#CosmosHub #ATOM #GovGen #AtomOne #BlockchainGovernance #Proposal848 #CryptoFork #CryptoInnovation
In a significant move within the crypto community, the Cosmos Hub’s community approved proposal 848 in November 2023, deciding to lower the maximum inflation rate of its native token, ATOM, to 10% from an earlier ceiling of 20%. This decision came as a surprise to many, especially considering that ATOM’s actual inflation rate was at 14% at the time. The proposal, which saw a last-minute surge in voting, including changes in stance by some validators, passed with a slim majority of 41.1% in favor versus 38.5% against. This development underscored the diverse opinions within the Cosmos community regarding the future direction of the ATOM token and its inflationary parameters.
Following the approval of proposal 848, Cosmos co-founder Jae Kwon announced his decision to fork the Cosmos Hub, leading to the creation of AtomOne. Kwon’s move, marked by the launch of GovGen—an independent, governance-only chain—is a direct response to the contentious approval of the proposal. Scheduled to launch on February 27, GovGen aims to decentralize the genesis of the AtomOne chain through its governance model. This new initiative will permit holders of the non-transferrable staking token GOVGEN to vote on proposals shaping the initial parameters and token distribution of AtomOne. By leveraging the governance voting choices of delegators and validators, GovGen not only reflects an innovative approach to blockchain development but also underscores Jae Kwon’s vision for maintaining the constitutional character and security of proof-of-stake blockchains through active community engagement and decision-making.
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