Proposal ATOM 2.0 Has Been Rejected

Read full article at The Capital.

The Atom 2.0 proposal has been rejected and vetoed by the validator and the community, on the grounds that the proposed number of coins is planned to be added/inflated. This proposal is almost similar to the incident that happened to LUNA coin until the total supply became 6,900,000,000 LUNA/LUNA 2.0. I think it is a function of a Vote from the community to decide the good policy to do. The effect of this resistance gives negative sentiment for ATOM prices but not negative news, in my opinion.

Proposal #82 | Cosmos Hub | Keplr Dashboard

The ATOM 2.0 proposal was rejected on November 14, with more than 33.4% of the votes cast without a Veto (right to overturn/withdraw judgment 37.39 percent).

Background

The ATOM2.0 Whitepaper was finally released at the end of September, but the update caused a public debate.

  1. The Whitepaper states that more ATOM tokens will be minted for use in the Community Pool, but community members are concerned that this will negatively affect the price of ATOM tokens;
  2. Community members suggest that liquidity guarantees should have collateral limits to reduce the systemic risk of theft from the collateral pool;
  3. The new White Paper should unite society, not divide it.

The proposal maintains modifications in the new Whitepaper, such as allowing other chains to use the Hub to protect the network and reducing the number of new atoms produced each month from exponential to constant after a 36-month transition period.

☀️☀️☀️ Jae Kwon ☀️☀️☀️ di Twitter: “Prop 82 voting is over. It has failed with a veto vote. Regardless of your stance on atom2, this has been a difficult journey for all of us.” / Twitter

As previously reported, Jae Kwon, co-founder of Cosmos, objected to the portion of the ATOM 2.0 proposal that provided a liquidity commitment for ATOM, pointing out that the existing ATOM 2.0 proposal also had problems mining large amounts of tokens to insiders. Treasury controlled.

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