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Cosmos Network Explained 2022 | Keplr Wallet Tutorial


Today i am going to quickly explain what cosmos is , show you how to explore it's expanding eco-system and tell you about some of the top cosmos projects you need to be paying attention too . I need to give you a disclaimer before I talk about Cosmos. I am not a financial advisor , I'm just an educator and this blog post is written with the sole purpose of providing you factual information. Please contact a financial advisor if your portfolio has been killed. If you're new here, you might be feeling a little bit lost right  My name is "MrCrypt "and I am your crypto geek here at the cryptolibrarynow . I pass on the knowledge of cryptocurrencies, exchanges, DeFi, protocols, NFT'S and market analysis are just a few of the topics I tackle on the daily basis. Now enough with the intro. Let's get it on , Let's unpack "What's Up" with Cosmos....

What is Cosmos ?

If you're unfamiliar with Cosmos, here's the TL;DR. Cosmos was founded by computer scientists J Quan and Ethan Buchanan in 2014. Cosmos was built by Tendermint Inc, a software company based in the United States. Cosmos's development is coordinated by the Interchain Foundation, a Swiss nonprofit. Cosmos raised almost $18 million across three token sales in 2017, and the Cosmos mainnet went live in early 2019. Under the hood, the Cosmos blockchain uses a novel proof of stake consensus algorithm called TENDERMINT, which was invented by the project's founders. Tendermint makes it possible for Cosmos to process up to 10,000 transactions per second while remaining secure. The tradeoff is decentralization, cosmos only has 150 validators. Now, in contrast to other proof of state cryptocurrencies, the cosmos blockchain does not support smart contracts per se. Instead, Tendermint Inc created a developer toolkit called the Cosmos SDK, which makes it possible to build so-called application specific blockchains from the ground up. This is because Cosmos is creators believe that every decentralized application in cryptocurrency is eventually going to need its own blockchain if it wants to remain usable as adoption continues. The unsustainable guess fees we've seen on Ethereum and other general purpose smart contract cryptocurrencies are arguably proof that this is the future we're in for. Over 50 Cosmos based blockchains have been created so far including Binance Coin Terra, Kronos and Thor Chain. The total market cap of these cryptocurrencies currently stands at a staggering $140 billion, which makes the Cosmos ecosystem the second largest after Ethereums. Now the glue that connects Cosmos based blockchains together is the inter blockchain communication protocol, or IBC. You can think of IBC as being an interoperability standard that can be added to just about any proof of state blockchain. Any blockchains that have IBC enabled can instantly, cheaply, and securely transfer assets to and from any other blockchains that have IBC enabled. This creates a cross chain experience that is unparalleled in cryptocurrency, and it's a big part of why Cosmos based cryptocurrencies have seen so much investment and adoption lately. If you want to know more about what Cosmos itself has been up to, you can find out using the link in the description.

Kepler Wallet Tutorial -:

Now, the first step to exploring the Cosmos ecosystem is to add the Kepler wallet extension to your browser. To do this, go to the Kepler app website and click on install Kepler for Chrome. On the page that pops up, click add to Chrome and then add extension on the little window that pops up . Next click on the little puzzle piece on the top right hand side of your browser and click on Kepler. Click on create new account. Make sure to pay close attention because the information on this page is extremely important. At the top, you'll see your pneumonic seed. Be sure to write down these words and put them in a safe place. Do not show them to anyone because you can use these words to recover the crypto in your wallet if anything happens to your computer. Pro tip, if you want to be extra secure, you can click on the option to have 24 word pneumonic phrase instead of 12 words. For the sake of this tutorial, I'll be sticking to a 12 word seed phrase. So once you've written down your mnemonic phrase, choose a wallet name that suits you and create a secure password. When you click next you'll be asked to order the words in your pneumonic phrase and you do this by clicking on them. Once that's done, click register and that's it. You've just created your very own Kepler wallet. Click on done and then open the Kepler browser extension. Now As you can see, your Kepler wallet is set to the cosmos blockchain by default. Clicking on Cosmos Hub at the top will open the list of all the other cosmos based blockchains that Kepler wallet supports, and these seem to be ordered based on popularity. Because these are all sovereign blockchains, you'll need their respective cryptocurrencies to pay for fees. The only problem is that most cosmos cryptocurrencies aren't listed on any centralized exchanges, even some of the most popular projects. Luckily, there's a simple solution, and that's cosmos's atom coin. Now, Atom is available on almost every cryptocurrency exchange, and it serves as the de facto gateway into Cosmos's ecosystem. Naturally, the next step is to add atom to your cosmos wallet in Kepler's. Note that you can copy your Cosmos wallet address by clicking on it. If you're wondering which crypto exchange is the best to buy atom from, well, I recommend Kucoin , which recently added atom to its list of assets if you don't have an  Kucoin account already, click on me for complete kucoin tutorial . 

