#CosmosHub #ATOM #GovGen #BlockchainGovernance #ForkingBlockchain #CryptoVoting #BlockchainSecurity #Decentralization
In a notable event during November 2023, the Cosmos Hub community voted in favor of reducing the maximum inflation rate of their native token, ATOM, from an upper limit of 20% to a capped rate of 10%, despite the prevailing rate at 14%. This approval of proposal 848 came as a surprise to many, as the decision was hanging by a thread until a tide of last-minute votes turned the tide, achieving a narrow victory with 41.1% in favor, against a strong opposition vote of 38.5%. The decision had been a contentious one, demonstrating the community’s divided stance on the monetary policy of ATOM.
Following the approval of proposal 848, Cosmos co-founder Jae Kwon, who had been openly opposed to the change, announced his decision to fork Cosmos Hub, leading to the creation of AtomOne. Kwon’s move is not just a fork for the sake of divergence; it introduces GovGen, a governance-only blockchain designed to decentralize decision-making processes for the AtomOne network. Set to launch with an initial cadre of 30 validators, GovGen aims to use a non-transferrable staking token, GOVGEN, to empower holders in shaping the initial parameters and token distribution of AtomOne, essentially allowing “NO” voters from the Cosmos Hub proposition to have a foundational stake in this new direction. Kwon’s initiative with GovGen underscores a deeper belief in leveraging governance models to ensure that blockchain development remains true to its community’s values, particularly in preserving or innovating on the security mechanisms that underpin proof-of-stake blockchains.
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