All before the Kosmos Hub fork to launch the governance blockchain in Bits
All in Bits, an organization led by Cosmos co-founder Jae Kwon, is preparing to launch its new GovGen blockchain and token on February 27, ahead of the Cosmos Hub AtomOne fork.
The launch will include the distribution of “GovGen” token genesis to Cosmos Hub stakeholders who previously voted “no” or “no veto” on Prop 848, a proposal to lower ATOM token inflation to 10%. This token is used strictly for selection and is not transferable.
1/ As you know, the GovGen management-only chain that will help chart AtomOne results is scheduled to launch on Tuesday, February 27, 2024 at 6 am PST (2 pm UTC). This series covers the main points, but please read the full article here: https://t.co/6c78tbU2Sx
— All in Bits (@Allinbits_inc) February 24, 2024
Cosmos Hub
Basically, after Prop 848 passed by a slim majority, two camps arose in the Cosmos Hub world, with 73,165,203 ATOM assigned to “YES” and 56,667,011 ATOM assigned to “NO” and 11,669,549 AVto with “NOWto”.
The first camp seems to support Prop. 848, with Cosmos founder Ethan Buchman and prominent organizations like ZKValidator.
We voted yes on @cosmos Hub Prop 848 —-
This sounds like a controversial proposition, but in our opinion it shouldn't be!
The cosmos ecosystem is maturing, and so must the inflationary economy.
Double-digit inflation is not necessary for safety, ATOM will weaken prices for a long time…
— ZKV (@zkv_xyz) November 17, 2023
The second camp opposed the idea with support from JKwon and leading groups like Allnodes.
We didn't vote on $ATOM prop #848 because it doesn't see the importance of micro-validators and could centralize the ecosystem. Reducing inflation is not a way to increase token value. Rapid, untested changes can damage network integrity.
A long read due to 1/3
— Allnodes (@Allnodes) November 19, 2023
Following the dispute, the second camp will fork the Cosmos Hub blockchain on February 27 and manage the new fork by coordinating with GovGen, the Atom On stakeholders.
It is unclear exactly what the distribution of GovGen tokens will look like. The first 10% is allocated to administrative costs, and the rest will be distributed to ATOM holders, although it is planned to receive more voters who voted “No” or “NWV” than “Yes”. Multiple power of decision making.
Related: AI tokens gather amid Nvidia's breakout earnings
As a GitHub post from the AtomOne team notes, this move is at least partly motivated by political motives:
“These and earlier disagreements now make clear the need for an alternative center to serve as a canonical small IBC/ICS simulation center in relation to the cosmos to uphold the ideals of sovereignty, security and decentralization everywhere. Regarding voting group Gaya.
Jae Kwon by X
In related news, Kwon's personal X account has been suspended by the social media network for violating its terms of service. In the year
In the future @donkeykwon will be my personal Twitter, and @jaekwon will remain the shadow-banned crypto-specific Twitter. 😉
— Donkey (@jaekwon) February 24, 2024
Just three days later, as of this writing, the @donkeykwon account is no longer accessible.
