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The Cosmos is Vive's answer to the Oculus Rift S. It works very similarly, so the complete tracking hardware is in the headset. A total of six cameras ensure that the headset can calculate position and movement. The Cosmos offers a flip-up design, which allows you to quickly flip up the glasses to take a call, for example, without removing the glasses completely...
New to the Vive catalogue is the Vive Cosmos, in which HTC is breaking completely new ground: the reliable but unwieldy lighthouse tracking with external sensors has given way to inside-out tracking with a whopping six cameras integrated into the Cosmos, and the OLED has given way to an LCD with a slightly higher resolution and additional subpixels for less fly-screen effect.
VR still suffers from the old problems: expensive entry, a lot of space and little content. The new Cosmos series will not change this.