New Airdrop Incoming As Cosmos Co-Founder Moves To Fork Network Amid Governance Change

Cosmos (ATOM) founder Jae Kwon is forking the interoperable blockchain following a successful governance proposal to put a 10% cap on ATOM inflation.

Proposal 848, which was largely based on the idea that ATOM is overpaying for its security, brought down inflation from roughly 14% to 10%, and also lowered staking rewards.

However, Kwon didn’t agree with the proposal, which only narrowly passed, prompting the idea for a new fork called AtomOne.

Says Kwon,

“Despite our voting against the plan… 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).

Now let’s coordinate a split.”

In a new GitHub document published by Kwon, the crypto founder says AtomOne aims to mend the divide in the Cosmos community by providing an alternative to the current governance architecture.

“The Cosmos community, at a crossroads, confronts divergent views on key aspects such as mission, tokenomics, and security philosophy. AtomOne emerges as a beacon, offering an alternative fork to navigate these waters, equipped to handle contingencies and embodying a bastion for diverse political thought…

Our goals are not just to resolve current challenges but are also to set a new precedent for adaptive and responsive self-organization in the multichain multitoken universe that we call the Cosmos.

AtomOne will lead the development and praxis of giving representation to every (sub)group (such as a political party), each defined and strengthened by their own living constitutions that state their values, missions, philosophies and so on. This will foster a more diverse ecosystem of specialized zones in coopetition (cooperation and competition) with each other despite irreconcilable differences.”

Should Kwon follow through with the fork, there would presumably be an airdrop of new ATOM1 tokens to various users within the community.

Says pseudonymous crypto analyst John Galt on the social media platform X,

“If the fork happened, it would probably result in the biggest ATOM airdrop ever. And it would resolve years of political tension – very bullish for Cosmos Hub…

A fork would be very bullish.

For years, political tension has impeded development of Cosmos Hub.”

Comments

Post a Comment

Popular posts from this blog

Fetch.ai Price Prediction: FET Pumps 14% On Nvidia Earnings As AI Cryptos Boom And Analysts Say This New Solana Meme Coin Might Outperform BONK, WIF And MYRO

Image
The Fetch.ai price has soared by 14.5% in the past 24 hours to trade at $1.12 as of 8:15 a.m. EST on trading volume that surged 10.5% to $612 million. This surge came after AI chip maker Nvidia reported that fourth-quarter earnings had surpassed market expectations, buoying most of the AI crypto sector. Other AI cryptos to surge included Render (RNDR), Akash Network (AKT), and Bittensor (TAO), all ascending by double digits. Fetch.ai Price Susatains Bullish Momentum Above the Bullish Pennant FETUSD Analysis by Tradingview The Fetch.ai price indicates a continued uptrend after breaking from the consolidation stage. However, the resistance level at $0.78 has led to the formation of a bullish pennant, which signals a bullish trend reversal. However, the bulls seem to have acted on the pennant, indicating resilience on the $0.4424 support zone and flying the price past the $0.78 resistance, confirming the bull rally to the $1.17 resistance level. The technical indicators are bul...
Read more

Bitcoin slicing through this resistance could send it over $47k

Image
Although the majority of assets in the cryptocurrency sector got off to a slow start this week, Bitcoin (BTC) could be looking at a massive advance toward and beyond the threshold of $47,000 soon, provided it manages to break the key resistance that currently stands in its way. As it happens, Bitcoin’s realized price distribution (URPD) or unspent transactions output (UTXO), or the amount remaining after every transaction, suggests that the maiden cryptocurrency is facing “stiff resistance at $38,500,” as noted by crypto market analyst Ali Martinez in an X post on November 26. Having said that, the crypto trading expert also observed that the flagship decentralized finance (DeFi) asset “slicing through this barrier could help BTC advance toward $47,360,” which is the next significant point in the chart Analysis that Martinez shared. Bitcoin UTCO realized price distribution. Source: Ali Martinez Specifically, UTXO UPRD shows at which prices the current Bitcoin UTXOs appeared, ea...
Read more

Binance faces calls for ban by Nigerian Bureau De Change association

Image
Gwadabe reportedly emphasized that Binance trading has increasingly established itself as a central point for both the Investor and Exporters window as well as the parallel market. Binance continues to experience an increase in regulatory heat as the Federal Government of Nigeria is being urged by the Association of Bureau De Change Operators of Nigeria (ABCON) to prohibit the activities of Binance within the nation. ABCON is a self-regulatory body and an umbrella for all the central bank-licensed Bureaux de Change (BDC). This action comes in response to the association reportedly recognizing Binance as a significant contributor to the pressure on the naira. As reported by Nairametrics, a local news agency, Alhaji Aminu Gwadabe, president of ABCON, provided this counsel in an interview held on Aug. 8 in Lagos. Gwadabe reportedly emphasized that Binance trading has increasingly established itself as a central point for both the Investor and Exporters window as well as the parallel mar...
Read more