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Cosmos Founder Announces Launch of Forked ATOM1 Tokens; Details

Fast Take
  • Jae Kwon, co-founder of Cosmos, announced the fork of Cosmos Hub
  • The action took place after the community approved proposal 848
  • With the fork, a new network will be created, AtomOne, with the ATOM1 token
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Jae Kwon, co-founder of Cosmos, announced the fork of Cosmos Hub after the community approved proposal 848, which sets the maximum inflation of the Atom token at 10%. With the fork, a new network will be created, AtomOne, and the token will be called ATOM1.

“AtomOne emerges like a beacon, offering an alternative fork in navigating these waters, equipped to deal with contingencies and embodying a bastion for diverse political thought,” the team wrote in a document.

As announced in its launch planning, there is an intention of a reward for the majority of the Genesis supply for those opposing the proposal and those who voted in favor will have to be “cut”. Approximately 10% is expected to be pre-mined for various purposes.

As explained in the document, AtomOne is an opinionated fork of the Cosmos Gaia hub with chainid “cosmoshub4”. It is a minimal IBC token indexing and ICS hosting hub.

“The vision behind this AtomOne fork is to be an alternative minimal fork of Gaia (“cosmoshub4″) running alongside Gaia to prepare for all contingencies, and also to operate as a political party base in relation to Gaia.”

The developers also highlighted that, although the new feature is intended to guide Gaia towards safe decisions, it cannot, by itself, determine the decisions that are made by the Cosmos Hub. “However, the Cosmos needs minimal IBC/ICS centers without any confusion about what it is, and as mentioned in the Genesis Declaration, Gaia does not (yet) embody this. Therefore, AtomOne must not only guide Gaia, but must also operate the desired alternative minimum IBC/ICS hub as an alternative beyond Gaia.”

At the time of publication, the price of Cosmos was quoted at US$9,13, down 4.6% in the last 24 hours. During this period, ATOM recorded a trading volume of US$253.694.224. The cryptocurrency has seen a growth in its price of 28% in the last 30 days.

Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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