Osmosis Tutorial -:

Anyways, once you've added some atom to your cosmos wallet in Kepler, it's time to explore the interchain. Our first stop is osmosis, the largest decentralized exchange in the Cosmos ecosystem with over $1.5 billion in total value locked. Osmosis was founded in January 2021 by Cosmos developers Josh Lee and Sunny Aggarwal, both of whom used to work for Tendermint Inc. The osmosis main net went live last summer. Osmosis is an automated market maker, or AMM like uni swap, meaning that it uses the ratio of two tokens in a pool to determine their price. The difference is that the osmosis decks lives on its own blockchain and will eventually offer front running resistance for traders and privacy for liquidity providers. Fun fact, the Osmosis team has refused requests from centralized exchanges to list the Osmo coin, with sunny telling sexes that their users should go to the osmosis decks if they want to get Osmo. I digress. Now, on the osmosis website, click on enter the lab. This will bring you to the osmosis app, and you should get a pop-up that warns you about the risks associated with osmosis. Note that these risks are the same ones you'd find with any decks or defi protocol in cryptocurrency, so don't be too concerned. Just click on the little box that says I understand the risks and would like to proceed, and then click proceed. Next, click on the button that says connect wallet on the bottom left of the osmosis app. Select the Kepler wallet from the menu and then approve the connection request in your Kepler wallet. You should see your osmosis wallet balance show up in the bottom left, where it said connect wallet. Now, as I mentioned a few moments ago, interacting with the osmosis decks requires the Osmo coin to pay for transaction fees on its blockchain, but it's not possible to purchase osmo from a centralized exchange. Thankfully, this paradox can be easily resolved by sending atom to the osmosis blockchain. To do this, click on the assets tab on the left side of the osmosis app. The third cryptocurrency on the list should be atom. Click on deposit and then approve the connection request in your Kepler wallet. Now as you can see, you'll be asked how much atom you want to send from the cosmos blockchain to the osmosis blockchain. Whatever amount you decide, make sure you leave enough atom in your cosmos wallet to pay for transaction fees on the cosmos side. A few dollars worth should be enough. Next, click deposit now. Here you'll be asked to sign for the transaction from the Cosmos side, and the average gas fee of a few cents should be more than enough to get your atom across. After about 10 seconds, you'll see your atom balance show up in the assets tab of the Osmosis app. That is lightning fast for across chain transaction and that's all thanks to the IBC. When you go back to the trade tab of the osmosis app, you should see your atom balance show up in the default trading pair, which is atom and Osmo. If you try and swap between the two, you'll see that all transactions on the Osmosis blockchain are currently free, so long as you use the average or low transaction fee. Even so, I recommend buying a few dollars of Osmo if you plan on using the osmosis decks in the future, since this is likely to change and that's exactly what I'm going to do now. The swap should take about 5 seconds, and when you open up the Kepler extension and switch to the osmosis wallet, you should see your Osmo balance show up. That is the beauty of Cosmos and Kepler. The only crypto wallet that comes close to this degree of usability is the fantom wallet .

Umee Tutorial -:

