Layer by Layer: Cosmos Hub Weighs its Future with Pivotal Cosmos 2.0 Vote Underway

Quick Take In this weekly series, we dive into some of the most interesting data and developments across the Layer 1 blockchain landscape, from DeFi and bridges to network activity and funding Voting has begun for the Cosmos 2.0 whitepaper proposal, with many in the community still in disagreement over the broad vision presented by the authors, as well as the details of its implementation Several changes have been made to the Cosmos 2.0 whitepaper since its introduction in late September, including a reduced commitment to sweeping modifications to ATOM issuance that are intended to significantly increase protocol funding of a new Cosmos Treasury With less than one week until voting ends, stakeholders are attempting to reconcile competing stances on the future role of the Cosmos Hub in the IBC ecosystem, taking into consideration a range of factors that include the plan's overall feasibility, the Hub's early role in IBC development, the growing influence of new chains such as Osmosis, and more

Timeline of Cosmos

A popular cryptocurrency analyst has recited the prices of Cosmos ($ATOM) and meme-inspired cryptocurrency Dogecoin ($DOGE) could undergo an “explosive” rally in the near future as interest in altcoins recovers.

Cosmos [ATOM] co-creator Jae Kwon's proposal to develop “one constitution” might not result in a favorable outcome for the founder. On 31 October, Kwon had proposed an interchain hub to foster the security of the Internet of Blockchain ecosystem.

Polygon rose for a second consecutive session on Friday, climbing by as much as 20%. This surge pushed prices of the token to their highest level since May. Cosmos was another big gainer on Friday, with prices rallying to a five-week high. Overall, the cryptocurrency global market cap is now trading 2.64% higher.

The Cosmos price surged to the highest level since September 27 as investors waited for the upcoming upgrade to Cosmos 2.0. ATOM, its native coin, jumped to a high of $14.50, which was about 36% above the lowest level in October.

ATOM's price shows strength as it bounces from a downtrend range price rallied to a high of $14 with eyes set on $17.  ATOM could rally more as the price creates more bullish bias by breaking out of a downtrend descending triangle with eyes set on rallying higher.

This upgrade, if accepted by ATOM owners and community supporters, will mark the most significant alteration to ATOM's tokenomic architecture since Cosmos was first made available to the general public in 2016. On October 31, 2022, a process for an on-chain vote to update Cosmos' cross-network infrastructure platform to ATOM 2.0 began.

Binance is sending a Cosmos (ATOM)-based altcoin surging after the exchange listed the asset in its “Innovation Zone” on Thursday. Binance rolled out trading services for Osmosis (OSMO), an automated market maker (AMM) protocol built on the Cosmos software development kit (SDK) that aims to enable cross-chain transactions by utilizing inter-blockchain communication (IBC).

Cosmos announced a new plan to incentivize validators on its network and allow its team to test out its Interchain Security. Moreover, the number of stakers on the network has shown growth over the past 30 days.

The Cosmos community will vote on Oct. 31 on a proposal to approve changes to the network's Hub. The post Cosmos to vote on new security model for network's Hub next week appeared first on The Block.

BeInCrypto takes a look at five projects that beat the crypto market last week, more specifically, from Oct. 21 to Oct. 28. The post KLAY, DOGE, THETA, TON and ATOM Outperform appeared first on BeInCrypto.