Cosmos Co-founder’s Firm Set to Launch GovGen Blockchain Amid Community Division
Summary:
All in Bits, led by Cosmos co-founder Jae Kwon, is set to launch its new GovGen blockchain and token on February 27, ahead of the Cosmos Hub AtomOne fork. This will involve the genesis distribution of the GovGen token to those Cosmos Hub stakeholders who previously voted against prop 848. The blockchain and crypto communities, post prop 848, have divided into two factions, with one supporting the proposition, led by Ethan Buchman, and the other, led by Jae Kwon, opposing it. Following the division, the "NO" faction plans to fork the Cosmos Hub blockchain and govern the new fork using the GovGen token. Meanwhile, Jae Kwon's personal account on the social media platform X has reportedly been blocked.
Cosmos co-founder Jae Kwon's company, All in Bits, is gearing up to debut its GovGen blockchain and token on February 27, prior to the Cosmos Hub AtomOne split. This inaugural event will see GovGen tokens being handed out to Cosmos Hub investors who previously voted "no" or "no with veto" for proposition 848 – a motion seeking to cap ATOM token inflation at 10%. Importantly, this token will solely serve voting purposes and won't be transferable.
Post proposition 848's marginal approval with 73,165,203 ATOM supporting "YES" and 56,667,011 ATOM paired with 11,669,549 ATOM endorsing "NO" and "No with Veto" (NWV), respectively, two distinct factions have emerged within the Cosmos Hub community. The first faction has thrown its weight behind Cosmos co-founder Ethan Buchman and well-recognized entities like ZKV that voted in favor of the proposition.
The rival faction, however, led by Jae Kwon, has pulled together key parties such as Allnodes that stood against the proposition. Following the proposition 848 outcome, the faction supporting the "NO" vote intends to create a Cosmos Hub blockchain divergence on February 27, choreographing the new branch via AtomOne stakeholders united with GovGen – a supplementary blockchain and token initiative.
As for the GovGen token allocation, the plan remains uncertain. The first ten percent is already marked for governance expenses and the remaining will be divided among ATOM holders with voting rights. Interestingly, those who supported "NO" or "NWV" will likely get a larger portion than "YES" voters, thereby grabbing the driver's seat for future decisions.
In a related development, social media platform X has reportedly suspended Jae Kwon's personal account for breaching its terms of service. On February 24, the account associated with Kwon sent out a dispatch stating the launch of a fresh account, @donkeykwon, for personal conversations. However, as per the information available at the time of this report, the @donkeykwon account seems to be inactive.
Published At
2/26/2024 9:32:00 PM
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