The Big Day Is Coming For This Altcoin: What’s the Date of Critical Voting?

Cosmos (ATOM) altcoin Its developers will hold a community vote on October 31 for an important proposal aimed at bringing a new security model for the network’s centralized blockchain, called the Hub.

The management vote was scheduled for October 24 but was delayed.

Cosmos is an interoperability network whose ecosystem includes several chains. These chains can interact with each other using the Inter-Blockchain Communication (IBC) protocol through Cosmos Hub.

Voting to Change Cosmos Altcoin Ecosystem Will Take Place on October 31st

Cosmos developers published a whitepaper in September recommending new functionality for the Cosmos Hub, including a mechanism called cross-chain security.

This mechanism could allow application-specific chains in the Cosmos ecosystem to rely on Hub validators for security. In other words, cryptocurrency cross-chain security aims to allow certain Cosmos chains to secure themselves using Cosmos Hub.

The whitepaper also proposed a change called ATOM 2.0 to make Cosmos Hub’s native token, ATOM, the preferred collateral asset across the entire network. This too will be put to a vote. According to its developers, these changes, if approved, will enable Cosmos Hub to transition to an infrastructure service platform.

Community members had expressed concerns about Sam Hart, Cosmos Hub’s Strategy Lead, about the idea that printing substantial amounts of ATOMs would result in lower inflation levels.

During the transition phase, 10,000,000 ATOMs will be minted in the first month and will decrease over time, reaching steady state after 36 months.

*Not investment advice.