What Is Cosmos Ecosystem And How To Choose The Best Cosmos Web Wallet?
Heard of the cosmos web wallet but have no idea what it is and what its objective is. Let's find out what it is and how it is used. In this world of technology and digital growth, the currency is not left behind. Many are already well aware of the word cryptocurrency. Cryptocurrency is the digital currency that is controlled by blockchain, which are independent networks controlling its transactions. Cryptocurrency made a lot of news in the last few years. The main reasons its decentralized structuring, which lead to speculations and questions. Over time, crypto is highly useful for those who want to make transactions easily without the central banks and government regulations.
There are several cryptocurrencies out there, but only a few of them have gained much momentum in this fast digital economy. However, one popular crypto network growing in number and is sparking interest is cosmos and cosmos web wallet. The following is all you must know about the cosmos web wallet.
What is the cosmos?
Cryptocurrencies are controlled, maintained, and the transaction records are stored in the blockchain. Therefore, the blockchain is called the lingering point for each crypto type. The blockchain is responsible for keeping the records of each transaction on a network of that particular cryptocurrency. But, one problem that is faced by most cryptocurrencies out there is that the scope of changing the scale is not too versatile. Also, the cryptocurrency does not work on a single network, and thus interoperability is out of the question.
The cosmos is created to solve all these problems and manage the scalability and interoperability of the cryptocurrency. Cosmos is an internet or network of blockchains, which consists of various independent blockchains. Now, each of these blockchains has its cryptocurrency. One can now use a cosmos web wallet to store, send, and receive all types of cosmos tokens and coins. ATOM is the main and cosmos’s cryptocurrency in the entire ecosystem.
Components of cosmos
Well, controlling various blockchains and their tokens is not easy. This is the reason why the cosmos network is divided and structured with two components. One is the zones, and the other one is the hub.
• Hub: The hub is the main link between all the blockchains that is in the cosmos network. Hub is the ledger that works centrally for each blockchain on the network. Hub itself is a blockchain that holds the coins and tokens from various blockchains linked in it. Hub avoids re-spending the same tokens, thus building trust among zones.
• Zones: Each zone is all the independent blockchains that are in the network of cosmos. Each zone has its coins or tokens that can be transacted when connected to the hub through IBC protocol. Also, the zones can communicate with each other when connected to the hub. Cosmos wallet can store all tokens from all zones.
Working of cosmos network
The working of the cosmos network is simple as it is divided into three compartments. The use of the right algorithm makes the network simple and smooth to be developed by anybody. Here are three things that make the cosmos network:
• Tender mint BFT: This is a consensus engine that works by the BFT algorithm. This simple and precise engine brings together all the layers of the network together. It also helps in increasing the scalability of the network.
• Cosmos SDK: This development kit allows the developers to concentrate on the applications and not on the underlying layers. The development time is reduced and, one can easily build application based blockchains and cosmos web wallet.
• IBC protocol: Inter-blockchain communication is a protocol that allows different blockchains to communicate with each other. It allows the zones, aka blockchains in a hub, to transfer data and tokens.
Benefits of cosmos network
People can be confused with the working and the trustable factor when it comes to the cosmos. However, it is quite proven over time; the cosmos and cosmos wallets are highly beneficial as a clean and interconnected crypto network. Here are some reasons why cosmos is beneficial:
• Ease of use: One of the first things that make cosmos popular is the ease of use for both users and developers. Instead of using complicated programming for each blockchain, the cosmos blockchains are made with Tendermint BFT and Cosmos SDK.
• Scalability: Another benefit of the cosmos is that it is easily scalable both vertically and horizontally. The applications using blockchain can grow and expand with cosmos blockchains and are not restricted to only a certain number of users.
• Trustable: One thing that makes the cosmos different is the trust factor. As the zones or blockchains are connected, the transactions through the cosmos wallet are recorded and cannot be replicated at multiple blockchains. This makes them fraud and redundancy proof.
• Independent: Now, one might think that just because all the blockchains are connected, the blockchains do not work individually. That is not the case. They do communicate the transactions and values, but they are still independent of each other.
Storing cosmos: web wallets
Cosmos is still growing and has a long way to go. If one is planning to buy cosmos tokens, then having a place to store these tokens safely should be the very first concern. Now, to store crypto, one should have wallets. These cosmos wallets are not exactly the place where the tokens and coins are physically stored. Instead, these wallets are the place where the tally of the tokens is stored. Therefore, to trade and transact the cosmos tokens, one should have the right web or application based wallet. These wallets will allow the owner to send tokens, receive tokens, and even trade the tokens from their account. All one needs to do is open an account in their wallet and store the tokens safely. There are various cosmos wallets that one can find online, which can be either used directly from the web or downloaded.
Creating a wallet account
Web wallets are highly useful, as they will keep the coins and tokens safe and keep the transaction records for one to check later. One thing that should be kept in mind while using a wallet is that picking the right password is highly important while opening one's account. Here are steps to follow to create one account.
1. Visit the site: One will have to visit the official site of the cosmos web wallet. On the site, one will find an option to create an account. Click on the option.
2. Choose a password: Now fill in the details that are asked on the page. Along with it, one will have to choose a password that is safe and strong. Choose a password that is not used anywhere.
3. Keep backup: One should keep a backup of the account on their device safely. As most trusted wallets these days do not keep records, they will lose all coins if one loses their account.
4. Manage: Now, the account is all set., use the account to trade the coins and tokens or send and receive. As long as one has the password of the cosmos wallet, the tokens will be safe.
Choosing cosmos wallet
While the web wallets for cosmos are becoming quite popular these days, all thanks to rising cosmos popularity, one should still be vigilant about finding the right wallet. Not all wallets are safe, and not all are easy to use. Some of the factors to focus on while choosing a web wallet are:
• Security: Make sure that the wallet is completely safe. Choose non-custodial wallets for better safety. These wallets do not record the transactions and do not share private details with any third party service.
• Reviews: Customer word of mouth is something that you should pay attention to. Most of the cosmos wallets will have certain reviews and testimonials posted about them. Read the reviews and see if the wallet is favored and liked by the users.
• Ease of use: Always pick a wallet that is easy to understand and easy to operate. A complicated wallet is not something that one would want to deal with while checking balance or trading. The wallet should have a clean interface and good speed.
• Updates: One should check the wallet's community pages and official website to see if the wallet is updated regularly. Regularly updated features will make a cosmos web wallet a better option as it shows that the developers keep bettering the wallet.
Cosmos is one of the up and coming cryptocurrency networks that comprises various blockchain and tokens. The ease of use and the network's scalability makes it trustworthy among other blockchain in the market. One can easily buy, store, trade, and transact cosmos tokens and coins over this network. You can choose various tokens and coins, the most popular being the ATOM. All one needs to have is a safe and reliable cosmos web wallet that one can use to keep their private keys to cosmos tokens on the blockchain network.
