Cosmos Community revokes new on-chain governance

Juno blockchain community members have voted to seize all but 50,000 of a 24-year-old member’s supposedly ill-gotten JUNO tokens in a move that could have lasting ramifications for decentralized governance. Members of a Cosmos-based online blockchain community have voted to seize the JUNO tokens of one of its users, Takumi Asano. Asano, 24, has been accused of manipulating an airdrop to receive more JUNO tokens than he was entitled to, leading to 72% of the community voting to confiscate the tokens that he claims to have belonged to a co-investor group.

Cosmos proposal gauges users sentiment

The decision to seize the tokens marks a landmark moment within the realm of on-chain governance, creating it the primary major incident wherever a community will modify a user’s balance.

Proposal 16, basically a proposal to determine user sentiment relating to Asano’s situation, was written in mid-March. It attracted public opposition out of worry that it’d injure the system’s unchangeableness or trust. Once members of the Roman deity community voted on Proposal 16, it had no power to revoke tokens.

However, this new vote garnering a 72% majority, would see tokens revoked.

How have JUNO tokens been accumulated?

Juno, a public blockchain within the Cosmos ecosystem, provides a sandbox setting for implementing practical good contracts. As a layer one smart contract network, it eliminates the bottlenecks of first-generation smart contracts, cherishing restricted measurability and high implementation and execution costs.

Upon Juno’s launch, the creators awarded $JUNO tokens to people who staked ATOM tokens on the Cosmos Hub blockchain. in step with its whitepaper, $JUNO’s tokenomics are designed to stimulate and promote a independent economy of developers, validators, and delegators.

ATOM tokens, on the opposite hand, are governance tokens chargeable for community engagement development choices in Cosmos. Asano’s cluster of investors each staked ATOM tokens, leading to him extraordinary the utmost quota of fifty,000 Roman deity, a limit obligatory to stop any user from having an excessive amount of selection power.

Asano’s group of investors massed 10% of the availability of JUNO across 50 wallets via the airdrop, which Asano consolidated into one.

Nevertheless, Proposal 16’s verbiage didn’t embrace nuances recognizing Asano’s role as somebody investing on others’ behalf.

The facts are that the Roman deity genesis staked bringing was gamed by one entity. whether or not Asano advisedly looked to game the airdrop was thought-about irrelevant, the proposal read.