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Can Cosmos (ATOM) coins be mined?
Cosmos (ATOM) coins cannot be mined through traditional methods but are generated through a process called inflation, which rewards validators for securing the network and processing transactions.
Dec 06, 2024 at 05:55 pm
Can Cosmos (ATOM) Coins Be Mined?
Cosmos (ATOM) is a decentralized blockchain platform that enables the interoperability of different blockchains. It uses a Byzantine Fault Tolerant (BFT) consensus mechanism, known as Tendermint, which means that ATOM coins cannot be mined in the traditional sense of proof-of-work (PoW) or proof-of-stake (PoS) mining. Instead, ATOM coins are generated through a process called inflation.
Inflation in Cosmos
Inflation is a process by which new coins are created and added to the circulating supply. In Cosmos, inflation is used to reward validators for securing the network and processing transactions. The inflation rate is currently set at 7%, and it is gradually reduced over time.
How to Participate in Cosmos Inflation
To participate in Cosmos inflation, you need to become a validator. Validators are responsible for verifying and adding new blocks to the blockchain. To become a validator, you need to stake a certain amount of ATOM coins. The more ATOM coins you stake, the higher your chances of being selected to validate a block and earn inflation rewards.
Steps to Become a Cosmos Validator
- Set up a Cosmos validator node. This involves running a full Cosmos node and staking ATOM coins to the network. You can find instructions on how to set up a validator node on the Cosmos website.
- Join a validator pool. Validator pools are groups of validators that work together to increase their chances of being selected to validate a block. Joining a validator pool can help you reduce your risk of being slashed (losing your staked ATOM coins) if you make a mistake while validating a block.
- Participate in the Cosmos governance process. ATOM holders can vote on proposals to change the Cosmos protocol. By participating in governance, you can help shape the future of the Cosmos ecosystem and ensure that it remains secure and decentralized.
Conclusion
Cosmos (ATOM) coins cannot be mined in the traditional sense, but they can be earned through inflation. To participate in Cosmos inflation, you need to become a validator and stake ATOM coins. Joining a validator pool can help you reduce your risk of being slashed. You can also participate in the Cosmos governance process to help shape the future of the ecosystem.
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