ATOM is the native cryptocurrency of the Cosmos blockchain and it has just been listed on the Binance exchange, CCN has revealed. Furthermore, immediately after the Binance listing, the price of ATOM increased by 27 percent against the U.S. dollar.
Changpeng Zhao, the CEO of Binance, said, “Here is a project that refused to even talk to an exchange about listing (and we have a good relationship with their tech guys), but we list it anyway. Good tech wins!”
Cosmos is a proof-of-stake (PoS) blockchain network that prioritizes interoperability. For example once it is rolled out, users will be able to swap tokens between various blockchain networks and communicate with users of other cryptocurrencies on the blockchain.
Zaki Manian, the director of Tendermint Inc, the company behind Cosmos told Coindesk, “In proof-of-stake, the costs and rewards [of the system] are internal. So, we had to come up with a very sophisticated system of distributing rewards, of distributing the speculator taxation system, of punishing people for malicious behavior, of punishing people for going offline. All of it has to be internal to the system and that’s why proof-of-stake is such a significant engineering feat over proof-of-work.”
Cosmos is expected to compete amongst the likes of top PoS blockchain protocols such as Cardano and EOS over the long run. There appears to be a lot of optimism about Cosmos, because of the fairly active usage of the Cosmos SDK since it launched in March, by projects such as Binance Chain, e-Money, Loom, Sentinel, TruStory, and Terra.
Coindesk suggests that the level of confidence in Cosmos, so early after the software launch, could “indicate that investor confidence in the long-term outlook of the cryptocurrency industry is noticeably recovering.
Linda Xie, the co-founder at Scalar Capital, said “I see early use cases being asset transfer (largely on Cosmos) and making it easier for people to start their own chain by leveraging pooled security (slightly more with Polkadot). Whether most of these chains should exist is a different story.”