Crypto Corner: a profile on ATOM

We welcomed the ATOM token to the Wirex app just last month. Ready to get to know it a bit better?

What’s it all about?

ATOM powers the Cosmos ecosystem, an ever-expanding network of interoperable blockchains.

The Cosmos network aims to make it easier for developers to build blockchains and break down the barriers between them by allowing different networks to transact with each other. Rather than prioritising its own network, Cosmos’s focus is on building an ecosystem of networks that all share data and tokens programmatically.

The Cosmus Hub is the central blockchain to which each new blockchain in the ecosystem (known as a “zone”) is tethered. The Cosmos Hub is a proof-of-stake blockchain powered by ATOM.

What can you do with ATOM?

ATOM can be staked to help secure the Cosmos Hub (as well as other chains that request it) in exchange for transaction fees, newly created tokens and voting rights in governance decisions.

If you fancy adding some to your crypto portfolio, you can buy it in the Wirex app at unbeatable OTC rates. Plan on HODLing it? Don’t miss your chance to earn up to 20% AER on it just by moving it into an X-Account!

Who came up with the idea?

The Cosmos network was founded by Jae Kwon and Ethan Buchman in 2014. At the time, they were creating the consensus algorithm Tendermint, which went on to power Cosmos. The software eventually launched in 2019.

An ICO of ATOM was launched in 2017 by Swiss non-profit organisation the Interchain Foundation (ICF), which helped develop and launch Cosmos. It was hugely successful, raising $16.8 million in just 30 minutes.

Any fun facts?

ATOM has risen in market capitalisation ranking surprisingly quickly since its launch and still comfortably sits in the top 20. The Cosmos ecosystem as a whole now accounts for over $153 billion worth of digital assets under management, with chains including Binance Smart Chain, Terra and having joined it.