Introducing: Cosmos Hub 3 ⚛️
It’s official: our Cosmos upgrade proposal has successfully passed! ?
What does that mean?
We are four days away from the first major Cosmos Hub upgrade. Here’s what to expect.
Changes to the Network
Some of the noteworthy changes include the items signalled in previous, successful governance proposals:
- Activate the Community Pool — enable governance to spend funds from the community pool (full proposal)
- Don’t Burn Deposits for Rejected Governance Proposals Unless Vetoed — if a proposal gets rejected without being vetoed, the deposits will be returned to the depositors (and if a proposal fails to meet quorum, its deposit will still be burned) (full proposal)
- Notification for Security Critical Hard Fork at Block 482100 — critical security vulnerability in the codebase for the Cosmos Hub (additional info)
- Increase Max Validator Set Size to 125 — (full proposal)
The Community Fund
As of Sep 20, 2019, there are 168k ATOMs in the community fund that have accumulated. They will be unlocked and available for the Cosmos community to spend after the September 24 upgrade. How?
The Power of Governance
The community fund can be spent via governance proposals. Currently, Cosmos’ governance mechanism is only used for text-based proposals, meaning that they can only be used to signal a decision, not enforce that decision. But that’s about to change.
The Cosmos Hub will enable two important new governance features:
- proposals that modify on-chain parameters without halting or forking the network;
- proposals that spend from the community fund.
The first feature means that we can fine tune how the network runs by changing things like block rewards without disrupting it. The second means we can fund Cosmos goods that benefit the entire network the same way we fund the security of the network (via inflation).
The next major upgrade to look forward to should be to enable IBC, Inter-Blockchain Communication. This is the reason that the Cosmos Hub exists. IBC will enable the Cosmos Hub to connect different blockchains together to exchange assets — their assets will flow securely between one another, rather than being stranded on one blockchain.
If you’re staking, IBC should interest you because it’s what will drive the value of the Cosmos Hub’s ATOMs. Staking on the Cosmos Hub entitles participants to transaction fees as assets flow across chains, and that’s in exchange for providing network security.
Our proposal gathered support blazingly fast: 4 days, 3 hours, 39 minutes
But it wasn’t easy. There were two failed attempts, which cost participants that deposited ATOMs. We’re grateful for the support of those that made deposits, and so we are drafting a proposal to refund 1665 ATOMs lost in all prior failed proposals. We think that this is a good first use of the Cosmos Community Fund.
We’ve met good folks in the process and the bumps in the road contributed to our learning. Going forward, we expect the governance coordination for upgrades to be smoother. We wish all of the validators (and potentially 25 validators-to-be) the best for the Sep 24 upgrade and beyond–join us in the validators Riot channel for support.
Yes you–the Tendermint Team (aka All in Bits), led by Aleksandr Bezobchuk. I got some serious support from Zaki Manian. Really appreciate the feedback from the validators, particularly Roman (Polychain Labs), Chris (Cryptium), Hyung (B-Harvest), and Kwun (Forbole).
Start by checking out how much feedback we received here, then stay tuned to the forum to get/stay involved with future Cosmos efforts. ?
Hopefully you found this useful. Feedback is always welcome! I’m on Twitter.