CRYPTOSTAKE
StakingMarketRegulationCryptostake ExplainsUncharted
The People Decide: GovGen Blockchain Puts AtomOne's Fate in Community Hands

GovGen Lets Community Shape AtomOne's Launch

Cosmos co-founder Jae Kwon introduces GovGen, an independent governance-only chain, poised to revolutionize blockchain governance. November 2023 witnessed the Cosmos Hub community's approval of the contentious proposal 848, slashing ATOM's maximum inflation from 20% to 10%, despite its actual inflation standing at 14%.

Kwon, dissenting with the vote's outcome, initiated a fork to create AtomOne, emphasizing decentralized decision-making. Launching GovGen, Kwon aims to 

"decentralize the Genesis of the AtomOne chain," 

according to blockchain developer Onbloc. 

GovGen, distinct yet derivative of Cosmos Hub, empowers GOVGEN token holders to vote on AtomOne's foundational parameters, embodying Kwon's vision: 

"With GovGen, we aim to demonstrate how we could or *should* use governance voting choices from delegators and validators to help shape blockchain development, whether that may involve splitting or forking any proof-of-stake blockchain in order to preserve its constitutional character or proposing and introducing new innovations."

This initiative not only marks a significant stride towards inclusive governance but also illustrates the community's commitment to a democratic blockchain evolution.

The significance of proposal 848 and the Cosmos fork

The Cosmos community's approval of proposal 848 in November 2023, reducing ATOM's maximum inflation from 20% to 10%, marked a pivotal governance milestone. Contrary to expectations, the proposal passed with 41.1% support. Jae Kwon, opposing the outcome, responded by forking the Cosmos Hub to establish AtomOne, aiming to decentralize its genesis decisions.

Kwon clarifies the essence of GovGen, stating,

"The concept of GovGen was born out of the need to assess the sentiments of the dissenters to the Cosmos Hub’s proposition 848." 

This governance-only blockchain, a fork with minor modifications, aims to "decentralize the Genesis of the AtomOne chain," offering a direct influence on the project's initial parameters to those who opposed proposal 848.

By channeling the governance power to the community, GovGen symbolizes a new chapter in blockchain's democratic evolution, ensuring foundational decisions reflect the collective will. 

The role of GovGen in AtomOne's genesis

Scheduled to launch on February 27, GovGen is not merely a technical fork but a philosophical one, aiming to decentralize the genesis decisions of the AtomOne chain. This initiative represents a significant leap towards embedding democratic principles within the blockchain's foundational layers, offering ATOM holders who voted against or vetoed proposal 848 a direct stake in shaping AtomOne's future.

By distributing GOVGEN tokens to these stakeholders, GovGen empowers them to vote on critical proposals, ensuring that AtomOne's inception is rooted in community consensus. 

Kwon asserts:

"With GovGen, we aim to demonstrate how governance voting choices from delegators and validators can shape blockchain development," 

This move not only reinforces the importance of participatory governance but also sets a precedent for future blockchain projects, underscoring the potential of governance mechanisms to drive significant, community-led change.