Cosmos Community Rejects ATOM 2.0 White Paper

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The Cos­mos com­mu­ni­ty has vot­ed against the lat­est ATOM 2.0 pro­pos­al, which aims to revamp the ecosystem’s native ATOM token. Alter­na­tives dubbed Atom One and Atom Zero were reject­ed by much larg­er margins.

Vot­er turnout for the pro­pos­al reached 73.41%, a stan­dard amount for the Cos­mos ecosystem. 

Of the token hold­ers who par­tic­i­pat­ed, 47.51% vot­ed in favor of the pro­pos­al, with 37.39% vot­ing no with veto and 13.27% choos­ing to abstain.

Vot­ing no with veto in the Cos­mos ecosys­tem indi­cates a stronger oppo­si­tion to the pro­pos­al than a sim­ple “no.” If a total of one third of vot­ers (33%) veto a pro­pos­al, the pro­pos­al is reject­ed and deposits are burned.

The ATOM 2.0 white paper was first unveiled at Cos­mo­verse in late Sep­tem­ber. It was designed so that it could secure eco­nom­ic scal­ing and make ATOM a core col­lat­er­al with­in the Cos­mos ecosystem.

In the first ver­sion of the white paper, devel­op­ers pro­posed a large mint of ATOM tokens for a trea­sury, fol­lowed by a drop in ATOM stak­ing rewards. That would result in a reduc­tion of the ATOM infla­tion rate over time, but the com­mu­ni­ty was con­cerned with the front-load­ing of ATOM tokens in the first few months. 

The pro­pos­al was revised to include com­mu­ni­ty sug­ges­tions, and vot­ing went live on Oct. 31.

Com­mu­ni­ty mem­bers cit­ed a lack of clar­i­ty on pro­posed changes and the broad nature of the pro­pos­al as pri­ma­ry rea­sons for their no vote.

Cos­mos com­mu­ni­ty mem­ber Mark W. Dal­ton said in the dis­cus­sion forum that the pro­pos­al “is too much like Gov­ern­ment stuff-in good/bad in the same bill to sneak things through. We should hone each major piece.’

Despite the crit­i­cisms, a major­i­ty of mem­bers are still sup­port­ive of ATOM 2.0’s gen­er­al vision. How­ev­er, they’re inter­est­ed in iron­ing out some of the details.

In com­par­i­son to the Atom One Con­sti­tu­tion (Pro­pos­al 83), where only 3.89% vot­ed in favor, those who vot­ed against the 2.0 pro­pos­al expressed the gen­er­al view that the pro­pos­al was a good start­ing point to design the next ver­sion of the Cosmos. 

Audit.One, a Cos­mos Hub val­ida­tor and con­tribut­ing mem­ber of the cos­mos ecosys­tem, said in the forum, “we do agree with some points and like some ideas in the paper, but we don’t agree with ‘rat­i­fy­ing the entire con­tent of the paper’.”

Echo­ing Dalton’s sen­ti­ments, Audit.One said, “in our opin­ion this pro­pos­al needs to be split up in sep­a­rate action­able proposals.”


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  • Bessie Liu
    Bessie Liu

    Block­works

    Reporter

    Bessie is a New York based cryp­to reporter who pre­vi­ous­ly worked as a tech jour­nal­ist for The Org. She com­plet­ed her master’s degree in jour­nal­ism at New York Uni­ver­si­ty after work­ing as a man­age­ment con­sul­tant for over two years. Bessie is orig­i­nal­ly from Mel­bourne, Australia. 

    You can con­tact Bessie at [email pro­tect­ed]



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