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- Despite his objection, Cosmos (ATOM) founder Jae Kwon is moving forward with plans to fork after a successive governance proposal.
- Although there is excitement in the community in anticipation of positive changes in the near future, Cosmos’ ATOM has lost around 6 percent in the last 24 hours.
The Cosmos (ATOM) network is ushering in a new ear in its development. As confirmed by Cosmos (ATOM) founder Jae Kwon, the interoperable blockchain is forking. This follows a successful governance proposal to put a 10 percent cap on ATOM inflation. Kwon noted that its success was unsurprising despite his voting against the proposal. He has further alleged that the votes could have been driven by newly purchased tokens.
The proposal was based on the idea that the community was overpaying for its security. This proposal will see the inflation fall from around 14 percent to 10 percent and also lower staking rewards. Kwon has now confirmed plans for a fork project called AtomOne. Kwon noted;
Now listen up Cosmonauts. Despite our voting NWV #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)
@cosmos @Allinbits_inc #raptureparty #atomoneNow let’s coordinate a split.
The founder has called on the community to participate in a discussion about the split. According to the founder, one of the ultimate goals of the new fork will be to “include an integration of $ATOM and $ATMO/$ATOM1 so that instead of mass selling $ATOM and collapsing it all, we allow participation from $ATOM, but what is in the README can be improved. Tokenomics people take a shot.”
In a new lengthy GitHub document, the founder explained that AtomOne would fix the divide in the Cosmos community and provide 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.
In the wake of these exciting plans, at least for part of the community in support of Kwon, Cosmos’ native token ATOM has plummeted, losing around 6 percent at the time of press.
Despite this performance, crypto analyst John Galt has tipped the development as a bullish event for the Cosmos Hub. Sharing his views on the X platform, the analyst stated;
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.
