Last month, during its annual conference in Medelln, Colombia, the Cosmos ecosystem unveiled the first draught of a new white paper that aims to rework the tokenomics of its native token, ATOM.
The authors of the article suggested that the Cosmos Hub would be at the centre of its new interchain security feature and that the issuance and usefulness of ATOM will undergo modifications.
Zaki Manian, a co-founder of Sommelier and a prominent figure in the Cosmos ecosystem, told Blockworks that community members were concerned about ATOM issuance before the first on-chain vote scheduled for October 3.
Manian said that in the current environment, staking benefits are basically a value transfer from non-staked ATOM to stakers. However, the community desired less front-loaded development of ATOM.
In response to community concerns, the Cosmos Hub postponed the beginning of proposal voting to October 24 and subsequently to October 31, issuing revised versions of the white paper to include community members’ comments.
Manian said, “We now propose adding four million ATOMs to the communal pool, which now has around one million ATOMs.” “Then optionally at the decision of ATOM holders — ten additional ATOM mints into the treasury, if the project of identifying other income streams that will ultimately replace staking revenue is successful.”
Jae Kwon, the co-founder of Cosmos who resigned from the blockchain in 2020, began to get noticed for his alternative ATOM One plan while adjustments were being made to the white paper.
Kwon’s proposal questioned the legitimacy of ATOM 2.0, despite the fact that his ATOM One plan and the Cosmos developers’ ATOM 2.0 ideas are essentially identical.
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