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NewsAll in Bits to Launch GovGen Chain ahead of Cosmos Hub AtomOne Fork

All in Bits to Launch GovGen Chain ahead of Cosmos Hub AtomOne Fork

Feb 27,2024,03:17

Reported by Cointelegraph, All in Bits, a firm headed by Cosmos co-founder Jae Kwon, is preparing to launch its new GovGen blockchain and token on Feb. 27, ahead of the Cosmos Hub AtomOne fork.

The launch will include the genesis distribution of the ”GovGen” token to Cosmos Hub stakeholders who previously voted “no” or “no with veto” to Prop 848, a proposal to lower inflation of the ATOM token to 10%. This token will purportedly be strictly used for voting and won’t be transferable.

Essentially, two camps have arisen in the world of Cosmos Hub after Prop 848 passed with a slim majority, with 73,165,203 ATOM allocated to “yes” versus 56,667,011 ATOM allocated to “no,” plus 11,669,549 ATOM to “NWV” (no with veto).

The first camp appears to have rallied behind Cosmos co-founder Ethan Buchman and popular organizations such as ZKValidator, which supported Prop 848. The second camp has evidently rallied behind JKwon and leading groups such as Allnodes, which voted against the proposal.

In the wake of the disagreement, the second camp will fork the Cosmos Hub blockchain on Feb. 27 and govern the new fork via the coalition of AtomOne stakeholders with GovGen, a sidestrapped blockchain and token.

It’s unclear exactly what the distribution of GovGen tokens will look like. The first 10% has been preallocated to governance costs, and the rest will be split among ATOM holders with voting power, though those who voted “no” or “NWV” are slated to receive more than “yes” voters, ostensibly giving them the majority power for decision-making.

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