Cosmos Fork: Jae Kwon's AtomOne Challenges Hub's Future
The Cosmos (CRYPTO: ATOM) community created a new fork, AtomOne, to serve as a minimal IBC/ICS hub, emphasizing sovereignty, security, and decentralization.
What Happened: The decision underscores the ongoing governance disputes that come in the wake of contentious debates over the future direction of the Cosmos Hub, particularly concerning its tokenomics and security philosophy.
The Cosmos community has been at a crossroads, with members divided over key issues such as the mission, tokenomics, and security philosophy of the Cosmos Hub.
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The recent proposal #848, which aimed to halve the inflation of the ATOM token, narrowly failed to pass, revealing a deep split among stakeholders.
Why It Matters: Cosmos co-founder Jae Kwon wants AtomOne to function as a political base and a platform for more intelligent voting within the Cosmos ecosystem.
Kwon has declared that AtomOne will airdrop its native ATOM1 tokens to those who voted against the recent proposal to reduce Hub inflation.
AtomOne is set to play a dual role: guiding the Cosmos Hub towards safer decisions and operating as an alternative minimal IBC/ICS hub.
It commits to the original mission of Gaia (Cosmos Hub) to serve as a secure staking token hub.
Furthermore, AtomOne positions itself as a political base, providing a platform for those aligned with its values and principles.
The AtomOne fork introduces a unique approach to liquid staking, allowing ATOM tokens to be bonded in exchange for liquid $phATOM tokens.
This system is designed to delegate voting decisions to $ATOM1 stakers, thereby influencing governance decisions on the Cosmos Hub.
The AtomOne initiative is expected to foster a more diverse and robust ecosystem within Cosmos.
By embracing different self-aligned groups and forks, the project aims to accelerate innovation and reduce risks at both local and global levels.
The economic recovery measures between $phATOM and $phATOM1 are intended to incentivize mutual success and support a safer transition for Gaia into a more experimental hub.
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