Cosmos (ATOM): Start of a BIG BANG for DeFi?? ⚛️

#cosmos #atom #crypto
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- TIMESTAMPS -
0:00 Intro
2:02 What is Cosmos?
8:57 Why Cosmos Isn’t An ETH Killer
10:43 Cosmos use-cases
12:53 How Cosmos extends DeFi?
15:38 The value of ATOM tokens
19:47 Challenges
20:35 Final thoughts

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⛓️ 🔗 Useful Links 🔗 ⛓️

► Comos website: https://cosmos.network
► Aragon smart contracts broken by ETH update: https://www.coindesk.com/markets/2019/09/30/ethereums-istanbul-upgrade-will-break-680-smart-contracts-on-aragon/
► What is Cosmos: https://cosmos.network/intro
► DefiPulse: https://defipulse.com
► Cosmos-based DeFi project launches with BNB collateral: https://cointelegraph.com/news/cosmos-based-interoperable-defi-project-launches-on-mainnet-with-bnb-collateral
► Cosmos founding team broke up: https://www.coindesk.com/business/2020/08/10/cosmos-founding-team-broke-up-early-this-year-the-project-didnt/#:~:text=Early%20This%20Year.-,The%20Project%20Didn't,engaged%20in%20a%20scathing%20feud

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📺 Recommended Videos 📺

► Why NFTs could supercharge DeFi 👉
► Band protocol review 👉
► Kava DeFi token review 👉

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📝 What is Cosmos? 📝

In a nutshell, Cosmos is a customizable, scalable, and inter-operable ecosystem of connected blockchains. This decentralized ecosystem of independent blockchains scales and connects to each other.

Even cooler, Cosmos can connect to blockchains like Ethereum and Bitcoin. This is what makes it interoperable and why Cosmos has been dubbed the internet of blockchains.

Its tech stack is made up of two different players.

► The first packages up the networking and census layers of the blockchain into a generic engine.
► The application layer provides a SDK to empower people to create their own blockchains.

❓ What Problems Does Cosmos Solve ❓

► Scalability: Ethereum suffers from high gas fees right now. That’s due to Ethereum only being able to process around 15 transactions per second in its current form. Cosmos’ Tendermint BFT consensus mechanism can process thousands of transactions per second.
► Sovereignty: Sovereignty structures on other projects can be limiting. Only Ethereum apps need to abide by governance rules and that means that it’s hard to get new features added to the Ethereum virtual machine. That’s potentially a bit of a problem for app developers. Cosmos solves all that by allowing developers to easily launch their own blockchains with their own governance rules.
► Interoperability: Value in the crypto ecosystem is fractured into different blockchains. That limits the scope of value creation. Think about how much bigger DeFi could be if it wasn’t limited to Ethereum. Cosmos solves this inter-operability problem via the modular Cosmos Hub. This allows for the transaction of different assets to different blockchains through Cosmos’ IBC

Watch the video to learn more about IBC and why it could be a game changer.

💀 Why Cosmos Isn’t An Ethereum Killer 💀

Cosmos believes that most app developers will ultimately end up wanting their own blockchain. In contrast, the likes of Neo, Ethereum and Eos make developers build on top of their own chain.

It seems like the chaps at Comos are onto something, as seen by the Binance DEX choosing Cosmos. Projects like Aragon also migrated over from Ethereum when an update broke hundreds of their smart contracts.

In short, the wider world of ‘Ethereum killers’ aim to be like Ethereum but better. Cosmos is different in that it provides the option for every project to have its own unique blockchain.

🤝 Cosmos Use Cases 🤝

Watch the video to learn more about that!

💸 Making Waves In DeFi 💸

Oracles or data price feeds are pretty damn important when it comes to DeFi. That is why projects like Chainlink have been exploding this year.

Band protocol basically provides a cross-chain oracle platform and that interoperability has been made possible by using the Cosmos SDK.

That means that thanks to Cosmos, Band Protocol can help bring all that DeFi goodness to other blockchains.

💰 How Does ATOM Token Get Value? 💰

Watch my vid to hear my thoughts on this one!

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📜 Disclaimer 📜

The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.

#cosmos #atom #defi #blockchain #crypto #tendermint