Voting on 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 Council will be responsible for the creation, maintenance and management 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 significant change to ATOM’s tokenomic architecture since then. On October 31, 2022, the voting process began to update Cosmos’ cross-network infrastructure platform to ATOM 2.0. The start of the voting acted as a catalyst for the altcoin price. ATOM price rose amid the bearish price of leading crypto Bitcoin and most major altcoins. Additionally, ATOM has returned to the top 20 cryptocurrencies by market cap.
ATOM daily price chart / Source: CoinMarketCapcryptocoin.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 initial concept for the Cosmos Hub, with functioning Cross-Chain Security and Liquid Staking mechanisms. In this context, the altcoin project team made the following statement:
“This document 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 like the first one. It will also generate MEV rewards to strengthen the latter. Interchain Allocator will then distribute these rewards to support additional Cosmos Blockchains, promoting scalability and thus 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 Cosmos Councils, a category of domain-specific organizations responsible for the creation, maintenance, and management of Cosmos. As the voting continues, 90% of voters support the proposal.
In turn, the Cosmos Councils will be responsible for achieving milestone goals and allocating resources. It will also establish a Cosmos Assembly that will be accountable to ATOM holders for similar duties. The parliamentary treasury will buy more ATOMs to keep token inflation very low.
The proposal was supported by a large majority of participants during the first few hours of the on-chain voting. At the time of writing, nearly 90% of respondents approved the fundamental change in altcoin management. However, the mooning is already underway and will last for two weeks.
