New Airdrop Incoming As Cosmos Co-Founder Moves To Fork Network Amid Governance Change
Cosmos (ATOM) founder Jae Kwon is forking the interoperable blockchain following a successful governance proposal to put a 10% cap on ATOM inflation.
Proposal 848, which was largely based on the idea that ATOM is overpaying for its security, brought down inflation from roughly 14% to 10%, and also lowered staking rewards.
However, Kwon didn’t agree with the proposal, which only narrowly passed, prompting the idea for a new fork called AtomOne.
Says Kwon,
“Despite our voting against the plan… 848 has ended up passing, something that isn’t too surprising (though it would be good to know whether the later votes came from newly purchased ATOMs).
Now let’s coordinate a split.”
In a new GitHub document published by Kwon, the crypto founder says AtomOne aims to mend the divide in the Cosmos community by providing an alternative to the current governance architecture.
“The Cosmos community, at a crossroads, confronts divergent views on key aspects such as mission, tokenomics, and security philosophy. AtomOne emerges as a beacon, offering an alternative fork to navigate these waters, equipped to handle contingencies and embodying a bastion for diverse political thought…
Our goals are not just to resolve current challenges but are also to set a new precedent for adaptive and responsive self-organization in the multichain multitoken universe that we call the Cosmos.
AtomOne will lead the development and praxis of giving representation to every (sub)group (such as a political party), each defined and strengthened by their own living constitutions that state their values, missions, philosophies and so on. This will foster a more diverse ecosystem of specialized zones in coopetition (cooperation and competition) with each other despite irreconcilable differences.”
Should Kwon follow through with the fork, there would presumably be an airdrop of new ATOM1 tokens to various users within the community.
Says pseudonymous crypto analyst John Galt on the social media platform X,
“If the fork happened, it would probably result in the biggest ATOM airdrop ever. And it would resolve years of political tension – very bullish for Cosmos Hub…
A fork would be very bullish.
For years, political tension has impeded development of Cosmos Hub.”
Featured Image: Shutterstock/Tithi Luadthong/Sensvector/Andy Chipus
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Filed under: Bitcoin - @ November 27, 2023 9:14 pm