ATOM is a decentralized digital asset based on the Cosmos Network, an open source blockchain protocol for scalable, secure and interoperable distributed applications (dApps). The native cryptocurrency of the Cosmos Network is ATOM. It serves as a medium of exchange between users on different blockchains within the network and also provides incentives to staking validators who commit processing power to maintain consensus across all connected chains in order to process transactions.
Atom was launched through an Initial Coin Offering (ICO) in March 2017 by All In Bits Inc., now known as Tendermint Inc., with a total supply of 230 million tokens allocated over two years. As one of its core features, Atom offers atomic swaps which enable users to swap cryptocurrencies directly from their wallets without relying on third-party exchanges or custodians. To facilitate this technology, it uses Inter-Blockchain Communication Protocols (IBC), allowing assets such as coins and tokens issued on separate networks to be exchanged securely via hashed time lock contracts built into each chain’s respective protocols.
Atomic swaps are just one use case enabled by Atom’s underlying architecture; other potential use cases include cross-chain trading platforms that allow users to trade various cryptoassets against each other at market prices with no counterparty risk involved due to how atomically swapped trades are settled instantly between both parties once agreed upon terms have been met. Additionally, ATOM can be used for voting rights within certain projects hosted by the platform as well as provide financial support for developers building dapps inside its ecosystem among many more possible applications yet undiscovered or explored further..
The main purpose behind creating ATOM was not only providing traders with necessary tools but also encouraging innovation around distributed ledger technologies(DLT). By introducing Atomic Swaps capability along with IBC protocols aimed at enhancing scalability & interoperability benefits ,it created an environment where DLTs could work together effectively . This means businesses will be ableto deploy multiple blockchains simultaneously while connecting them autonomously – thus forming multi-blockchain architectures tailored specifically according individual needs . Users will benefit from having access tobetter user experience when using multiple currencies , since they won’t need go through tediousprocesses like registering accounts at centralizedexchanges anymore – instead they’ll be able torelyon convenient services provided by Atoms’infrastructure
In addition ,the creators wanted make surethat holders would get rewarded participating inthe project’s development so PoS consensusmechanism was implemented accordingly -simply put anyone willing stake their coinswill receive rewards proportional amount committed resources towards maintainingconsensus across connected chains !
