Cosmos aims to create an “Internet of Blockchains” that facilitates data and token sharing through interconnected independent Blockchains (regions) without a central authority. This network operates with open-source tools such as the Tendermint BFT algorithm and the Cosmos Software Development Kit (SDK), while the Cosmos Hub ensures communication and interoperability among all regions. Supported by its native cryptocurrency ATOM, Cosmos offers a customizable and interoperable ecosystem. In this article, you can find answers to two frequently asked questions: what is Cosmos (ATOM) and how to buy Cosmos (ATOM) with TRY.
What is Cosmos (ATOM)?
Often referred to as the “Internet of Blockchains,” Cosmos aims to create an interconnected Blockchain network. Its primary goal is to facilitate transactions between various Blockchains using open-source tools, focusing on customizability and interoperability to set it apart from others. Unlike projects that prioritize their own networks, Cosmos promotes an ecosystem where different networks can share data and tokens without a central authority overseeing the process.
Each new independent Blockchain within Cosmos, known as a “region,” connects to the Cosmos Hub. The Hub keeps records of each region’s state and vice versa. This central hub operates 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, while the consensus layer helps nodes agree on the network’s current state. These layers are interconnected through a series of open-source tools, with Tendermint BFT being the most crucial element.
Tendermint BFT (Byzantine Fault Tolerance) is an algorithm essential for the Cosmos network, allowing developers to create Blockchains without extensive coding. Tendermint Core, a proof-of-stake governance mechanism, ensures the distributed computer network running Cosmos Hub remains synchronized. Validator nodes powering the Blockchain and voting on changes must stake ATOM to participate. To become a validator, a node must be among the top 100 stakers of ATOM, with voting power proportional to the staked amount. Users can also delegate their tokens to other validators, influencing network governance while earning a portion of the block reward.
Cosmos Hub is the first Blockchain launched within the Cosmos network and serves as an intermediary for all independent Blockchains or regions created within the ecosystem. Each region operates independently, managing functions such as account validation, transaction validation, token creation and distribution, and Blockchain updates. Cosmos Hub facilitates interoperability between these regions by maintaining a comprehensive record of their states.
A significant feature of Cosmos is the Inter-Blockchain Communication (IBC) protocol, which connects regions to the Cosmos Hub. IBC allows information to move freely and securely between regions. Once a region connects to the Cosmos Hub, it becomes interoperable with all other regions connected to the hub, enabling seamless data exchange between various Blockchains with different applications, validators, and consensus mechanisms.
The Cosmos team has developed the Cosmos Software Development Kit (SDK) to support developers. This toolkit allows developers to create Blockchains using the Tendermint consensus algorithm and simplifies the development process by offering common Blockchain functions such as staking, governance, and token management. Developers can also create custom plugins to add unique features to their Blockchains, enhancing the flexibility and functionality of the Cosmos ecosystem.
How to Buy Cosmos (ATOM) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Cosmos (ATOM). Over 100 cryptocurrencies, including ATOM, can be bought and sold on Binance TR, where accounts can be quickly created. 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 quite easy. You need to go to trbinance.com and proceed from the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as your email address, phone number, name-surname, date of birth, nationality, and T.C. identity number.
After entering the requested information completely and accurately, an email/sms verification will be done to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can choose to perform the verification process from your phone or through the official Binance TR website. Note that you will need your mobile phone to perform 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 click on “Verify.” After this step, you will need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, you can click on the “Copy URL” option to have the identity verification address sent to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. From here, first tap on the “Identity” option to continue.
Then a screen like the one below will appear. To continue the verification process, first select the document type that suits you and continue.
After selecting the document type, tap on the “Upload front side” option to continue. After taking a photo of the front side of the document according to the document type you selected, tap on the “Upload back side” option and take a photo of the back side of the document and upload it. Make sure the images are clear and the information in the photo can be easily read when taking photos of the front and back sides of your ID card or driver’s license.
Then tap on the “Selfie” option to continue. At this point, your phone’s front camera will open, and you will need to scan your face. Make sure your face fills the camera area as much as possible after the camera opens.
After completing all these steps correctly and accurately, your identity verification process will be completed within a short time.
How to Deposit TL on Binance TR?
You can easily deposit TL into your Binance TR account from all banks. You can deposit and trade TL 24/7 from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts without interruption. Deposits up to 50,000 TL can be made 24/7 with FAST from other banks. Deposits over 50,000 TL from other banks are processed during EFT hours.
To deposit money into your Binance TR account, first go to trbinance.com, hover over the “Wallet” option at the top left of the homepage, and click on the “Deposit” option from the drop-down menu.
Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank from this page. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking on the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer, EFT, or FAST to that bank. All you need to do now is to transfer the amount you want to deposit into your Binance TR account using the information displayed on the bank’s page via transfer, EFT, or FAST.
After your bank completes the transfer process, the funds you sent will automatically reflect in your Binance TR account wallet.
How to Buy ATOM Coin with TL on Binance TR?
After the deposit process, you can proceed to the step of buying ATOM coins with TL by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.
After clicking on this option, the page below will open. You can go to the ATOM/TRY buying page by typing “ATOM” in the search section on the right side of this page and clicking on the ATOM/TRY option from the results.
Now the ATOM buying page below will open. On this page, in the area marked with a red box, you need to enter the price at which you want to buy ATOM in the first box and the number of ATOM you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy ATOM” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, 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 gain access to market-leading spot trading liquidity, a robust matching engine, advanced security protocols, custody solutions, and risk controls, all supported by Binance’s core functionalities through Binance TR.
