Cosmos is striving to establish an interconnected network of Blockchains known as the “Internet of Blockchains,” enabling the sharing of data and tokens across autonomous Blockchains (regions) without the need for a central authority. This network utilizes open-source tools like the Tendermint BFT algorithm and the Cosmos Software Development Kit (SDK), with the Cosmos Hub serving as the bridge that ensures seamless communication and interoperability among all regions. Fueled by its native cryptocurrency ATOM, Cosmos offers a versatile and interoperable ecosystem. In this piece, we delve into the answers to two commonly asked questions: what is Cosmos (ATOM) and how to purchase Cosmos (ATOM) using TRY.
What is Cosmos (ATOM)?
Often dubbed as the “Internet of Blockchains,” Cosmos is on a mission to create an interconnected Blockchain network. Its primary objective is to facilitate transactions between different Blockchains by leveraging open-source tools, emphasizing customizability and interoperability as its distinguishing features. Unlike projects that prioritize their own networks, Cosmos fosters an ecosystem where diverse networks can exchange data and tokens without a central overseeing authority. For the latest technology news, visit NEWSLINKER.
Each new independent Blockchain within Cosmos, referred to as a “region,” connects to the Cosmos Hub. The Hub maintains records of each region’s state and vice versa. This central hub functions on a proof-of-stake Blockchain and is supported by the native ATOM cryptocurrency.
The Cosmos network is structured into three main layers: the application layer, the network layer, and the consensus layer. The application layer processes transactions and updates the network’s state, the network layer facilitates communication between transactions and Blockchains, and the consensus layer assists nodes in agreeing on the network’s current state. These layers are interconnected through a set of open-source tools, with Tendermint BFT being a critical component.
Tendermint BFT (Byzantine Fault Tolerance) is an essential algorithm for the Cosmos network, enabling developers to build Blockchains without the need for extensive coding. Tendermint Core, a proof-of-stake governance mechanism, ensures that the distributed computer network running the Cosmos Hub remains synchronized. Validator nodes, which power the Blockchain and vote on changes, must stake ATOM to participate. To become a validator, a node must rank among the top 100 stakers of ATOM, with voting power proportional to the staked amount. Users also have the option to delegate their tokens to other validators, influencing network governance while earning a share of the block reward.
Cosmos Hub, the first Blockchain launched within the Cosmos network, acts as an intermediary for all independent Blockchains or regions established within the ecosystem. Each region operates independently, managing functions such as account validation, transaction validation, token creation and distribution, and Blockchain updates. The Cosmos Hub promotes interoperability among these regions by maintaining a comprehensive record of their states.
A notable feature of Cosmos is the Inter-Blockchain Communication (IBC) protocol, which links regions to the Cosmos Hub, allowing information to move securely and freely between regions. Once a region connects to the Cosmos Hub, it becomes interoperable with all other regions linked to the hub, enabling seamless data exchange among diverse Blockchains with varying applications, validators, and consensus mechanisms.
The Cosmos team has developed the Cosmos Software Development Kit (SDK) to support developers. This toolkit enables developers to create Blockchains using the Tendermint consensus algorithm and streamlines the development process by providing common Blockchain functions such as staking, governance, and token management. Developers can also design custom plugins to incorporate unique features into their Blockchains, enhancing the flexibility and functionality of the Cosmos ecosystem.
How to Buy Cosmos (ATOM) with TRY?
Binance TR is the ideal cryptocurrency exchange for investors in Turkey looking to purchase Cosmos (ATOM). With over 100 cryptocurrencies available for trading, including ATOM, Binance TR offers a quick and straightforward account creation process. To buy Cosmos (ATOM) with TRY on Binance TR, follow these steps.
How to Open an Account on Binance TR?
Opening an account on Binance TR is a simple process. Visit trbinance.com and proceed with the “Create Account” step. In the initial account creation step, you will need to provide basic information such as your email address, phone number, name, date of birth, nationality, and T.C. identity number.
After entering all the requested information accurately, an email/sms verification will be conducted to confirm the details. Once this step is completed, you will proceed to the second step, which involves identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is a crucial security measure that must be completed before engaging in cryptocurrency trading or during the account creation process. This verification process is essential for safeguarding both the user and the cryptocurrency exchange. You can choose to perform the verification process via your phone or through the official Binance TR website. Please note that you will need your mobile phone to conduct identity verification from the website as well.
On the Binance TR website, hover over the “Profile” option at the top right, click on “Identity Verification and Limits” from the drop-down menu, and then select “Verify.” Following this step, you will be required to scan the QR code displayed using your phone’s camera and continue the process on your phone. If you are unable to scan the QR code, you can opt to have the identity verification address sent to your phone via SMS by clicking on the “Copy URL” option.
Upon entering the address on your phone or scanning the QR code, a screen will appear prompting you to continue the verification process. Tap on the “Identity” option to proceed.
Next, you will encounter a screen where you need to select the document type that suits you and continue the verification process.
After selecting the document type, tap on the “Upload front side” option. Take a clear photo of the front side of the document based on the selected document type, then tap on the “Upload back side” option to capture and upload a photo of the back side of the document. Ensure that the images are clear and that the information on the document is easily readable when taking photos of both sides of your ID card or driver’s license.
Subsequently, tap on the “Selfie” option. Your phone’s front camera will activate, and you will be prompted to scan your face. Ensure that your face occupies as much of the camera area as possible.
Upon accurately completing all these steps, your identity verification process will be finalized promptly.
How to Deposit TL on Binance TR?
You can deposit TL into your Binance TR account from any bank with ease. You can deposit and trade TL 24/7 from banks such as Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans without any interruptions. Deposits of up to 50,000 TL can be made 24/7 via FAST from other banks, while deposits exceeding 50,000 TL from other banks are processed during EFT hours.
To deposit funds into your Binance TR account, visit trbinance.com, hover over the “Wallet” option at the top left of the homepage, and select the “Deposit” option from the drop-down menu.
Next, a page will appear where you can choose your preferred bank to continue the deposit process. If your bank is not yet integrated with Binance TR, proceed by clicking on the “Other Banks” option.
For instance, if you select Vakıfbank, you will be provided with an account name and IBAN address for making transfers, EFTs, or FAST transactions to that bank. Transfer the desired amount to your Binance TR account using the information displayed on the bank’s page via transfer, EFT, or FAST.
Once your bank completes the transfer process, the funds will automatically reflect in your Binance TR account wallet.
How to Buy ATOM Coin with TL on Binance TR?
After completing the deposit process, you can proceed to purchase ATOM coins with TL by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.
Upon clicking this option, you will be directed to a page where you can search for the ATOM/TRY buying page by entering “ATOM” in the search section, then selecting the ATOM/TRY option from the results.
Upon accessing the ATOM buying page, enter the desired price at which you wish to purchase ATOM in the first box, followed by the number of ATOM coins you intend to buy in the second box. Finish the purchase by clicking the “Buy ATOM” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, launched Binance TR for cryptocurrency investors in Turkey in 2020. Headquartered in Istanbul, Binance TR can be accessed at trbinance.com.
Binance TR offers both fiat-to-crypto and crypto-to-crypto trading services, leveraging Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) through direct bank channels and trade various cryptocurrencies with TRY trading pairs via Binance TR.
Users benefit from market-leading spot trading liquidity, a robust matching engine, advanced security protocols, custody solutions, and risk controls, all backed by Binance’s core functionalities through Binance TR.
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Disclaimer: The information presented in this article does not constitute investment advice. Investors should be aware that cryptocurrencies are highly volatile and entail risks, and are advised to conduct their own research.
