- Kwon has declared his intent to fork a new network called AtomOne.
- The founder recently disclosed intentions of integrating $ATOM with $ATMO/$ATOM1.
Jae Kwon, the founder of Cosmos, publicly opposed a motion passed by the Cosmos hub governing council. In retaliation, Kwon has declared his intent to fork a new network called AtomOne from the existing Cosmoshub4.
The forthcoming network will function independently, complete with its own governance plan and development staff, and will prioritize decentralization in all aspects of its operation. The governing council of Cosmos Hub adopted a proposal to lower the maximum inflation rate of Cosmos (ATOM), the native token, from 14% to 10%.
Moreover, according to reports, the authorized adjustment would reduce ATOM’s annualized stake income by around 6%. The Cosmos network is a group of linked blockchains, the primary of which is the Cosmos Hub. On the network, the ATOM token is utilized for staking, voting, and fees for transactions.
Only 41.1% of voters supported the initiative, while 38.5% were against. A surge of votes and some shifts in validators’ opinions turned the tide right before the deadline, even though it seemed like it would fail.
Working on CosmosOne
The proposal’s detractors also claimed that it would have a bad effect on small validators, which would have a knock-on effect on the retail sector and on firms engaged in the development, trade, and validation of ATOM. Also, a hardfork of the Cosmos Hub blockchain, which Jae Kwon plans to rebrand as CosmosOne, is in the works.
Kwon recently disclosed intentions of integrating $ATOM with $ATMO/$ATOM1 in an effort to prevent mass sales and a possible collapse of the market. Kwon stressed the need of enhancing the README and solicited input from tokenomics specialists.
The idea entails forking “cosmoshub4,” retaining the present software but establishing a separate plan with decentralized development teams, exceeding the decentralization level of Gaia.
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