What is Cosmos?
Cosmos is a highly-anticipated distributed ledger project that presents a compelling solution to blockchain interoperability and scaling. Cosmos aims to create a network of blockchains all capable of interacting with one another through a consensus engine called Tendermint Core. Cosmos introduces solutions to solve many of the interoperability and scalability issues needed for blockchain applications to reach mainstream adoption. Atoms are the native token of the Cosmos Network.
During the initial phase of the Cosmos launch, Atoms weren’t able to be transferred. During this time, ICO participants were able to securely preview their Atoms balance on Poloniex. Now that transferability is enabled, Poloniex users are able to redeem their Atoms on Poloniex and start trading immediately; BTC and USDC markets are open to all of our users.
How to Redeem Your Atoms Balance
1. Log into your Poloniex account and navigate to the Poloniex deposit and withdrawal screen. For your safety, always confirm that you are securely logged into Poloniex by reviewing the URL:
2. Upon arrival, locate Cosmos and click, Redeem. You will then be prompted to enter your seed phrase:
You may choose to reveal the seed phrase as needed:
Note: Your seed phrase will not leave your browser and is not stored with Poloniex. Your browser will use the seed phrase to determine your Cosmos address and then redeem the amount of Atoms you purchased during the ICO.
3. Once you enter your seed phrase, you will be shown the amount of Atoms you received from the Cosmos ICO, the Cosmos network transaction fee to move your Atoms, and the total Atoms you will redeem:
4. If the redemption was successful, you will see the following:
5. If your redemption was not successful, you will see the following:
In the case where you encounter this error, please make sure that you are inputting the correct and unused seed phrase and try again. If the problem persists, please contact support.
Frequently Asked Questions (FAQs)
How do I participate in ICO Redemption?
In order to participate in the Cosmos ICO Redemption, you had to participate in the fundraiser/token sale on April 6, 2017. If you participated in the token sale, you will have a 12-word seed phrase which you will use to claim your tokens when the network launches.
How do I get ATOM on Poloniex?
If you participated in the fundraiser/token sale, you can get ATOM by redeeming your coins through our ICO Redemption tool once transferability is enabled. If you did not participate in the ICO token sale, you can still buy, sell, and transfer ATOM on the Poloniex exchange.
How does the redemption tool work?
Once you enter your seed phrase you received during the ICO, we use it to determine your address and balance. Then, we sign the transaction and sweep its balance over to Poloniex.
How many seed phrases can one account enter?
You can preview and redeem as many seed phrases as you’d like.
How safe is entering my seed phrase into Poloniex?
Entering your seed phrase into Poloniex is safe, as your seed phrase will not leave your browser and is not stored with Poloniex. Your browser will use the seed phrase to determine your Cosmos address to check your balance, and then to sign a transaction sweeping its balance to Poloniex.
Why am I getting an error when redeeming ATOM?
We use your seed phrase to determine your address and balance, and then sign a transaction sweeping its balance to Poloniex. If you get an error determining your balance, you haven’t entered a valid BIP39 mnemonic seed funded by the Cosmos ICO, so make sure that you’re entering the correct seed. If you can see the balance, but the redemption doesn’t work, make sure you haven’t used the seed phrase to take any actions on the Cosmos network (like staking). If you’re sure you’ve entered it correctly, you might simply be encountering a temporary server issue, so try again in a few minutes. If the problem persists, contact support.
What is the minimum deposit amount for ATOM?
0.00000001 ATOM is the minimum deposit amount for ATOM.
How do I attach Memo ID to my withdrawal?
At this time, Poloniex does not support Memo ID withdrawals. If you'd like to send a withdrawal with a Memo ID listed, you'll need to use an intermediary service/wallet that does not require Memo ID for deposit, but can use Memo ID for withdrawals. From there, you are able send your ATOM coin to your final destination.