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News - Cosmos (ATOM): founder wants to fork network
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28-11-20232 min read
Cosmos (ATOM): founder wants to fork network
Cosmos (ATOM)
Blockchain-Technology
After a controversial community vote, Jae Kwon plans to launch a new network. The name: AtomOne.
Jae Kwon, founder of Cosmos (ATOM), has called on members of the community to support the network split via a hard fork. This was revealed by a series of tweets on X, formerly Twitter.
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.
His call follows a vote on a DAO proposal to limit ATOM token inflation to ten percent. About 41 percent of the community voted for this change, while 31 percent voted against and 20 percent of eligible votes abstained.
The reduction in token inflation was necessary to ease selling pressure on ATOM, the proposal said. The decision also includes lowering the rate of return on strike from 19 to 13.4 percent. Kwon and other conservatives, on the other hand, want to keep the basic concept of the network.
With the launch of the AtomOne hard fork, holders of the ATOM token may be awaiting one of the "greatest airdrops of all time." according to John Galt, crypto influencer and Cosmos observer. A new ATOM1 token is likely to be distributed to ATOM stakers. Jae Kwon already has a plan for presented.
Galt sees the split in the network as positive. According to him, the migration of dissidents paves the way for more change at Cosmos. "Without Jae's conservatism, Cosmos Hub could be more innovative," he explains.
