Cosmos (CCC:ATOM-USD) surged 25% in trading today to a new all-time high just over $32. ATOM-USD has since retreated slightly from the peak of $32.05 to $29.22 at the time of writing.
Cosmos is a platform for streamlining transactions between different blockchains, such as Bitcoin (CCC:BTC-USD) and Ethereum (CCC:ETH-USD). Dubbed the “Internet of blockchains” by its founders, Cosmos uses a proof of stake blockchain with Byzantine Fault Tolerance. ATOM is the coin that powers it all.
Cosmos solves the interoperability challenge for digital currencies, i.e. the need for two digital currencies to have compatible technologies and protocols in order to interact. Its Inter-Blockchain Communication protocol lets users exchange assets from one blockchain to another. Cosmos also provides tools for developers to easily build their own blockchain applications on the Cosmos network.
ATOM is the blockchain’s native coin and is primarily used to reward validators and for staking. There is no specific limit on the supply of ATOM. The number of tokens created is based on the number of ATOM being staked, which leads to “an annual inflation rate of anywhere between 7% and 20%.”
With Cosmos currently trading around $29, where does ATOM-USD go from here?
Cosmos (ATOM) price Predictions
On the date of publication, Vivian Medithi did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Article printed from InvestorPlace Media, https://investorplace.com/2021/05/cosmos-atom-price-predictions-where-will-the-atom-crypto-go-after-its-record-high/.
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