The Most Awaited Cosmos 2.0 Proposal Voting Has Started

The new upgrade for the Cosmos blockchain, if accepted by ATOM owners and community supporters — will mark the most significant alteration to ATOM’s tokenomic architecture since Cosmos was first made available to the general public in 2016.

On October 31, 2022, a process for an on-chain vote to update Cosmos’ cross-network infrastructure platform to ATOM 2.0 began.

The Cosmos (ATOM) community approved a proposal earlier this month. As a result, it is just waiting for implementation, which might drastically alter how the Cosmos ecosystem’s ATOM cryptocurrency functions.

Cosmos Upgrade Details

According to the Cosmos team’s description, the protocol has fully realised its initial concept for Cosmos Hub with the release of Tendermint, IBC, and SDK, as well as the functioning Interchain Security and Liquid Staking mechanisms:

This document marks the transition to the next phase of the Cosmos Hub as an infrastructure service platform, and a renewed role for ATOM as preferred collateral within the Cosmos Network.

Interchain Scheduler and Interchain Allocator are two new features of Cosmos. A cross-chain block space marketplace will function like the first, producing MEV rewards to power the second. Interchain Allocator will then distribute these rewards to support additional Cosmos chains, encourage scalability, and so increase the total targeted market size for Interchain Scheduler.

Benefits of Cosmos 2.0

In terms of governance, the proposal adds Cosmos Councils, a category of domain-specific organisations in charge of Cosmos’ creation, upkeep, and administration.

90% of Voters Favour the Proposition

In response, Cosmos Councils will establish a Cosmos Assembly, which will be accountable to ATOM holders for achieving milestone objectives, allocating resources, and other such things. The Assembly’s treasury will receive more ATOM, keeping the asset’s inflation very low.

The idea was supported by a resounding majority of participants during the first several hours of on-chain voting. By the time of publication, nearly 90% of voters had approved the fundamental change in Cosmos (ATOM) governance. In two weeks, voting will be over.

The price of Cosmos (ATOM) increased by 2.5% over the previous day, bringing the asset back into the top 20 currencies by market cap.