Connect with us

Altcoins

Cosmos reveals next step regarding Proposal 72 but what of ATOM

Published

on

Source: Pixabay

A few months ago, the Cosmos network’s community voted in favor of Proposal 72. Fast forward to the present and the network has released a follow-up update.

The latter reveals that Proposal 72 might play an important role in facilitating organic growth and utility for the Cosmos blockchain.

The approval of Proposal 72 marketed a critical step forward for Cosmos in terms of supporting Interchain Security. Particularly as far as bringing on board more projects is concerned. The move will pave way for the introduction of highly secure consumer chains.

Cosmos’s plans for affordable dapps

Although the Cosmos ecosystem was designed to offer interoperability, custom app-chains on the network require a lot of customization.

As a result, they tend to be quite expensive to build, hence many projects especially in the consumer segment opt to avoid this route.

One of the first measures after the approval was the allocation of funds from the community pool, to facilitate Neutron’s development. The latter is a CosmWasm permissionless platform that will enable the development and deployment of smart contracts. According to the network,

“Built with the Cosmos SDK, Neutron features native support for CosmWasm, a virtual machine that allows smart contracts written in Rust, AssemblyScript and other coding languages to run on Cosmos blockchains.”

What does it mean ATOM?

The introduction of consumer-grade dapps into Interchain might be the next big growth driver for the network. According to the formal announcement, Neutron will have 175 validators and roughly 186 million ATOM coins will be staked as part of the process.

The publication highlights Neutron as a key driver of adoption for the Cosmos network. It also underscores more upcoming utility for the ATOM cryptocurrency. The latter delivered a healthy recovery from its bearish performance last week.

Source: TradingView

ATOM traded at $12.39 on 24 August after a 22% upside post bottoming out at $9.95 during the weekend.

Cosmos’ latest announcement regarding Neutron underscores the strong development activity observed in the last 30 days.

Meanwhile, the drop in the percentage of stablecoin supply held by whales confirms that whales are already buying into ATOM after its latest discount.

Source: Santiment

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.


Please select your Email Preferences.

Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael's writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.

Click to comment

Leave a Reply

Your email address will not be published.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.