“Kwon’s Bold Move: Forking AtomOne to Prioritize Decentralization”

Nov 27, 2023

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Article Summary


Kwon Announces Plan to Fork New Network AtomOne

Summary

Jae Kwon, the founder of Cosmos, has announced his intention to fork a new network called AtomOne in response to a motion passed by the Cosmos hub governing council. The upcoming network will operate independently with its own governance plan and development team, prioritizing decentralization. This decision comes after the council adopted a proposal to lower the maximum inflation rate of Cosmos’ native token, ATOM, from 14% to 10%.

Introduction

Jae Kwon, founder of Cosmos, has 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.

Main Points

  • Only 41.1% of voters supported the proposal to lower the maximum inflation rate of ATOM, while 38.5% were against it.
  • The authorized adjustment would reduce ATOM’s stake income by approximately 6%.
  • Kwon plans to rebrand the Cosmos Hub blockchain as CosmosOne through a hardfork.
  • Kwon intends to integrate ATOM with ATMO/ATOM1 to prevent mass sales and a potential market collapse.
  • The idea involves forking “cosmoshub4” and establishing a separate plan with decentralized development teams.

Conclusion

Jae Kwon’s decision to fork the new network, AtomOne, demonstrates his opposition to the motion passed by the Cosmos hub governing council. By creating an independent network with its own governance plan and development team, Kwon aims to prioritize decentralization. This move comes after the council adopted a proposal to lower the maximum inflation rate of Cosmos’ native token, ATOM. Kwon’s integration plans for ATOM with ATMO/ATOM1 are intended to prevent market instability. It remains to be seen how this decision will impact the future of Cosmos and its associated projects.

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