Cosmos Co-Founder Jae Kwon to Fork Cosmos Hub After Community Approval
Cosmos co-founder Jae Kwon is planning to fork the Cosmos Hub, the central chain of the Cosmos network, following the approval of proposal 848. This proposal sets the maximum inflation rate of the Hub’s native token, Atom, at 10%. The fork will create a new network called AtomOne, with a new associated token called ATOM1. The majority of the initial genesis supply, about 90%, will be rewarded to those who opposed the proposal. The remaining 10% will be pre-mined for various purposes. The Interchain Foundation will not be included in the airdrop.
Controversial Inflation Rate Proposal Passes Narrowly
The controversial proposal to limit Atom’s inflation rate narrowly passed with 41.1% support and 38.5% opposition. Advocates argued that a 10% inflation rate was sufficient for maintaining security and profitability for validators. However, Kwon opposed this decision due to concerns about network security and has decided to split the Cosmos Hub despite community requests not to do so. The Cosmos Hub is essential for staking, governance, and transaction fees within the Cosmos network.
New Token Aims to Replace Original Design
Kwon intends for the new token, ATOM1, to replace the original design of the Hub and introduce changes to governance mechanisms. These changes include increasing the quorum threshold for passing governance decisions from less than 50% on the Hub to two-thirds on the new network.
Preserving Key Features and Introducing Photon
The forked network, AtomOne, will use the existing Cosmos Hub network’s underlying software known as Gaia with chain ID “cosmoshub4.” It will retain important features such as IBC and interchain security while maintaining the original maximum inflation rate of 20% to incentivize validators and stakers. Additionally, Kwon has proposed a separate fee token called Photon (phATOM1) to work alongside ATOM1.
Separate from Gno.Land Project
This forked network will be distinct from Kwon’s other Layer 1 blockchain project named Gno.Land.
Hot Take: Cosmos Co-Founder Jae Kwon’s Bold Move
Cosmos co-founder Jae Kwon’s decision to fork the Cosmos Hub after the approval of a controversial proposal demonstrates his determination to uphold his concerns about network security. While the community may have expressed opposition, Kwon believes that creating a new network, AtomOne, with altered governance mechanisms is necessary. This move highlights the importance of consensus and the ability for developers to take action when they believe it is in the best interest of the project. It will be interesting to see how this forked network, along with its associated token ATOM1, will fare in comparison to the original Cosmos Hub.
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