Poloniex First Crypto Exchange To Allow Cosmos ICO Participants To Preview, Claim Atoms’ Balance

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Today, Poloniex became the only exchange to allow Cosmos ICO participants to preview and claim their Atoms’ balance. 

Cosmos itself aims to create a network of blockchains all capable of interacting with one another—which should solve many of the interoperability and scalability issues needed for blockchain applications to reach mainstream adoption. Atoms are the native token of the Cosmos Network.  

In the initial phase of the Cosmos launch, Atoms cannot be transferred or traded. During this time, ICO participants can preview their Atoms balance on Poloniex. Once the Cosmos network votes to enable transferability/tradeability, customers will be able to redeem their Atoms on Poloniex and start trading immediately. We are providing this experience to give ICO participants a simple and secure way to claim their Atoms and start trading on the first day possible.

Once transferability/tradeability is enabled, Poloniex will open BTC and USDC markets to all of users. Non-ICO participants interested in trading Cosmos Atoms are recommended to create and fund an account in preparation.

More on Cosmos

Tendermint Core is a consensus engine that allows the Cosmos Network to agree on something (for example, cryptocurrency balance, ownership of a digital good). Developers can create their own custom blockchains using Tendermint, called “zones.” These blockchain “zones” become interoperable with any other blockchain also built using the Tendermint standard by connecting through the central Cosmos blockchain known as the “hub.” These interconnected zones and hub form the Cosmos Network.

Where blockchains like Ethereum and Bitcoin secure their networks through Proof-of-Work, the Cosmos Network uses Proof-of-Stake. Instead of miners committing custom hardware and electricity towards solving computations that secure the network, Cosmos validators “stake” Atoms in order to secure the network. Behavior against the security or stability of the network leads to a validator losing their “stake”, which is an incentive for them to act in the best interest of the network.

A network of interoperable blockchains secured through Proof-of-Stake can potentially lead to blockchain applications not limited by the interoperability and scalability issues currently faced by major public chains. Cosmos may also address scalability issues for existing blockchains — for example, the Ethereum blockchain is implemented as a zone on the Cosmos Network, giving Ethereum applications improved scalability and transaction throughput. While all of this remains to be seen, it can help explain why such excitement exists around the launch of Cosmos.

To the Cosmos and beyond

Poloniex rose to prominence by being at the forefront of supporting and creating markets for new and innovative projects. By the time the exchange was acquired by Circle in 2018, much work was needed to restore Poloniex to its former glory. After committing tremendous resources, Circle completely revamped Poloniex’s infrastructure, stabilized the platform, and have reduced customer support tickets from 200,000 to nearly zero.

Poloniex is dedicated to support the curation and support of the most exciting projects in crypto. In addition to adding support for institutional users and allowing prefork trading of the Bitcoin Cash hardfork, in the last few months Poloniex has been the first exchange to support FOAM and Livepeer, and were the only exchange to support Grin while donating to the Grin General Fund.

    Adapted from: Author: Emily Executive editor: Emily Sun
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