Cosmos is a decentralized network of independent parallel blockchains, each powered by BFT consensus algorithms like Tendermint consensus. Developers call this concept an “Internet of Blockchains.” The goal of the project is to allow separate blockchains to communicate with each other in a seamless manner.
Cosmos is intended to break the silos of blockchain economies by enabling assets to be transferred between one another. Hence, its transactions are fast and low-cost, and the network is scalable.
Learn more about the Cosmos network here.
ATOM is the native cryptocurrency of the Cosmos network. It serves a couple of vital functions. For one, it is used to execute smart contracts and complete transactions. New ATOMs are generated as rewards for network validators every time a block of transactions receives approval. The ATOM token plays a key role in maintaining interoperability between all zones in the wider Cosmos network, and can be used for holding, spending, sending or staking. For now, the DeFi Wallet supports holding and sending ATOM, staking function will be supported in the future.
- Go to your home screen
- Tap [Receive]
- Select ATOM
- Copy / share the QR code of your ATOM address with your sender
Please note that you don’t need to provide a memo for your sender to receive ATOM on your DeFi Wallet.
Why is there no memo for the Crypto.com DeFi Wallet ATOM receive address?
Crypto.com DeFi Wallet is a decentralized (non-custodial) wallet where you’re the one and only custody of your wallet and crypto assets. Your ATOM address is unique to you and isn't shared with other wallet users, that’s why there isn’t a memo in addition to your ATOM address to identify your wallet.
- Go to your home screen / ATOM wallet
- Tap [Send] and select ATOM if you enter via home screen
- Paste/scan the QR code of the ATOM address of your recipient
- Double-check whether your recipient address requires a memo to receive
- Tap [Next]
- Enter the send amount and tap [Send]
- Review your recipient address (and memo if applicable), send amount, estimated network fee and total amount
- Tap [Confirm to send]
- Authorize the send transaction with your passcode (and 2FA code if enabled)
- See the pending to be sent screen and wait for the on-chain confirmation of your ATOM sending
What's a memo for an ATOM address?
Memo is an additional address feature necessary for identifying your recipient beyond the ATOM wallet address on a centralized exchange or wallet.
String and/or numbers
Tokens like COSMOS use the destination tag technology to determine what is the actual individual account a transaction should be assigned and credited to. As most centralized solutions use one address for all users for these cryptocurrencies. Failure to include destination tag/memo when sending ATOM to a centralized address would lead to loss of funds and it’s irreversible.
When is memo required for sending ATOM?
Follow the checklist below to decide whether a memo is required for your recipient
- Ask your recipient whether is there a memo for the ATOM address
- Is the receiving address generated by a centralized or decentralized wallet? (The recipient would own the recovery phrase if it’s a decentralized wallet then a memo is not required)
- If you are still unsure, we strongly advise you to send a small testing amount first to ensure your recipient is able to receive the crypto.
We will not be able to locate/reverse the funds if you fail to include the memo when sending to a centralized wallet.