cryptoslate.com
In November 2023, the Cosmos Hub community approved the contentious proposal 848, which reduced the maximum inflation rate of the native token ATOM to 10% from 20%. At the time, ATOM’s actual inflation rate stood at 14%.
The proposal was expected to fall through. However, just before the deadline, there was a surge of votes and with some validators changing their stance, the proposal passed with 41.1% votes. A significant portion of the voters — 38.5% — voted against it.
A day after the proposal was passed, Cosmos co-founder Jae Kwon, who was opposed to the voting results, decided to fork the Cosmos Hub to create AtomOne. In a bid to decentralize the decision-making related to the genesis of AtomOne, All in Bits, the company run by Kwon, is launching GovGen.
What is GovGen?
Kwon told CryptoSlate:
blog post explaining its opposition to the proposal, All in Bits noted that the proposal may “threaten” the “foundational pillars” of Cosmos. In other words, dissenters of proposal 848, who form a significant minority, believe the proposal threatens the security of the ecosystem, giving rise to the need for a fork.
Therefore, AtomOne will not compete with Cosmos Hub, but will “offer a bridge to make the Cosmos Hub more secure,” according to All in Bits (AIB).