• Tezos and Cosmos Soar as the Crypto Market Expands

  • Tezos and Cosmos, two altcoins, have dodged today’s little market slump to report strong gains in the last twenty-four hours.

    According to crypto data aggregator Nomics, Tezos rose 16.67 percent from yesterday to $5.95.

    Tezos is an open-source proof-of-stake (PoS) blockchain that, like Ethereum (which will soon complete its transition to a proof-of-stake blockchain), allows developers to use smart contracts to construct apps and financial services.

    Since its inception in 2018, the Tezos network has undergone seven major upgrades, the most recent of which was dubbed ‘Granada’ at the beginning of this month. Granada lowered block durations in smart contracts from 60 seconds to 30 seconds and significantly cut gas consumption.

    Tezos began to rise earlier this week on news that its blockchain has piqued the interest of institutional investors. Incore, a Swiss business-to-business bank, is working with Swiss IT consulting firm Inacta and digital asset managers Crypto Finance AG to create a Tezos token standard that would allow European banks to mint their own digital assets.

    Tezos was chosen “because its on-chain governance permits updates without disturbing or separating the network,” according to an announcement.

    Cosmos, another altcoin, is also on the rise today. The $ATOM token increased by 9.29 percent to a new price of $21.93, or roughly $10 more than it was at this time last month.

    Cosmos’ price increase corresponded with the August 18 debut of Emeris, a cross-chain DeFi interface. $ATOM was worth roughly $15 prior to its introduction. The next day, it surpassed the $20 mark.

    Cosmos recently established a link with the Ethereum network. Sifchain, a Cosmos-based decentralized exchange (DEX), has been integrated with the inter-blockchain communication protocol (IBC), allowing trading between the Cosmos and Ethereum networks for the first time.

    The markets are quiet today, but the success of two outlier projects demonstrates that there is always good news in crypto.

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