In order for the blockchain to continually upgrade and improve over time Cosmos Hub enables users that are actively staking their ATOMs to participate in its on-chain governance and cast votes on active proposals.
At the moment there is one active proposal, which has caused a lot of heated discussions and controversy among the Cosmos community.
Proposal #29
Genesis fund recovery proposal on behalf of fundraiser participants who are unable to access their ATOMs
The benefits of an immutable Ledger are well known and have made blockchain technology a very popular tool for various use cases. Immutability can be defined as the ability of a blockchain ledger to remain unchanged, unaltered and indelible.
This characteristic ensures that no one can intrude in the system or alter the data saved to the block. However this feature also comes with fatal consequences, for example in case of lost private keys or code errors/system failures.
Link to the FORUM
According to the author of proposal #29 there was an issue/bug that caused many fundraiser participants, who had sent BTC or ETH to the designated fundraiser addresses, to not receive the correct Seed to claim their ATOM tokens.
Those genesis tokens are hence still sitting in inaccessible accounts and shall only be claimed by participants who have the ability to sign messages with their Bitcoin or Ethereum address(es) that were used to contribute to the fundraiser.
Our Team has discussed this topic internally and we came to the conclusion that this proposal can serve actually as a real test to the hub governance. It will prove that the hub can actually resolve controversial situations and we consider it to be fair to return funds to the rightful owners, who we also see as early believer in the Cosmos ecosystem.
The fear that the amount of recovered Atoms can influence the price we consider groundless. With the current daily trading volume it is unlikely to influence the price, even if the tokens were market sold on the same day.
We believe this decision will strengthen the Cosmos community and encourage others to participate and become aware of the powers of decentralized governance.
For more information:
Website: everstake.one
Twitter: @everstake_pool
Telegram: @Everstake_chat
Facebook: fb.me/everstake.one
Reddit: /r/Everstake/
