As one delves into the rich history of Cosmos (ATOM), it is impossible to ignore the ambitious and innovative spirit that has driven the development of the network since its inception. From the formation of Tendermint, the parent company of Cosmos, to the launch of the Cosmos Hub mainnet, the early days of Cosmos were marked by a relentless pursuit of excellence and a commitment to building a network that would transform the world of blockchain technology.
Prelude to Launch (2014-2019)
In the years leading up to the launch of the Cosmos Hub, Tendermint was hard at work developing a consensus engine that could power a new kind of decentralized network. Drawing on insights from experts in the field and leveraging cutting-edge technology, the team succeeded in creating Tendermint Core, a consensus engine that would become the backbone of the Cosmos network.
But simply building the technology was not enough. The team also needed a clear and compelling vision for what the Cosmos network could become. In 2016, the Cosmos Whitepaper was published, laying out a roadmap for a decentralized network of interconnected blockchains that could facilitate seamless communication and collaboration between previously isolated systems.
With the vision in place and the technology ready, the stage was set for the launch of the Cosmos Hub mainnet in 2019. This momentous event marked the beginning of a new era in blockchain technology, as the Cosmos network began to demonstrate the power of its unique consensus engine and interchain communication protocol.
Tokenomics
The Cosmos network has its own native cryptocurrency, known as ATOM. ATOM is used as the fuel for transactions and as a means of exchange within the Cosmos ecosystem.
ATOM is an inflationary cryptocurrency, meaning that new coins are regularly minted and distributed to validators as a reward for processing transactions and securing the network. The current annual inflation rate is around 7%, which decreases gradually over time as the supply of ATOMs increases.
In addition to transaction fees and validator rewards, ATOM holders can also participate in staking, which involves holding ATOMs in a wallet and using them to support the security and consensus of the network. In exchange for staking, users earn rewards in the form of additional ATOMs.
The supply of ATOMs is fixed at 292 million coins, with no more coins to be minted after the initial distribution. Of this total supply, around 75% was allocated for public sale, with the remaining supply distributed among early investors, team members, and advisors.
The cosmos is an infinite and ever-expanding expanse, and the ATOM token has experienced astronomical growth and development over the years. The all-time high for Cosmos Hub (ATOM) was recorded on January 17, 2022, when it soared to an impressive $44.45. However, the current price of ATOM is 67.58% lower than this peak value, reflecting the dynamic and unpredictable nature of the crypto market. As of early 2023, the market capitalization of ATOM is $4.2 billion, earning it a rank of 22 on CoinGecko. This impressive market cap is calculated by multiplying the token price by the circulating supply of ATOM tokens, which currently stands at 290 million.
Genesis (2019)
After the successful launch of the Cosmos Hub mainnet in 2019, Tendermint was energized and eager to continue building out the Cosmos network. With the underlying technology in place, the focus shifted to expanding the ecosystem and bringing more developers and users into the Cosmos community.
One of the key developments during this period was the introduction of the Inter-Blockchain Communication (IBC) protocol, which allowed different blockchains to communicate with each other securely and efficiently. This breakthrough technology opened up a whole new world of possibilities for the Cosmos network, enabling developers to build interconnected blockchains that could seamlessly exchange data and value.
Another major milestone during this period was the release of the Cosmos SDK, a software development kit that enabled developers to easily build custom blockchains on the Cosmos network. This powerful toolset gave developers the flexibility and control they needed to create innovative new applications and services, further expanding the capabilities of the Cosmos network.
But perhaps the most exciting development during this period was the launch of the Gravity DEX, the first decentralized exchange built on the Cosmos network. With its unique design and user-friendly interface, the Gravity DEX quickly gained a following among cryptocurrency enthusiasts and traders, demonstrating the potential of the Cosmos network to disrupt the traditional financial system.
Throughout this period, the Cosmos community continued to grow and thrive, with new partnerships and collaborations forming on a regular basis. The team at Tendermint worked tirelessly to support and nurture the community, providing resources and guidance to help developers and users alike get the most out of the Cosmos network.
Looking back on this period of the Cosmos (ATOM) timeline, it is clear that the potential of the network was just beginning to be realized. With the IBC protocol, the Cosmos SDK, and the Gravity DEX paving the way for future innovation, the stage was set for a new era of growth and development in the Cosmos ecosystem.
Building the Cosmos Ecosystem (2020)
During this period of the Cosmos (ATOM) timeline, Tendermint doubled down on its commitment to building a decentralized network of interconnected blockchains that could facilitate seamless communication and collaboration. Community-driven initiatives took center stage, with a focus on developing new technologies that would enable even greater interconnectivity and collaboration among blockchains.
One of the most significant developments during this period was the formation of the Interchain Foundation, a non-profit organization dedicated to promoting the development and adoption of the Cosmos network. With the mission to enable a more connected and decentralized world, the Interchain Foundation provided crucial support for community-driven initiatives, the development of new tools, and funding key projects.
