Home Blockchain COSMOS (ATOM) With Enough Fundamentals to Have Riches Soaring

COSMOS (ATOM) With Enough Fundamentals to Have Riches Soaring

COSMOS ATOM

Twitter Handle Cosmos – Internet of Blockchains point to how:  The environmental issue surrounding Bitcoin mining and other Proof of Work (PoW) blockchains is nothing new. Tendermint co-founders Jae Kwon and Buchmanster were concerned about its carbon footprint back in 2014 and pioneered the energy-efficient Proof of Stake (PoS) model.

Together, they developed Tendermint Core—the first and most widely used implementation of a Byzantine Fault Tolerance (BFT) consensus engine and PoS crypto-economics to date. Cosmos chains now resolves the throughput, scalability and energy issues of Proof of Work.

Beyond lack of scalability and speed, PoW is super energy-intensive and Elon Musk is not the first person to notice. Running the Bitcoin network for 1 year consumes the same amount of energy as the Netherlands or Argentina.

So, what’s the problem? Bitcoin may be able to inspire a shift to renewable energy, but what if you share the Cosmos vision of a multichannel future? What happens if there are a million blockchains with a yearly energy output similar to that of a medium-sized country?

Rather than solving mathematical puzzles by using the most computational power, in Proof of Stake validators (rather than miners) validate based on how much of the cryptocurrency they own (their ‘stake’). This negates the need for energy-guzzling mining equipment.

Cosmos uses a PoS consensus mechanism relying on our Tendermint Core engine to achieve high performance with a low carbon footprint. They enable blockchains to scale and connect through the groundbreaking IBC protocol. 

The estimated yearly consumption of a Cosmos-based blockchain is less than the energy consumed by Bitcoin and Ethereum in a single day. In fact, even 100,000 Cosmos blockchains combined would use less energy than Ethereum per year.

Ethereum developers understand this problem and are on the path to making the switch to Proof of Stake (PoS). Early estimations show that once Ethereum transitions to ETH 2.0. It will consume 99.5% less energy.

Using Regen Network Cosmos chains can even become climate positive. Gregory Landua, CEO said: “Cosmos offers the opportunity for automatically offsetting validator and even protocol-level emissions with Regen Network’s carbon offsetting protocol.”

The future development of blockchains is clear.  If we want a greener environment while fostering innovative technology, we must adopt sustainable solutions like Cosmos Proof of Stake, blockchain interoperability and carbon offsetting.

The Internet of Blockchains is in action and COSMOS (ATOM) has enough fundamentals to have riches soaring.

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James

James T, a passionate crypto journalist from South Africa, explores Litecoin, Dash, & Bitcoin intricacies. Loves sharing insights. Enjoy his work? Donate to support! Dash: XrD3ZdZAebm988BfHr1vqZZu6amSGuKR5F

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