AtomOne
A New Chapter in Cosmos
Last updated
A New Chapter in Cosmos
Last updated
In October 2024, AtomOne emerged as a fork of the Cosmos Hub, aiming to address concerns about centralization and governance within the Cosmos ecosystem. This initiative was largely a response to Cosmos Hub Proposal 848, which proposed capping ATOM's inflation rate at 10%. Many community members, including Cosmos co-founder Jae Kwon, opposed this change, fearing it could undermine network security and validator incentives.
GovGen Chain Initiation: Before AtomOne's official launch, the GovGen chain was established to gauge community sentiment and shape the new network's foundational principles. This governance-only chain allowed stakeholders to vote on critical aspects like the constitution, tokenomics, and software choices.
ATONE Token Distribution: Upon launch, AtomOne distributed 96.99 million ATONE tokens to ATOM holders, with additional allocations to a community pool and the AtomOne Treasury DAO. ()
Constitutional Governance: AtomOne operates under a written constitution, emphasizing decentralized decision-making and community involvement. This framework aims to enhance transparency and ensure that governance reflects the collective vision of its participants. ()
Validator Voting Rights Reform: To promote a more equitable governance structure, AtomOne removed voting rights tied to delegated tokens, ensuring that only validators' self-staked tokens influence governance decisions. ()
AtomOne plans to implement several features to further its mission:
Interchain Security (ICS) Enhancements: Developing a more equitable validator reward system to prevent excessive delegation to high-power validators and promote a balanced validator set.
DAO Activation: Establishing key decentralized autonomous organizations (DAOs), including the Steering, Oversight, and Treasury DAOs, to manage various aspects of the network's operations.
Photon Integration: Transitioning to Photon as the sole fee token for transactions, further separating governance and transactional functions within the network.
Photon is the designated fee token for the AtomOne network, introduced to separate transactional functions from governance and staking activities. This design choice aims to enhance security and provide a more stable economic model for the network. ()
In traditional blockchain models, the same token often serves multiple roles, including governance, staking, and transaction fees. AtomOne diverges from this approach by introducing Photon exclusively for transaction fees, allowing for:
Economic Clarity: By separating fee payments from governance and staking, Photon helps maintain the integrity and stability of the ATONE token.
Enhanced Security: This separation reduces potential conflicts of interest and aligns incentives more effectively across different network participants.
Fee Payments: Currently, Photon is used for all transaction fees within the AtomOne network.
ATONE to Photon Conversion: A burn mechanism has been established to convert ATONE to Photon, facilitating the transition to Photon as the sole fee token.
Integration with DAOs: As AtomOne's DAO structures become operational, Photon is expected to play a central role in funding and executing various initiatives within the network.
These developments underscore AtomOne's commitment to refining blockchain governance and economic models. By introducing Photon and emphasizing decentralized decision-making, AtomOne seeks to offer a more secure and adaptable platform within the Cosmos ecosystem.