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The Cosmos Hub community passed proposal #848 to cut the ATOM’s inflation to 10%. While 41.1% of the participants supported the initiative, the project’s founder, Jae Kwon, has called for a blockchain split.
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.
Kwon has revealed an upcoming hardfork that will see the crypto network launching a new platform called AtomOne. His bold move aims to attain heightened decentralization in the Cosmos environment.
Know will use his strategies and Cosmos developers to manage and operate AtomOne independently.
Bolstering Cosmos decentralization
Jae Kwon’s decision to split Cosmoshub4 highlights a crucial move towards enhancing the network’s decentralization. A dedicated team focusing on development will run the new AtomOne fork. That will ensure a less centralized leadership while offering an autonomous network that can satisfy all user needs.
Cosmos has attracted attention due to its developments and innovation. Nonetheless, the latest decision (to reduce ATOM’s maximum inflation to 10%) catalyzed debates among the developers.
The founder’s move to introduce AtomOne reflects the dedication to community-centered governance principles. Besides allowing active Cosmos community members to contribute to influencing the blockchain’s future, it addresses challenges within the current governance model.
ATOM price
The altcoin gained a recovery stance after the Cosmos community passed proposal #848 to explore levels beyond $9.70. However, ATOM lost the upside steam in the past 24 hours, dropping by over 3.10% to $9.45.
Meanwhile, crypto enthusiasts believe the potential chain split could be bullish for ATOM prices. Stride Zone official John Galt trusts a hard fork might resolve year-long challenges, bolstering Cosmos’ growth.
5/8 What about the current Cosmos Hub?
— John Galt (@lurkaroundfind) November 26, 2023
A fork would be very bullish.
For years, political tension has impeded development of Cosmos Hub. Most notably when the ATOM 2.0 proposal was vetoed in the Fall of 2022.
Without Jae's conservatism, Cosmos Hub could be more innovative.
He added that DeFi projects rely on speculation, and a chain split will trigger massive speculation about the Cosmos ecosystem. That would welcome significant trading volume surges, propelling ATOM value to new heights.
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