What is Cosmos? | Cosmos Blockchain Explained | Titan



What is Cosmos? | Cosmos Blockchain Explained | Titan

In this short video, Titan's own John De Yonker explains Cosmos and what makes it unique amongst other blockchains. Click to watch the video.

Video Transcript

Cosmos is commonly referred to as the Internet of Blockchains. It allows one blockchain to communicate to another. The project uses inter blockchain communication protocol, we'll call it IBC, to allow these blockchains to readily pass tokens and data among one another. The Internet can serve as a helpful analogy to better understand Cosmos. Let's take a step back to 1969. The ARPANET was created by a bunch of guys and gals at the Department of Defense. The ARPANET was considered the inception of the network and more of these networks quickly started to pop up. The issue was that each of these networks did things a bit differently. They had different use cases and had very dissimilar development softwares. The need arose for these networks to inter-communicate. People wondered, why can't we talk or transfer data between two networks at once? Now enter TCP/IP: Transmission Control Protocol slash Internet Protocol, which connected each of these siloed networks and allowed them to communicate and transmit data amongst one another. Boom. World Wide Web is born. Akin to the early 1970s, with its network growth, we now have more blockchains than we can count. There are many chains with separate use cases from Avalanche to Polka Dot to Solana, just to name a few. The problems the networks were running into in the early seventies are really quite similar to some of the problems that these blockchains are getting snagged on today. Blockchains as they exist are isolated to their cities with no roads to allow inner city commerce or information. Cosmos and IBC have entered the chat. The IBC has proven the ability to create a single chain that uses data from different blockchains. Cosmos has proven to be the first ecosystem that shares data amongst blockchains similar to the World Wide Web did back in the early 1970s. Did you also know that popular Layer One blockchains like Terra, Binance Smart Chain, and are built using Cosmos technology? Now, the total market cap of all blockchains built with Cosmos is around $150 billion today, making the aggregated ecosystem worth more than any other smart contract platform other than Ethereum.

You might also like

What is Solana? | Solana Explained


What is Ethereum? | Ethereum Explained


What is Bitcoin? | Bitcoin Explained


What is Cryptocurrency? | Cryptocurrency Explained


What is Chainlink? | Chainlink Explained | Titan


What are Stablecoins? | Stablecoins Explained | Titan


What is Avalanche (AVAX)? | Avalanche Explained | Titan


Ready to become a client?

It’s time to give your wealth a future.



© Copyright 2023 Titan Global Capital Management USA LLC. All Rights Reserved.