Home Altcoins News Cosmos Founder Initiates AtomOne: A Fork in Response to Governance Divide on Hub’s Inflation

Cosmos Founder Initiates AtomOne: A Fork in Response to Governance Divide on Hub’s Inflation

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In a groundbreaking move, Cosmos co-founder Jae Kwon has decided to fork the Cosmos Hub, the central chain of the Cosmos network, following a contentious governance proposal. The proposal, known as Proposal 848, gained approval, setting a 10% cap on the maximum inflation of Atom, the native token of the Cosmos Hub. This decision has sparked a significant divide within the Cosmos community, leading Kwon to introduce AtomOne, a new network that will be accompanied by the creation of a distinct token, ATOM1.

The Genesis of AtomOne: A Fork Amidst Governance Discord
The approval of Proposal 848, which limits Atom’s inflation rate to 10%, has become a focal point of debate within the Cosmos ecosystem. With 41.1% in favor and 38.5% opposed, it stands as the most closely contested vote in the history of the Cosmos network. Advocates argue that the reduction in inflation is vital for security, contending that a 10% inflation rate is sufficient to ensure validator profitability.

Jae Kwon, expressing concerns about the potential impact on network security, vehemently opposed the proposal. Unwilling to accept the outcome, he has initiated the creation of AtomOne, a fork of the Cosmos Hub. This decision, although met with requests from the community to reconsider, underlines Kwon’s commitment to maintaining the integrity of the Cosmos ecosystem.

ATOM1 Airdrop: Rewarded Dissent and Governance Shifts
As part of the AtomOne launch, a new token, ATOM1, will be introduced through an airdrop. Notably, the majority of the genesis supply of ATOM1 will be allocated to those who opposed Proposal 848, showcasing a unique approach to rewarding dissent within the Cosmos community. Meanwhile, those who voted in favor of the proposal will face repercussions, with a process of “slashing” outlined in the launch plans.

Approximately 10% of the new token will be pre-mined for various purposes, excluding the Interchain Foundation from the airdrop. Kwon’s vision for AtomOne extends beyond a mere replication of the Cosmos Hub, aiming to implement changed governance mechanisms. These adjustments include altering the quorum threshold for passing governance decisions, shifting from less than 50% on the Hub to two-thirds on the new network.

Technical Aspects of the Fork: Gaia, Photon, and the CosmosHub4 Chain ID
The forked network, AtomOne, will leverage the underlying software of the existing Cosmos Hub network, known as Gaia. Retaining the key features of the original, such as Inter-Blockchain Communication (IBC) and interchain security, AtomOne seeks to preserve the essence of the Cosmos ecosystem while introducing critical changes. The chain ID for AtomOne will be “cosmoshub4,” symbolizing continuity with the existing Hub.

Maintaining the original maximum inflation rate of 20%, AtomOne aims to provide adequate rewards for validators and stakers. In an additional proposal, Kwon introduces a separate fee token, Photon (phATOM1), intended to operate synergistically with ATOM1. This multifaceted approach underscores Kwon’s commitment to shaping AtomOne into a resilient and innovative network.

AtomOne: Beyond the CosmosHub4 Fork
It’s important to note that AtomOne is not Jae Kwon’s sole venture into the blockchain realm. Gno.Land, another Layer 1 blockchain project currently in development, stands distinct from the AtomOne initiative. The diversification of Kwon’s projects adds a layer of complexity to the evolving Cosmos ecosystem, hinting at a broader vision for the future of decentralized networks.

Conclusion: Navigating Governance Challenges in Cosmos
The announcement of AtomOne and the corresponding ATOM1 airdrop introduces a new chapter in the Cosmos narrative, marked by governance challenges and the pursuit of a decentralized vision. As the Cosmos community grapples with the implications of this decision, the broader blockchain landscape witnesses the intersection of dissent, innovation, and the quest for resilient governance models. The journey of AtomOne unfolds against the backdrop of a dynamic and evolving ecosystem, inviting stakeholders to navigate the complexities of decentralized decision-making within the Cosmos network. Stay tuned for further developments as AtomOne takes shape and defines its role within the ever-expanding cosmos of blockchain technology.

 

 

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Sakamoto Nashi

Nashi Sakamoto, a dedicated crypto journalist from the Virgin Islands, brings expert analysis and insight into the ever-evolving world of cryptocurrencies and blockchain technology. Appreciate the work? Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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