To expand the capabilities of the Cosmos network and facilitate greater collaboration among different blockchain ecosystems, the team at Tendermint launched the Gravity Bridge upgrade, the Cosmos Hub’s second community-driven upgrade. With this upgrade, cross-chain transfers of assets between the Cosmos Hub and other blockchains became possible, further expanding the capabilities of the network. This innovative upgrade not only increased the flexibility of the Cosmos network but also showcased the power of community-driven initiatives.
In addition to the Gravity Bridge upgrade, the company also launched the Game of Zones competition during this period. This month-long event was designed to stress test the capabilities of the Cosmos network and incentivize community members to collaborate and compete in the development of new tools and technologies. The competition was a huge success, with many talented developers and community members coming together to push the limits of what was possible in the world of blockchain technology.
Growing the Cosmos Community (2021)
As the Cosmos (ATOM) network continued to grow and mature in 2021, Tendermint placed a strong emphasis on expanding the Cosmos community. A thriving and diverse community is essential to the success of any decentralized network, and the team knew that the future of the Cosmos network depended on the active participation and contributions of its members.
One of the most significant developments during this period was the formation of the Interchain Foundation. The non-profit organization was created to promote the development and adoption of the Cosmos network, and it played a crucial role in funding key projects and supporting community-driven initiatives. The Interchain Foundation provided resources and support to developers and users of the Cosmos network, helping to drive the growth and maturation of the network.
Another major milestone during this period was the successful completion of the Cosmos Hub’s second community-driven upgrade, the Gravity Bridge upgrade. The upgrade enabled cross-chain transfers of assets between the Cosmos Hub and other blockchains, expanding the capabilities of the network and facilitating greater collaboration among different blockchain ecosystems. The Gravity Bridge upgrade demonstrated the power of community-driven initiatives and showcased the potential of the Cosmos network to disrupt the traditional financial system.
To further support and engage the Cosmos community, Tendermint also launched the Game of Zones competition in 2021. This month-long event was designed to stress test the capabilities of the Cosmos network and incentivize community members to collaborate and compete in the development of new tools and technologies. The competition was a huge success, with many talented developers and community members coming together to push the limits of what was possible in the world of blockchain technology.
As the Cosmos community continued to grow and thrive in 2021, the team at Tendermint remained committed to building a network that would serve as a platform for the decentralized economy of the future. The Interchain Foundation, Gravity Bridge upgrade, and Game of Zones competition were just a few of the initiatives that helped to nurture the community and pave the way for a new era of growth and development in the Cosmos ecosystem.
Explosive DeFi and NFT growth (2022 to date)
In 2022, the Cosmos network experienced significant achievements, marking a new chapter in the development of the network. The year started with the successful completion of the v7-Theta Upgrade, which included updates to Gaia v7.0.x, Cosmos SDK v0.45, and Gravity DEX: Liquidity v1.4.5. The upgrade brought several minor fixes, improving the overall performance and stability of the Cosmos network.
However, the most significant update was the launch of IBC 3.0.0, which included the Interchain Account Module. Interchain Accounts allowed ecosystem chains to securely control accounts on other ecosystem chains, creating a composability and interoperability environment for DeFi applications. With the Interchain Accounts, DeFi on Cosmos experienced a significant boost, enabling complex financial instruments and increasing interoperability within application-specific blockchains. As a result, IBC adoption on Cosmos increased with the Cosmos ecosystem forming a thriving interconnected economy.
More than 200 chains were connected via IBC by the end of 2022, with the potential for even more connections in the long term. The completed work of different teams using IBC to bridge Cosmos to other ecosystems made secure connections to Bitcoin, Celo, Polkadot, Kusama, Harmony, Hyperledger Besu, Hyperledger Fabric, and even more. The free flow of assets between these major blockchains created vast opportunities for scalability and growth, resulting in a level DeFi playing field with low fees, high throughput, and a vast selection of products.
Apart from DeFi, NFTs continued to experience explosive growth on Cosmos, with projects like Stargaze, Pylons, BitSong, Omniflix, and Secret Network’s Stashh, creating marketplaces for NFTs, digital collectibles, and immutable digital proof of ownership. Cosmos contributor IRISnet also completed trailblazing work in the NFT field, conducting the first interchain NFT transfer across four blockchains, making NFTs available on OpenSea EASTIP for global markets.
Conclusion
As we look back at the historical events and achievements of Cosmos (ATOM) since its launch, it becomes clear that this innovative blockchain platform has come a long way in a relatively short period of time. With its focus on interoperability, scalability, and sustainability, Cosmos has established itself as a major player in the blockchain space, and its potential for revolutionizing industries from finance to gaming to decentralized web infrastructure is virtually limitless.
Considering the bright future of Cosmos and its many forthcoming exciting innovations, it is certain that this is a blockchain platform that will continue to create waves and push the limits of what is possible in the realm of decentralized technology.
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