Voting for the highly anticipated Cosmos 2.0 (ATOM) proposal in the cryptocurrency market has begun. The proposal will include Cosmos Councils in terms of governance. This Board will be responsible for the creation, maintenance and administration of the altcoin project. After the voting started, there was a movement in the altcoin price.
Cosmos’ voting has started, altcoin price has gained momentum!
Altcoin project Cosmos (ATOM) first reached the public in 2016. If ATOM holders and community supporters accept this proposal, it will be the most valuable change to ATOM’s tokenomic architecture since then. The voting process began on October 31, 2022 to update Cosmos’ mid-networks infrastructure platform to ATOM 2.0. The start of the voting saw a catalyst mission for the altcoin price. The price of ATOM rose amid the decline of leading crypto Bitcoin and many major altcoins. Additionally, ATOM has returned to the top 20 cryptocurrencies at market expense.
Koindeks.com As you follow on, the Cosmos community approved a proposal earlier this month. As a result, the community expects the application that will drastically change the Cosmos ecosystem and how ATOM works. According to the Cosmos team’s statement, the protocol has been fully implemented with the launch of Tendermint, IBC and SDK, as well as the first concept for the Cosmos Hub, with functioning Cross-Chain Security and Liquid Staking mechanisms. In this context, the altcoin project group made the following statement:
“This paper marks the next phase of Cosmos Hub as an infrastructure service platform and ATOM’s renewed role as the collateral of choice within the Cosmos Network.”
Now Cosmos gets two new features, Interchain Scheduler and Interchain Allocator. A Cross-Chain block space market will function as the first. It will also generate MEV rewards to strengthen the latter. Interchain Allocator will then distribute these rewards to support additional Cosmos Blockchains, promoting scalability, thereby increasing the overall market size targeted for Interchain Scheduler.
What does the offer bring?
The proposal on the agenda also brings changes in terms of governance. It adds the Cosmos Councils, a category of domain-specific organizations responsible for the creation, maintenance, and administration of the Cosmos. As the voting continues, 90% of voters support the proposal.
In turn, the Cosmos Boards will be responsible for achieving milestone goals and allocating resources. In addition, he will establish a Cosmos Assembly that will be responsible to ATOM holders for such duties. The parliamentary treasury will buy more ATOMs to keep token inflation very low.
The proposal was reinforced by the vast majority of attendees during the first few hours of the on-chain voting. At the time of writing, nearly 90% of contributors endorsed the fundamental change in altcoin governance. However, the mooning is already underway and will last for two weeks.