Markets News Report
February 26, 2024

Cosmos Developer All in Bits Launches GovGen to Assess Community Sentiment Ahead of AtomOne Fork

In Brief

Jae Kwon’s firm All in Bits launched GovGen ahead of the AtomOne fork, to influence its structure via decentralized decision-making process.

Cosmos Co-Founder Jae Kwon Unveils GovGen to Assess Community Sentiment  Ahead AtomOne Fork

Developer behind decentralized blockchain network Cosmos (ATOM), All in Bits (AiB), led by Cosmos co-founder Jae Kwon, announced plans to introduce a new blockchain network, GovGen, ahead of the planned fork AtomOne of the Cosmos Hub. Scheduled to go live tomorrow, GovGen will influence the structure of the forthcoming AtomOne fork via a decentralized decision-making process.

GovGen and AtomOne represent an effort to reconstruct the Hub with a governance model that aligns with the visions of Jae Kwon and his followers. The primary focus of GovGen is to assess community sentiment regarding different proposals linked to AtomOne’s foundational constitution.

The GovGen token is exclusively crafted for voting within this framework and will not be transferable or tradable. Following the decision-making process by GovGen holders on AtomOne’s design, the launch is anticipated to follow shortly thereafter.

The native token of the network, GovGen, will be allocated to ATOM holders who either voted against or were automatically assigned a “no” vote due to their delegation status on the Cosmos Hub proposal 848. This specific proposal, focused on limiting the maximum inflation rate to 10%, received common approval despite objections from Jae Kwon, a key figure in developing the Cosmos’s Tendermint consensus algorithm, who previously voiced concerns about the implications of the 848 proposal for network security. 

Cosmos Hub Evolution

Released in 2019, the Cosmos Hub is the first of thousands of interconnected blockchains comprising the Cosmos Network utilizing ATOM as its primary token. Since its launch, the two founders have diverged on separate trajectories. Although both remain engaged within the Cosmos ecosystem, they operate through distinct entities—Jae Kwon heads AiB, and Ethan Buchman leads Informal Systems, a supporter of proposal 848.

Last year, core developers at Cosmos introduced the “Gaia v12” upgrade to the Cosmos Hub, incorporating a “liquid staking module” into the network to facilitate native liquid staking. Through its implementation, ATOM coins staked with Cosmos Hub validators can seamlessly transition into liquid staked ATOM without requiring the conventional unstaking process and the associated two-week unbonding period.

The introduction of GovGen ahead of the upcoming AtomOne fork reflects an intricate interplay within the Cosmos community, highlighting the temporary ambiguity in the project development. 

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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