All in Bits, a company led by Jae Kwon, one of the founders of Cosmos, is getting ready to unveil its latest GovGen blockchain and token on February 27th, before the Cosmos Hub AtomOne fork.
During the launch, the “GovGen” token will be distributed to Cosmos Hub stakeholders who previously voted “no” or “no with veto” on Proposal 848, which aimed to reduce the inflation of the ATOM token to 10%. This token will be exclusively used for voting and will not be transferable.
Cosmos Hub has seen the emergence of two opposing groups following the approval of Proposal 848, with 73,165,203 ATOM allocated to the “yes” camp and 56,667,011 ATOM to the “no” camp, along with 11,669,549 ATOM to the “NWV” (no with veto) camp.
The first group has shown support for Ethan Buchman, another co-founder of Cosmos, and organizations like ZKValidator, who backed Proposal 848.
On the other hand, the second group has rallied behind Jae Kwon and leading entities such as Allnodes, who voted against the proposal.
In light of this disagreement, the second group will fork the Cosmos Hub blockchain on February 27th and govern the new fork with the help of AtomOne stakeholders and GovGen, a blockchain and token that has been bootstrapped on the side.
The exact distribution of GovGen tokens is still unclear. The initial 10% has been allocated to cover governance costs, and the remaining tokens will be divided among ATOM holders with voting power. However, those who voted “no” or “NWV” are expected to receive more tokens than the “yes” voters, effectively giving them majority power in decision-making.
In related news, Jae Kwon’s personal X account on a social media network has been blocked for violating the platform’s terms of service. On February 24th, the account associated with Jae Kwon, @jaekwon, announced that they would be using a new account, @donkeykwon, for personal communications. However, as of the time of writing this article, the @donkeykwon account is no longer accessible.