To buy Cosmos, depending on the platform, you will be able to deposit funds by credit card, paypal or bank transfer to be able to use your money to use Cosmos. The fastest way is to use your credit card or paypal, to get the funds in your account as soon as possible.
We are going to focus first on how you can buy Cosmos to add it to your portfolio, and later you can find more information about this interesting project to learn more about it.
Where to buy Cosmos
If you want to buy Cosmos paying the lowest commissions and with the highest security, then you should use Binance. Binance is the most popular and secure platform for buying cryptocurrencies with great ease of use. If you have never used Binance, you can create an account here, and see how to do it step by step to buy Cosmos with the video just below, so you won’t have any doubts.
In case you can’t see the video, here is a step-by-step to understand it better.
Step by step
The first thing you must do is to create an account with Binance to follow the steps we will now see, above you will find a link to do so.
With your account created, the next step is to log in and deposit funds. For me, the most practical way is by credit card, although it has a commission of 1.8%, you can have the balance instantly in your account, while with a wire transfer, there is no commission, but you must wait a few days to have the balance available.
With your funds, we must first buy a stablecoin or another cryptocurrency, in my case, I like to use USDT (Tether). To do this, we will go to markets/markets, and click on FIAT market. Here, we will look for our currency, in my case Euros (EUR). And you will see the EUR/USDT pair. Click on this pair, and go to the red sell button. Since we must change the Euros for USDT. Indicate the amount of euros you want to change or your currency for USDT. Click on sell and that’s it, you have USDT.
With the USDT in your balance, you must go again to markets, FIAT market, and search this time for ATOM. Search for ATOM and not Cosmos, since ATOM is the acronym and if you put Cosmos you may not find it. Once you search for ATOM, you will see the ATOM/USDT pair. Click on it, and now go to the buy part with the green button. Here, indicate the amount of USDT (Tether), which we bought earlier, you want to use to buy Cosmos, and click on buy. With this, you will have Cosmos in your balance.
You can go back to the main panel to see it, and if you want to withdraw it, you must click on the Cosmos cryptocurrency, withdraw, and indicate the address you want to withdraw it, either your metamask wallet, another exchange or another platform.
What is Cosmos?
Cosmos, a novel blockchain network architecture that addresses all of these problems. Cosmos is a network of many independent blockchains, called zones. The zones are powered by Tendermint BFT , which provides a high-performance, consistent and secure consensus engine, similar to PBFT, in which strict fork liability guarantees are maintained over the behavior of malicious actors. Tendermint’s BFT consensus algorithm is well suited for scaling public proof-of-stake blockchains.
The first Cosmos zone is called Cosmos Hub. The Cosmos Hub is a multi-asset proof-of-stake cryptocurrency with a simple governance mechanism that allows the network to adapt and update itself. In addition, the Cosmos Hub can be expanded by connecting other zones.
The hub and the zones of the Cosmos network communicate with each other through an inter-blockchain communication (IBC) protocol, a kind of virtual UDP or TCP for blockchains. Tokens can be transferred from one zone to another securely and quickly without the need to exchange liquidity between zones. Instead, all token transfers between zones go through the Cosmos Hub, which keeps track of the total amount of tokens held by each zone. The hub isolates each zone from the failures of other zones. Since anyone can connect a new zone to the Cosmos Hub, zones enable future compatibility with new blockchain innovations.
In classical Byzantine fault tolerance (BFT) algorithms, each node has equal weight. In Tendermint, nodes have a non-negative amount of voting power, and nodes that have positive voting power are called validators. Validators participate in the consensus protocol by issuing cryptographic signatures, or votes, to agree on the next block.
The validators’ voting powers are determined at genesis, or are deterministically changed by the blockchain, depending on the application. For example, in a proof-of-stake application such as Cosmos Hub, the voting power may be determined by the amount of bet tokens deposited as collateral.
Tendermint is a partially synchronous BFT consensus protocol derived from the DLS consensus algorithm . Tendermint stands out for its simplicity, performance, and accountability of the forks. The protocol requires a known fixed set of validators, where each validator is identified by its public key. The validators attempt to reach consensus on one block at a time, where a block is a list of transactions. Voting to reach consensus on a block is done in rounds. Each round has a round leader, or proposer, who proposes a block. The validators then vote, in stages, whether to accept the proposed block or move on to the next round. The proposer of a round is chosen deterministically from the ordered list of validators, in proportion to their voting power.
The ATOM is the main token of Cosmos Hub and secures the Hub’s valuable interchain services. If you have ATOMs, you can temporarily lock them to contribute to the security of Cosmos Hub through a mechanism called Staking. In exchange for blocking your ATOMs, you receive rewards in newly minted ATOMs and a share of the transaction fees collected by the blockchain. However, staking is not risk-free.
By staking ATOM, you can vote on Cosmos Hub governance decisions.