Poloniex announced on its official Twitter handle that its transferability proposal has got passed. This news would mean that soon we would be able to see the Cosmos Atoms (the native tokens of the Consensus Network) live. In the announcement, the company shared that the users can preview their Atoms balance on Poloniex for ‘future redemption.’ Poloniex is the sole exchange where the Cosmos ICO participants can preview their Atoms balance.
Poloniex shared its excitement on welcoming Cosmos. In the blog, Poloniex shed light on how Cosmos can be a platform which can enable an open interconnection between various blockchains. It will become possible through a ‘consensus engine called- Tendermint Core,’ which can be an answer to issues related to operations between the blockchains and the problems related to scale. As a result, one can expect a greater acceptance of the blockchain applications.
Atoms’ transferring and trading-
As the Cosmos will launch the Atoms, the users will not be able to start to trade or transfer the native tokens immediately. At the beginning stage, the users can only preview the Atoms on Poloniex. The transferring and the trading of the native tokens will only start when the Cosmos network votes to enable it.
Upon the initiation of the transferring and trading, then the users can trade in the Bitcoin BTC markets and stablecoin markets such as USDC markets. For those who have not yet participated in the initial coin offering, yet wish to trade Cosmos Atoms, can take the route of creating an account and fund it on their own.
How to preview and redeem the ICO balance?
In the blog, the Poloniex has given clear instructions on how to preview and redeem the Atoms balance on Poloniex. There are a separate set of instructions from ICO participants and different instructions for those ICO participants who want to delegate their Atoms balance to “validator.”
The instructions hover around topics such as ‘deposit and withdrawal screen,’ ensuring of the safe URL being used, and the correct way to logging into the Poloniex accounts. Detailed instructions are also given on properly using the ‘seed phrase’ and the safety measures that one should keep in mind while handling them on their personal computers.
Redeeming Cosmos Atoms-
One the user has successfully previewed the Cosmos balance, only then he or she will be notified whenever the transferring or the trading gets started on the Cosmos network. Once the process is initiated, the users can simply redeem the Atoms instantly. As of now, it will take a few weeks for the transferring and the trading to get enabled.
More on Poloniex-
Poloniex has been in the news for other advancements too. For instance, recently CLIC technology has got fully integrated with Poloniex. On this the CEO of CLIC technology- Roman Bond said-
“We are thrilled to offer Poloniex integration to our users as it is by far one of the most popular trading platforms in the contemporary cryptocurrency market. […] It is an opportunity to extend our reach at a time when our company is at the pinnacle of innovation with new projects such as CLIC Pay and CLIC Wallet. We couldn’t be more excited.”