All in Bits set to introduce governance blockchain preceding the Cosmos Hub fork

All in Bits, a company led by Jae Kwon, co-founder of Cosmos, is getting ready to launch its upcoming GovGen blockchain and token on February 27, ahead of 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” to Proposal 848, which aimed to decrease the inflation of the ATOM token to 10%. The GovGen token will be exclusively used for voting and will not be transferable.
Cosmos Hub
Following the passing of Proposal 848 with a small majority, two factions have emerged within the Cosmos Hub community. The first group has rallied behind Ethan Buchman, co-founder of Cosmos, and prominent organizations like ZKValidator, who supported the proposal.
On the other hand, the second group has shown their support for Jae Kwon and leading groups such as Allnodes, who voted against the proposal.
In response to the disagreement, the second group will fork the Cosmos Hub blockchain on February 27 and govern the new fork through the coalition of AtomOne stakeholders with the use of GovGen, a blockchain and token with limited resources.
The distribution of GovGen tokens is not yet clear. The initial 10% has been allocated for governance expenses, while the remaining tokens will be divided among ATOM holders with voting power. However, those who voted “no” or “no with veto” are expected to receive more tokens than “yes” voters, giving them majority power in decision-making.
In a GitHub post from the AtomOne team, it was stated that this decision was made partially for political reasons.
Jae Kwon on X
In other news, Jae Kwon’s personal X account has been blocked by the social media network for violating its terms of service. On February 24, the account associated with Jae Kwon, @jaekwon, announced that they would be using a new account, @donkeykwon, for personal communications.
Just three days later, as of the time of writing this article, the @donkeykwon account is no longer accessible.


Source: X