Cosmos Announces Upcoming Token Sale to Build Internet of Blockchains

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The Initial Coin Offering or Token Sale fundraiser for building out the Cosmos Network – a network of Blockchains to solve some of the biggest problems facing the Blockchain industry, such as the lack of interoperability, poor performance and scalability  – will start on Thursday, April 6 at 6am PDT, and will last at most two weeks. Based on the ground-breaking Tendermint consensus algorithm, the project  is scheduled to be released in Q4 2017.

Participants in the fundraiser will be allocated atoms, the native token of the Cosmos Network upon launch. The cap is set at USD$10m.

Atoms will be used to perform important functions of the network including validating blocks and will earn transaction fees.

The terms of the ICO are located here. The how-to is located here. Brian Fabian Crane has blogged more about the ICO structure here.

The Tendermint consensus algorithm was started in 2014, and has strong traction in Blockchain consortium and enterprise use cases. It can support block-times of 1 to 2 seconds and thousands of transactions per second. Leading Blockchain companies, such as Monax and Stratumn, have been building on Tendermint. Tendermint-based PoCs have been deployed by companies including Accenture, SwissRe, Barclays, Tokyo Stock Exchange, SWIFT and Deloitte.

Recently, the leading Ethereum client Parity has also integrated Tendermint, making it possible to run private Ethereum networks with the Tendermint consensus.

The Cosmos Network will allow native connectivity between different Blockchains. It will include an on-chain decentralized exchange that combines decentralized custodianship with centralized order-matching. This way, it will be possible to combine the performance of centralized exchanges with the security of decentralized exchanges.

A key component of the Cosmos Network is the InterBlockchain Communication (IBC) Protocol, which allows moving assets between Blockchains. Bridges to existing major Blockchains Bitcoin and Ethereum are being developed, which will allow moving bitcoin and ether on to the Cosmos Network.

Various projects are lining up to build on the Cosmos Network. One example is Blockchain-based lending platform WeTrust. “With the Cosmos Network our users will have the freedom to move cryptocurrencies around with ease and allow WeTrust to serve more people.” shared the WeTrust Co-Founder Patrick Long.

Responsible for creating the Cosmos network is the Interchain Foundation, a non-profit based in Zug, Switzerland.

Cosmos shapes up to play a key role in the rapidly evolving Blockchain ecosystem by addressing the key problems of interoperability and scalability. Through creating an internet of Blockchains, it will make it possible for digital value on different Blockchains to be transferred and exchanged with ease.

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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