A Quick LookWhat has been upgraded in Cosmos Hub 3?
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The upcoming Cosmos Hub 3
The latest proposal for Cosmos Hub 3, Proposal D, is intended to replace the previous Proposal B and Proposal C. Two main aspects of the proposal are proposed:
Use the new GitHub code
It is estimated that the ledger status will be exported on September 24 at block height 1,933,000 of Cosmos Hub 2
The above proposal was proposed by Figment Networks, and the proposal will be submitted to all validators participating in Cosmos Hub for voting. All modifications will be deployed on the mainnet of Cosmos Hub 3 on September 24. The most important of the upcoming changes is undoubtedly that the Cosmos SDK will support voting on governance proposals to modify on-chain parameters without interrupting or forking the network and without spending community funds.
Figment Networks analyst Gavin Birchs summarized the main content of the September 24 upgrade on Twitter: 1) Unlocking 150,000 ATOM token community funds; 2) Changes to parameters on the chain; 3) Only vetoed governance proposals (vetoed votes) need to burn tokens.
Currently, some community funds have been able to be used to refund previously burnt proposal deposits, of which up to 150,000 ATOMs will be dedicated to the project. In the Cosmos network, when a proposal is submitted, participants store ATOM tokens for it. This measure reflects the community's support for a proposal and is used to prevent the submission of a large number of spam proposals.
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Hub 3 and past proposals
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Source: Hubble Figment Network, tables organized by stake.fish
Why should these proposals be followed by an upgrade?
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Cosmos official website roadmap
How is the roadmap for Cosmos following the latest upgrade?
Combined with the official Cosmos roadmap, we know that these recently submitted proposals are mainly included in the "Community Governance" milestone of the roadmap. The Cosmos network has achieved more than 20 milestones since October 2017. Among the upcoming milestones, community governance and IBC will be the highlight.
Especially after the release of IBC, since Cosmos has truly realized cross-chain interoperability, the practical use of ATOM will further increase. Although ATOM tokens are currently limited to voting, governance and other uses, we expect to see the IBC testnet may be launched before the end of this year.
Asmodat, founder and CTO of KiraEx, pointed out that after the launch of Cosmos IBC, people can use ATOM tokens to transact on other networks. Several projects are also working on solutions to enable simultaneous staking of ATOM tokens and other Cosmos network tokens on multiple chains. With Proposal D passed, the launch of Cosmos Hub 3 is expected to be completed 60 minutes after block 1,933,000.
After Hub 3 is upgraded, the focus of the community will be on the implementation of IBC. What is the progress of IBC? What changes will it bring? stake.fish, as the main verification node on the Cosmos network, will continue to share observations and discoveries about the Cosmos network in future articles.
Compiled from stake.fish researcher Ricard Garcia's article.
