Cosmos’ Jae Kwon Launches ‘AtomOne’ Fork Amid Controversy over ATOM Production
In Brief
Cosmos’ founder Jae Kwon launched “AtomOne” network fork in response to his disagreement with the “ATOM production reduction” proposal.
Founder of Cosmos Jae Kwon announced the creation of a network fork named “AtomOne” following the controversial passing of the “ATOM production reduction” proposal, which aims to cap the maximum inflation rate of ATOM at 10%.
Despite opposition, including Kwon’s own vote against it, the proposal received enough support to pass. Kwon’s response includes plans to integrate ATOM with ATMO/ATMO1, aiming for a more decentralized and inclusive approach than the current Cosmos Hub, known as Cosmoshub4.
The Cosmos Hub community voted to pass the proposal reducing ATOM’s maximum inflation from 20% to 10%, which will also decrease the annual interest rate for staking from 19% to 13.4%.
Kwon expressed concerns that this decision would negatively impact ATOM’s market dynamics, leading to large-scale selling and potentially collapsing its value.
Kwon’s Vision for AtomOne and Exodus from Cosmos Hub
In response to the vote, Kwon has called for a coordinated split, encouraging community discussion and participation. He envisions AtomOne as a more decentralized alternative to Cosmoshub4, inviting all who voted against the proposal to join.
Kwon emphasized the power of minority voices in blockchain communities and the potential for creating a more resilient and logically sound system through this ‘exodus.’
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 #atomone
— antechristus #343 (@jaekwon) November 25, 2023
Now let's coordinate a split.
Implications for Cosmos and the Blockchain Ecosystem
Kwon’s move to fork Cosmoshub4 into AtomOne represents a significant moment in the blockchain world, highlighting the ongoing debates around decentralization, governance, and the role of community in shaping a network’s future.
This development could set a precedent in how blockchain communities respond to contentious decisions and the balance between majority rule and minority rights.
Jae Kwon’s initiative to create AtomOne in response to the ATOM production reduction proposal reflects the complex dynamics of blockchain governance and community involvement.
As the Cosmos ecosystem evolves with these new developments, it will be interesting to observe their impact. Specifically, how this fork influences the broader cryptocurrency market and the principles of decentralized networks will be key to watch.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