Anyhow, now that you're acquainted with osmosis, you can start acquiring the cryptocurrencies you need to interact with other cosmos based blockchains. When you go back to the assets tab in the osmosis app and Scroll down, you'll notice that there are a lot of Cosmos projects to choose from. Our next stop for today is umee, a cross chain defy hub that recently raised over 32$ million in an ICO on coin list umee was founded by Cosmos developer Brent Tzu, who also worked for Tendermint Inc and even worked for consensus, one of the largest companies in Ethereum's ecosystem. Umees backers include Coin based ventures, Alameda research, jump trading and, oddly enough, algorand. Uni is analogous to Aave, meaning it lets you lend and borrow cryptocurrency in a decentralized way. The difference is that umee involves some cross change in antigens that I'll get to in a moment. Because umee  exists on its own blockchain, we're going to need to get some Umee coins from the osmosis decks. To do this, head on over to the trade tab in the osmosis app and find Umee in the trading pair option. Then buy a bit of UMI. A few dollars worth will be more than enough. When you go back to the assets tab in the osmosis A and Scroll down, you should see your Umee balance. To withdraw it to your UMI wallet in Kepler, click withdraw. You'll be asked to approve the connection in your Kepler wallet and once you've done that, select the amount of umee you want to send over and click withdraw again. You'll then be asked to pay for the transaction fee on the osmosis side, which is currently nothing, and after about 10 seconds you should see your umee balance show up in your Kepler wallet. Truly amazing. Next, navigate to the umee website and click on launch app. In the top right. You'll automatically be asked to approve the connection to your Kepler wallet. Click approve. Note that you'll have to do this twice for both the Cosmos blockchain and umee blockchain. As you can see, you can currently earn some pretty attractive yield on any atom you lend out. As with osmosis, you're going to need to bridge this atom to the umee blockchain. O to do this, click on IBC on the right hand side. You'll then be asked how much atom you want to transfer to the umee blockchain. And remember not to transfer everything because you'll need atom to pay for fees on the cosmos side. As such, I'm selecting 75%. When you click transfer, you'll be asked to approve the transaction in the Kepler wallet, which costs just a few cents. Now here's where things get a bit tricky, so bear with me. Because umee is a cross chain protocol, you'll have to connect your meta mask wallet as well. To do this, click on the top right where it says connected wallets and connect your meta mask wallet to umee.   Anywho, once your meta mask wallet has been connected, click on the bridge button next to IBC. Select the amount of atom you want to send from Umee to Ethereum and click transfer. Note that the transaction fee at the bottom of this window that's paid in Atom comes from the atom in your umee wallet, and it's best to pay the fast fee because otherwise you could be waiting for a day or two. You'll then be asked to pay for the transaction from the UMEESIDE, which costs just a few cents. Behind the scenes, the Cosmos Gravity Bridge is being used to transfer your atom to Ethereum. After a few minutes you should see the atom you transferred show up in your meta mask wallet. Assuming you paid the fast fee of course. Now the good news is you don't need to pay anything on the Ethereum side to receive this wrapped atom. When you click on the supply tab of the umee  app you should also see your atom balance show up. And when you click on your balance you'll be able to supply atom as collateral to earn interest or borrow against. Which I'm not going to do here because ethereum gasfees. Unfortunately, umees lending and borrowing features with Cosmos cryptocurrencies are currently limited to Ethereum, but it will be adding support for other smart contract cryptocurrencies, including Cosmos chains, starting in April. In the meantime, you might as well stick to Ave and you can learn all about by clicking on me 

Top Cosmos Projects -:

Now, to wrap things up, I want to talk about a few Up and coming Cosmos projects that need to be on your radar. The first is Evos, a smart contract cryptocurrency that leverages the Ethereum virtual machine. Unlike other EVM chains, Evmos was built using the Cosmos SDK, and this means it's technically the fastest cryptocurrency with ethereum compatibility and extremely interoperable thanks to the IBC. Now evmoss was founded way back in 2016 when it was known as Ether-Mint and it rebranded to evmos late last year. Evmos was built by a software company called Tharsis, which was founded by seasoned software engineers Federico Kunze-Kulma and Akash Kosla. EvMoss was actually supposed to launch last week, but ran into technical issues related to the evmos AirDrop. I reckon it should be up and running soon enough. Well, the Kepler wallet has already added support for the evmos chain. It looks like it won't really be accessible to late adopters until the osmosis decks adds support for the evmos coin. In any case, keep your eyes peeled. The second Cosmos project that needs to be on your radar is Persistence. Persistence's purpose is to make it possible to trade state cryptocurrencies in a tokenized form. Allow me to explain. Normally when you stake a cryptocurrency such as atom, it's locked up for a certain period. In this case 21 days. Now obviously this is less than ideal. Persistence makes it possible to mint a tokenized representation of staked atom that can be freely traded for other cryptocurrencies or used to earn yield in defi protocols. This is known as liquid staking, and though it's not necessarily something new, persistence is unique. Approach recently resulted in $10 million of funding from some of the largest crypto VC's, including Galaxy Digital Coin based ventures and Alameda Research. Assistance was founded in mid 2019 by software developers Deepanshu Tripathi and Tushar Agarwal, and its main net went live last March. Persistence is still in the process of adding new features to its platform, and it's likely to play a central role in Cosmos's ecosystem as it continues to expand. The third Cosmos project that needs to be on your radar is Akash network. Akash Network is a decentralized cloud service provider that aims to replace centralized cloud service providers such as AWS. Akash network is not only important for the development of truly decentralized applications, but also decentralized validator nodes for cryptocurrency blockchains. For those who didn't know, a shocking number of validator nodes in cryptocurrency are run using centralized clouds such as AWS, which obviously compromises decentralization. Although decentralized solutions of this kind tend to be more expensive than their centralized equivalents Akash networks, clever design actually makes it cheaper than its centralized competitors. Akash Network was founded in early 2018 by software architects Adam Bozanich and Greg Osuri, and its main net went live at the end of 2020. Akash network appears to have an ambitious road map for 2022, and the dire need for decentralized infrastructure in cryptocurrency means it's likely to become an important project both inside and outside of the Cosmos ecosystem. Another crypto project to keep your eye on in this regard is arweave, and though it's not part of Cosmos ecosystem, it's definitely another project that deserves your attention. 

That is all for today's blog-post . If you plan on sticking around for more interesting blogpost like this please pay a visit to cryptolibrarynow by clicking on the link below -: 

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My last Blogpost was on -: VeChain Price Analysis 2022 .


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