Jae Kwon is the co-founder and CEO of Cosmos. He has always felt like the Protocol’s Community was conspiring against his interests. Jae Kwon may have decided to leave the community for good.
After a proposal passed to crimp inflation on Cosmos’ ATOM token, Kwon announced AtomOne — a “minimal fork” Cosmos Hub is an application that allows you to control your Cosmos Hub.
Kwon’s opponents and Kwon fundamentally disagree on the amount of inflation needed to secure Cosmos Blockchain.
Cosmos barely passed Saturday’s Proposal 848, which pledged to lower ATOM’s inflation rate from 14 percent to 10 percent. Cosmos’s supporters argue that the company is paying too much for security because it has raised inflation rates.
The advocates of ATOM say other layer-1s can maintain high stake demand without inflation. This puts unnecessary downward pressure on ATOM’s prices.
ATOM has dropped 9% over the last 24 hours since Cosmos founder revealed his new token. AtomOne tokens have not been distributed yet, but the constitution of the token states that voters for Proposal848 will receive less tokens. The token will still accept ATOM tokens.
Kwon was opposed to the idea from its inception and continued his protests throughout the two-week voting period. The founder’s lack of influence on the voting outcome has been interpreted by some as a reflection of Kwon’s declining influence within the Cosmos community.
Kwon founded Cosmos back in 2014. He has, however, accused his community on numerous occasions of plotting against him in the past years.
AtomOne’s GitHub page indicates that Kwon worked on the document around two weeks before voting on Proposal 848 began.
Kwon’s argument is that ATOM never was meant to be used as money. Viewing the staking coin for its potential financial gains could compromise the Cosmos Hub.
“In the long run this is [a] game of survival, and survival comes from strict adherence to first principles (of security especially),” Kwon writes on X Sunday.
Activist minority factions forking crypto projects have generally seen limited success — from bitcoin cash to more recent “rage quits” From the Nouns and Floors DAOs. Some forkers profited in each of the cases, but they were unable to recapture their predecessors’ social capital.
Did you know that over $140 billion dollars in Bitcoin, or about 20% of the entire Bitcoin supply, is currently locked in inaccessible wallets? Or maybe you have lost access to your Bitcoin wallet? Don’t let those funds remain out of reach! AI Seed Phrase Finder is here to help you regain access effortlessly. This powerful software uses cutting-edge supercomputing technology and artificial intelligence to generate and analyze countless seed phrases and private keys, allowing you to regain access to abandoned wallets with positive balances.
