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In a landmark decision that has sent ripples through the cryptocurrency community, Jae Kwon, the co-founder of Cosmos, has announced the creation of a new network, AtomOne ( ATOM1). This development comes in the wake of the controversial approval of Proposal 848 by the Cosmos community.
Cosmos founder Jae Kwon faces backlash for considering a blockchain fork following the community approval of pegging ATOM's maximum inflation rate to 10%. Over the weekend, the Cosmos community approved a contentious proposal that sparked division within the ecosystem.
This move, if implemented, could result in a new parallel blockchain called CosmosHub4. Also, the introduction of a new token, tentatively referred to as ATOM1.
Cosmos blockchain displayed a strong positive price action by gaining over 30% during the past month, but the price has lost traction as it has recorded a gain of less than 1% in the past week and further recorded a loss of over 4% within the past day, indicating a cool-off for the token in
Controversy arose in Cosmos after the community approved Proposal 848, aiming to reduce the inflation rate of Cosmos' native token, ATOM, to 10%. The decision, although supported by 41.1% of the community, generated discontent among some, including Jae Kwon, co-founder of Cosmos.
Kwon has requested input from Cosmos community members, as he asked them to put forward their ideas about a split.
The passing of a proposal to slash inflation on Cosmos Hub's ATOM token has seen Jae Kwon pushing to “coordinate a split.”
Founder of the Cosmos blockchain, Jae Kwon, has announced plans to fork a new chain, called AtomOne, following a governance vote that did not align with his stance.
The Cosmos (ATOM) ecosystem is undergoing one of the most challenging times in its history as founder Jae Kwon has revealed plans to fork the network to create a new chain.
Jae Kwon, co-founder of Cosmos, is initiating a fork of the Cosmos Hub after a proposal was passed to place a 10% cap on Atom's inflation.
The Cosmos Hub community passed proposal #848 to cut the ATOM's inflation to 10%. While 41.1% of the participants supported the initiative, the project's founder, Jae Kwon, has called for a blockchain split. Kwon has revealed an upcoming hardfork that will see the crypto network launching a new platform called AtomOne.
Cosmos' founder Jae Kwon urged his followers to split the chain into two following a decision by the community to approve a reduction in ATOM's inflation to 10% from 14%.
The founder of Cosmos Hub has detailed plans and discussions on forking the network to create AtomOne, which has sparked rumors of an airdrop to ATOM stakers.
Cosmos founder Jae Kwon has expressed his dissent against the ATOM production reduction vote, which, despite his opposition, was successful. In response, Kwon has announced plans to fork Cosmoshub4, unveiling a new network named AtomOne.
The governing body of Cosmos Hub, the primary blockchain within the Cosmos network, has given its approval to a proposal aimed at reducing the maximum inflation rate of its native token.
Cosmos Hub proposes reducing ATOM inflation rate from 14% to 10%, lowering annual staking yield from 19% to 13.4%, optimizing security expenses and introducing a liquid staking module.
Cosmos Hub, a pivotal blockchain within the Cosmos network, has passed a proposal to decrease the inflation rate of its native token, Atom. This move, marking a significant shift in the ecosystem's economic strategy, saw the maximum inflation rate drop from approximately 14% to 10%.
The Cosmos Hub community is giving the green light to a proposal aimed at reducing the maximum inflation rate of its native token, Cosmos (ATOM), from 14% to 10% as a security enhancement measure.
The Cosmos Hub voted on and approved a proposal on Nov. 26 that will reduce the maximum inflation rate of its native cryptocurrency, ATOM. The proposal seeks to decrease the maximum inflation parameter from 20% to 10%, resulting in a tangible impact on ATOM's current inflation rate, which is around 14%.
Recent community decision alters ATOM's inflation rate, sparking debate and introducing a new era for Cosmos Hub stakeholders.
The proposal secured a narrow passage, garnering 41.1% approval votes compared to 38.5% disapproval, marking the highest turnout vote in the Cosmos ecosystem.
Cosmos' proposal #848 passed with over 41% votes. ATOM has increased by close to 10% in the last 24 hours.
The Cosmos community approved the proposal to reduce the token's inflation from 20% to 10%. 41.1% of the voters supported the transition, while 31.9% opposed it. Meanwhile, reducing inflation is positive for the crypto as it ensures improved security and lucrative staking yields. Cosmos's #848 proposal will reduce yearly interest rates for staking.
Following the Cosmos community's highest-turnout vote in history, Atom's inflation rate has been slashed from about 14% to a maximum of 10%.
