Thread by @jaekwon

Draft of ATOM ONE constitution: github.com/tendermint/ato… ; Call for contributions (by PR and issues); Disclaimer, I only worked on this for 3 hours, this is very rough. It's a good time to contribute. @cosmos #cosmoshub

@cosmos The notion that ATOM is a "memecoin" ignores the obvious and original business model for the hub -- token transfer fees. Bitcoin and Ethereum gas transaction fees are in the 10s/100s of millions, and we haven't even gotten to VISA scale yet. ATOM is not money, it's VISA shares.

And FED shares. It's an alternative to the status quo that Bitcoin originally wanted to be, but more. Well, imagine what kind of social manipulation we must be under, to be pursuing such a dream.

Best part is we've done most of the work already. With minimal ICS the simple-transfer-zones are already more or less done. We're 90% done with massive scale MVP, and after that scaling will be relatively easy. AND this ATOM1 hub is a minimal hub that zones will want to use.

Don't lose focus.

The product market fit is already there. It's simple, and we are already positioned for it. It is neutral to apps like gno.land and it is, as IBM's CEO once said, the secret cash cow of IBC -- transaction processing. The whole IBM/VISA/FED system is SECRET CASHCOW.

Someone can find the years old interview where this was admitted. IBM's whole mainframe business was about transaction processing. We sell blockchain transaction processing. Simple as.

That's why we were in discussions with IBM before, and why IBM got into the Hyperledger space. But they didn't want to give up the power of tx processing to the people like Tendermint did. So thankfully we didn't sell out, and we made Cosmos instead. Mainframe=FT, Tendermint=BFT.

Cosmos is the VISA network built upon this decentralized BFT mainframe system. Always was, and should remain.

New functionality can always be permissionlessly added on top of this base ATOM1 framework. The gno.land prop69 #exitdrop is a demonstration of value-add to the Cosmos Hub, as it will provide Gnolang smart contracts while IBC pegging to the Cosmos Hub for tokens.

Using ICS, it should be possible to run new Gnolang VM powered zones secured by the Cosmos Hub, but also IBC connected to the gno.land chain for importing logic hosted on the Gno.land "github" (and paying gas fees & license fees to each).

I'm not against all the ideas of ATOM2. Some ideas are genuinely interesting. I just think we should do it on ATOM1, and use PHOTONs. That is, ATOM2 -> PHOTON1.

I do see the "monification" of ATOM as per ATOM2.0 to be fundamentally flawed, for a chain whose main selling point is SECURITY. I believe ETH2.0 with its ETH staking is similarly flawed.

In biology, it's the difference between Eukaryotic (cell nucleus) and Procaryotic (no nucleus) cells. Evolution has proven that multicellular (inter-cellular) systems like us are generally Eukaryotic. They both exist, but complexity demands more intracellular security.

@buchmanster ^^

If we have a one time burn of ATOM -> PHOTON instead of a fork, then I suppose it would even be a deflationary event. And it would be a good chance to allocate PHOTONs for treasury. Win win? @zmanian