Coinone Announces First Public Listing of Cosmos’ Atom Token on CGEX Cryptocurrency Exchange
CGEX AND COINONE LIST ATOM OF COSMOS FOR THE FIRST TIME IN THE WORLD
SEOUL, 28 February 2019 – CGEX, a global exchange subsidiary and the provider of BTC market of Coinone, announces its public listing of Cosmos’ ATOM token following its mainnet launch expected in early March. Cosmos is a decentralized ecosystem leveraging modular, adaptable and interchangeable tools to create unlimited scalability and interoperability between other blockchains.
Since December 2018, Cosmos blockchain has been operating its testnet called ‘Game of Stake’. Cosmos’ mainnet is expected to be launched during the second week of March and currently hosts more than 70 projects. Its ATOM token supports validator transactions.
ATOMs are used to pay for transaction fees on the main Cosmos hub and are also required to participate in the consensus process. Validators stake ATOMs to earn both block rewards and transaction fees. To be a validator, one must bond their ATOMs (lock them up) with enough ATOMs in order to be among one of the top 100 of the highest staked balances in the network. The verifier is responsible for staking the owned or delegated ATOM and verifying the transaction and adding blocks. Any node found to be acting with malicious intent will be removed from the system and their staked ATOMs will be burned.
In April 2017, Cosmos achieved its funding target of $10 million in the first minute of its ICO and raised $17 million in 28 minutes. Coinone was the only exchange that supported Cosmos ICO at the time.
“When we list cryptocurrencies, Coinone carefully examines which innovative contributions the project can make to the ecosystem of blockchain,” said Kevin Cha, CEO of Coinone. “We believe that Cosmos can contribute to expanding the blockchain industry by connecting blockchains. For the same reason, we supported investors to participate easily in ICO, at Cosmos ICO in 2017.”
Powered by BFT consensus algorithms like Tendermint consensus, Cosmos solves the problem of scalability in the blockchain ecosystem by connecting existing, individual intranets. In order to connect different blockchains, Cosmos plans to develop and apply an IBC (Inter-Blockchain Communication) protocol. Cosmos network consists of Hubs and Zones. Each of Hub and Zone communicates on the basis of the IBC, enabling token transmission between each other, and thereby improving the flexibility of the token and the scalability of the blockchain.
Another key function of Cosmos is Tendermint and SDK (Software Development Kit). Tendermint and SDK are core engines and tools that enable anyone to build and connect zones on Cosmos networks. Blockchain is composed of networking, consensus, and application layers, where Tendermint modularizes and provides networking and consensus layers. By doing so, developers can create a new blockchain by producing only application layers. The SDK is a tool for developing DApp on Cosmos, allowing anyone to create new blockchains.
CGEX, as a crypto-based global cryptocurrency exchange, aims to be a representative global cryptocurrency platform that can be trusted. CGEX adopts world class server engine and traditional financial sector graded security protocols to provide fast, safe and specialized trade experience. Especially by providing optimized trading system and various financial instruments to cryptocurrency specializing investors, CGEX plans to place itself as a globally representative cryptocurrency platform that is differentiated to others.
Coinone, is a blockchain-specialized company opening a new world of finance. Centralizing one of the biggest Korean cryptocurrency exchanges, we are currently leading the blockchain related financial service sector including foreign remittance, server engine and node management. Under the mission to connect the world with a new connection of blockchain, Coinone continues its journey to becoming the blockchain-based company that leads the cryptocurrency and blockchain industry.