Cosmos Developer All in Bits to Introduce New Blockchain Network GovGen
Cosmos developer All in Bits, owned by co-founder Jae Kwon, is set to launch a new blockchain network called GovGen. This development comes ahead of AtomOne, a proposed controversial fork of the Cosmos Hub. GovGen aims to shape the design and launch of AtomOne through a decentralized decision-making process.
Background on GovGen and AtomOne
The development of GovGen is led by All in Bits, the firm owned by Cosmos co-founder Jae Kwon. Kwon has had significant disagreements with the wider Cosmos community in recent years. GovGen will play a crucial role in determining how AtomOne will look and launch.
GovGen Token Distribution
The native token of the GovGen network will be distributed to ATOM holders who voted “no” or were automatically assigned a no vote due to their delegation status on the Cosmos Hub proposal 848. This proposal aimed to cap the maximum inflation rate at 10% and was approved despite Kwon’s objections. Many other contributors within the ecosystem also had differing opinions.
Kwon’s Concerns and Cosmos Hub Evolution
Jae Kwon, who played a pivotal role in developing the Cosmos’s Tendermint consensus algorithm and co-founding the Cosmos Hub, expressed concerns about proposal 848 and its potential impact on network security. Over time, Kwon and other founders have taken separate paths within the Cosmos ecosystem. Kwon leads All in Bits (AiB), while Buchman is at the helm of Informal Systems, which supported proposal 848.
Hot Take: What Does This Mean for the Crypto Community?
This development raises several important points for crypto enthusiasts:
Decentralized Decision-Making Process
By introducing GovGen, All in Bits aims to involve the Cosmos community in the decision-making process for AtomOne’s design and launch. This decentralized approach empowers token holders and ensures a more inclusive network governance structure.
Disagreements Within the Cosmos Community
The diverging opinions between Kwon and other contributors highlight the challenges faced by blockchain projects in achieving consensus. These disagreements can lead to forks and alternative networks, as seen with AtomOne and GovGen. It is essential for the crypto community to navigate these differences effectively to maintain a cohesive ecosystem.
Implications for Network Security
Kwon’s concerns about proposal 848 shed light on the importance of network security in blockchain systems. As new proposals are introduced, it is crucial to consider their potential impact on the overall security of the network. The Cosmos community should engage in robust discussions and evaluations to ensure the integrity of future developments.
In Conclusion
The introduction of GovGen by All in Bits ahead of AtomOne demonstrates their commitment to involving the Cosmos community in decision-making processes. By distributing GovGen tokens to ATOM holders who voted “no” on proposal 848, they aim to create a more inclusive governance structure. However, this development also highlights the challenges faced by blockchain projects when different contributors hold differing opinions. Navigating these disagreements effectively is vital for maintaining a strong and cohesive crypto ecosystem.
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