Cosmos Network has announced a transition to Cosmos Interchain. The objective is to revolutionize blockchain interoperability. Cosmos Interchain aims to bring together a large number of networks like Celestia, Cosmos Hub, and Injective, among others. This marks the beginning of a new era with improvements to the ecosystem. They include a tech stack featuring Cosmos SDK and Tendermint Consensus.
While it covers two different aspects, it is Tendermint whose speed and security will play a vital role in boosting the appeal of Cosmos in the world of cryptocurrencies.
A short-term impact is evident because the token, ATOM, is up by 4.90% at the time of writing the article. That comes in a time window of 24 hours for a value of $4.13. However, it is still down by 5.87% in the last 7 days and 18.31% in the last 30 days. ATOM price prediction is a little bearish about the token. It projects a downfall with a decline of 2.61% in the next 30 days. That will take ATOM to approximately $3.97.
As for Interchain, Cosmos has defined it as a web of interconnected blockchains. The precise number of blockchains is not revealed but Cosmos has pitched the following Map of Zones to keep track of the expansion. Projections are not yet public too but Cosmos expects a certain expansion of the ecosystem.
The price of ATOM will not only be determined by the transition to a new brand. It will also be determined by the scarcity of the token. The likes of BTC have gathered a lot of attention; however, it is Cosmos that hosts the 4th largest number of developers on the network. This is way ahead of Solana or Bitcoin. It signals that neither the project nor the token is dead.
ATOM is essentially utilized in rewarding developers. The ratio heavily favors them in comparison to users. This is to an extent that even recommendations come to favor investments in exploring projects that are built on top of Cosmos.
Several users have appreciated the transition saying that they next saw ATOM traded at around $10 while others said that this was just the beginning. As for the project, some members are highlighting that almost 90% of the projects are dead. Most of it stems from the discussion on the social media account of Cosmos Interchain.
Cosmos Interchain is likely to boost ATOM as more developers come on board. Hence, the demand for the token ATOM will only rise, potentially marking upticks in the value. ATOM has almost 38.72% in 1 year and it could use some pulls from developments like these.
This builds on top of the development by Cosmos where Project Pax went live to facilitate cross-border transactions. Powered by IBC, the initiative currently assists enterprises in undertaking cost-effective transfers across borders. TOKI and Progmat’s partnership has helped extend this project. If successful, it will be commercialized in 2025 to exchange stablecoins across the border. Suffice it to say, the community has applauded the move and the ecosystem is more than enthusiastic about it.
Credit: Source link