Cosmos Governance Now on imToken
Attention Cosmos fans: imToken now with new voting tool to let you view all proposals and vote. It’s open source.
Early last year, Cosmos launched the Cosmos Hub. At that time, we launched support for the Cosmos blockchain with a couple of features:
Since then, we have been listening to the community and are happy to present the latest new feature: Cosmos governance on imToken.
📲 Open the Cosmos wallet in your latest imToken app and click on “Voting” to view proposals.
✅ Click on any active proposal to start voting.
🧐 The Voting DApp also shows historical votes and additional information. Or go to mintscan.io to view more details on each particular vote.
We open sourced the tool: https://github.com/consenlabs/cosmos-staking-dapp .
Governance on Cosmos
In Cosmos, anyone can submit a proposal. After submitting the proposal, the community follows a strict governance process to decide on whether an idea will be implemented or rejected.
After the initial idea is set, a proposal needs to be funded with a total of 512 Atom that needs to be deposited within 2 weeks to discourage spamming.
After the minimum deposit is reached the proposal enters phase 2 when the actual voting begins.
All holders of staked coins are now able to vote for 2 weeks (336h) with “Yes”, “No”, “No with Veto”, “Abstain”. Note that as a Cosmos delegator, your validator can vote for you, but you can always overwrite your validator’s vote.
After the 2 weeks, a proposal will only be accepted if more than 40% of the total staked tokens have participated in the vote, plus more than 50% of the tokens that participated in the vote (after excluding “Abstain” votes) voted in favor of the proposal (“Yes”) and less than 33.4% of the tokens that participated in the vote (after excluding “Abstain” votes) vetoed the decision (“No with Veto”).
Only if all 3 conditions are met, will the proposal be accepted. If not, the deposit associated with the denied proposal will not be refunded and instead be awarded to the community pool.
Finally, after an accepted vote, the changes will be implemented.
Cosmos on imToken
With the new feature, imToken now supports everything you need for Cosmos:
- Voting on governance proposals ✅
- Send & Receive ATOM (+ technically Cosmos IBC tokens) ✅ (add custom Memo and fingerprint/face-id)
- Delegate ATOMs and earn interest ✅
- Re-delegate to other validators ✅
- Withdraw of delegated ATOMs ✅
- Watch rewards live in your wallet ✅
- Purchase ATOM on Tokenlon ✅
