All in Bits, a company led by Jae Kwon, co-founder of Cosmos, is gearing up to launch its new blockchain and token called GovGen on February 27th. This launch will coincide with the AtomOne fork of the Cosmos Hub.
During the launch, the “GovGen” token will be distributed to Cosmos Hub stakeholders who previously voted against Proposal 848, which aimed to reduce the inflation of the ATOM token to 10%. The GovGen token will be exclusively used for voting and will not be transferable.
The Cosmos Hub community has divided into two camps following the passing of Proposal 848. The first camp, led by Ethan Buchman and supported by organizations like ZKValidator, favored the proposal. The second camp, led by Jae Kwon and supported by groups like Allnodes, voted against it.
As a result of this disagreement, the second camp plans to fork the Cosmos Hub blockchain on February 27th. They will govern the new fork through a coalition of AtomOne stakeholders using the GovGen blockchain and token.
The exact distribution of GovGen tokens is uncertain. The first 10% has been allocated for governance costs, with the remaining tokens to be divided among ATOM holders with voting power. However, those who voted “no” or “NWV” are expected to receive more tokens than “yes” voters, giving them majority decision-making power.
In other news, Jae Kwon’s personal X account has been blocked by a social media network for violating its terms of service. On February 24th, the account associated with JKwon, @jaekwon, announced that they would be using a new account, @donkeykwon, for personal communications. However, as of the time of this article’s publication, the @donkeykwon account is no longer accessible.