Jae Kwon's firm to launch GovGen as prelude to controversial AtomOne fork

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The Block2024/02/26 11:46

By:The Block

Quick Take Jae Kwon, co-founder of Cosmos, is launching a new blockchain network, GovGen, focused on governance. GovGen, led by Kwon’s company All in Bits, is set to launch on Tuesday at 9 am ET. The network will decide on the design of AtomOne, a proposed fork of the Cosmos Hub, through decentralized decision-making.

Jae Kwon's firm to launch GovGen as prelude to controversial AtomOne fork image 0

Cosmos developer All in Bits will introduce a new blockchain network called GovGen ahead of AtomOne , a proposed controversial fork of the Cosmos Hub.

Scheduled to go live on Tuesday at 9 am ET, GovGen’s development is led by All in Bits, a firm that Cosmos co-founder Jae Kwon owns. Kwon has had significant disagreements with the wider Cosmos community in recent years.

GovGen will shape the design of the coming AtomOne fork through a decentralized decision-making process. “GovGen is intended to vote on all the decisions about how AtomOne will look and how it will launch,” a spokesperson said.

The network’s native token, GovGen, will be distributed to ATOM holders who either voted “no” or were automatically assigned a no vote due to their delegation status on the Cosmos Hub proposal 848. This particular proposal — aimed at capping the maximum inflation rate at 10% — was approved despite Kwon’s objections, contrasting with the stance of numerous other contributors within the ecosystem.

Kwon, who played a pivotal role in developing the Cosmos’s Tendermint consensus algorithm and co-founding the Cosmos Hub, had earlier expressed concerns regarding the 848 proposal’s implications for network security.

The Cosmos Hub, released in 2019, has seen the founders take separate paths over time. Both remain active within the Cosmos ecosystem, albeit through different entities; Kwon leads AiB, while Buchman is at the helm of Informal Systems, which supported proposal 848.

GovGen's role

Kwon’s new project with GovGen — and, subsequently, AtomOne — represents an effort to rebuild the Hub under a governance model aligning with his and his followers’ visions. The primary objective of GovGen will be to gauge community sentiment regarding various proposals related to AtomOne’s foundational constitution.

Notably, the GovGen token is designed solely for voting purposes within this context and will not be transferable or tradable. Once the GovGen holders decide on AtomOne’s design, it’s expected to go live soon after.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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