There’s controversy within the Cosmos and 3 new governance proposals to vote on. We at Blocks United have voted in favor of ATOM 2.0, which is Cosmos proposal 82. We have voted no on proposals 81 and 83, which were meant to oppose ATOM 2.0 by Cosmos co-founder and former team member, Jae Kwon.
View the ATOM 2.0 whitepaper for a complete description.
The proposals are all fairly similar, but Jae Kwon’s proposals 81 and 83 want to implement the Photon token to be used for transaction fees, instead of ATOM. And, would attempt to make it much more difficult to issue new ATOM tokens.
We agree with Jae Kwon in that issuance of newly minted ATOM tokens must be carefully considered. That’s why we took our time and listened to all sides before taking a stance and voting.
This is complicated stuff. Eventually we came to the conclusion that ATOM 2.0 will rocket the ecosystem forward, while the other proposals will stifle it’s growth potential.
The teams most involved in the ATOM 2.0 whitepaper are:
1) The Interchain Foundation
2) Informal Systems
3) Iqlusion
4) Galileo Group
5) Strangelove Labs
6) Hypha Worker Co-Op
For those who are interested in hearing these teams present their views on ATOM 2.0, we suggest checking out Cosmoverse 2022. They’re onstage at the end of the day 1 video, 9 hours in.
We also suggest listening to Jack Zampolin from Strangelove. He was interviewed by Cryptocito on YouTube.
Finally, we suggest listening to Jae Kwon debate with Zaki Manian and Sunny Aggarwal. Cryptocito was nice enough to get them together and moderate their discussion on YouTube.
We follow Cryptocito on both YouTube and Twitter. He delivers great content.
All the individuals mentioned above are highly intelligent, reputable people with a ton of experience. We have the utmost respect for all of them.
At the end of the day, we have faith in the teams who wrote the ATOM 2.0 whitepaper and their vision. They understand that whether people like it or not, the Cosmos is in a race for adoption against all the other blockchain ecosystems.
Funding is necessary to hire developers, marketers and everyone else needed to propel the Cosmos forward. ATOM 2.0 sets the stage and provides a framework to follow. Plus, there will be plenty of governance proposals that direct how the Cosmos Hub’s treasury should be spent. So, stay tuned!
The ATOM 2.0 vision reminds us very much of what the Polygon team has done. Blocks United also validates for Polygon MATIC and we’ve watched that ecosystem explode with growth over the last 18 months. Starbucks and Meta have recently signed on to use the Polygon network for their NFTs and we’re confident this is just the beginning for Polygon.
The Cosmos deserves to be considered by the broader public and institutions too. It needs teams of people to get the job done and those people need to be paid. We ultimately believe the newly issued ATOM tokens that will pay for ATOM 2.0 will be worth the temporary drop in token price.
Long-term investors who see the longevity of the Cosmos Hub understand this. We hope our delegators will too.
Nothing we say is financial advice or a recommendation to buy or sell anything. Cryptocurrency is a highly speculative asset class. Staking crypto tokens carries additional risks, including but not limited to smart-contract exploitation, poor validator performance or slashing, token price volatility, loss or theft, lockup periods, and illiquidity. Past performance is not indicative of future results. Never invest more than you can afford to lose. Additionally, the information contained in our articles, social media posts, emails, and on our website is not intended as, and shall not be understood or construed as financial advice. We are not attorneys, accountants, or financial advisors, nor are we holding ourselves out to be. The information contained in our articles, social media posts, emails, and on our website is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation. We have done our best to ensure that the information provided in our articles, social media posts, emails, and the resources on our website are accurate and provide valuable information. Regardless of anything to the contrary, nothing available in our articles, social media posts, website, or emails should be understood as a recommendation to buy or sell anything and make any investment or financial decisions without consulting with a financial professional to address your particular situation. Blocks United expressly recommends that you seek advice from a professional. Neither Blocks United nor any of its employees or owners shall be held liable or responsible for any errors or omissions in our articles, in our social media posts, in our emails, or on our website, or for any damage or financial losses you may suffer. The decisions you make belong to you and you only, so always Do Your Own Research.
