Editorial: Round table the cosmos bank, a manifesto
Cosmos is at a Cross Roads Point.
After years of building the foundations of the interchain ecosystem, Cosmos is starting to successfully blossom from its single atomic point and genesis.
The world before Cosmos Genesis was nothing, and after, it was everything. In the words of Georges Lemaitre, it is the “The beginning of the world”. Just as Georges Lemaitre fathered the hypothesis of the primeval atom (https://en.wikipedia.org/wiki/Primeval_atom%22%20%5Co%20%22Primeval%20atom), leading to the success of modern day empiricism; we have Jae Kwon and all stakeholders to thank for fathering $ATOMs , after all it was Jae Kwon, who laid out the theory and modus operandi of the interchain vision.
Cosmos gave the toolset of creation to the interchain ecosystem out of love and supporting the ideals of FOSS, and thus Cosmos shall reap the rewards for sharing such virtue.
Those who call that ‘Cosmos Maximalism’ simply lack the virtue of gratefulness and fail to understand that stakeholders will have a naturally expected defense mechanism to protect techno-social assets like the Cosmos hub.
Cosmos built the infrastructure but did not build the incentive systems, expecting natural harmonic organization of the new realm as projects began to organize around the hub of genesis.
Like planets, these projects were simply attracted to the strongest force in the realm, and thus harmonized orbits around the hub, the center of the universe. Expecting gratitude and recognition from people using Cosmos-built tools might be naive, but the ideal still stands. All success of others is directly related to the proximity they have with the Cosmos Hub. The crypto ecosystem as a whole; has a short memory, narrow vision, and terrible attention span. Such issues of memory, vision, and attention span have led to a scarcity mindset within the ecosystem. This scarcity mindset has been created by a newly created rich class (Who have the means of abundance via the floats/capital they own but have not practiced abundance mindsets) whom are looking to damage what was built through years of hard work and sacrifice.
Cosmos lacks an official Constitution, let this be it. A living Constitution that speaks of the struggle, but also the long-term vision.
Those who have contributed to this piece of paper are long term supporters of Cosmos and have been a part of this online ethereal politic body well before the start of chain genesis. More than early Cosmos stakeholders, we are also early crypto adopters who understand that polarity creates value, and divisions sew later unions which create future bulwarks for the defense of the chain. This is thus an opportunity to solidify the vision laid out by Jae Kwon.
There is an unspoken narrative going around in the cosmos related discussion groups, that the cosmos hub must die or become weaker for the cosmos ecosystem to succeed (putting other projects into the spotlight), otherwise the ecosystem wouldn't be decentralized or multilateral (by which standards we don't know) we think this narrative is not backed by any good arguments, a truly multilateral ecosystem will have a multiplicative effect, strengthening each participant the more participants join, it won't have a subtractive effect, spreading value across every project that joins, believing in redistribution of value is negating the existence of network effects, and being very uneducated about the developments of bitcoin, ethereum and wider crypto ecosystem since inception.
There is no universe in which the Cosmos Ecosystem community succeeds if the Cosmos Hub fails. This would engrain a culture of predatory competition rather than symbiotic cooperation, thus leading to scarcity mindset becoming the norm. Simply put, the spokes on a wheel all collapse inward when the hub fails. Tech is not the only thing that matters, culture is what propels crypto projects forward.
Reality is too complex to be simplified in binary outcomes:
“Cosmos hub looses my chain wins.”
“If I capture value by weakening or front running the cosmos hub my coin wins.”
Those are very naive analyses, was value created or destroyed?
Some less naive investors will think something like this:
“oh wow, the cosmos ecosystem is the only ecosystem in which first movers cannot retain value, perverse incentive structures and a toxic infighting culture force participants into a negative-sum game“
Cryptocurrency communities eventually always develop some form of toxicity, it's a psychological coping mechanism caused by the huge boom and bust cycles and price swings, successful communities focus this energy outwards to spread awareness about their project, to attack the pain points of other ecosystems such as lack of decentralization or technical inferiority, the cosmos ecosystem community is the only place where the toxicity is pointed inwards.
Large ecosystem participants search for older assets with proven track records, clear monetary policy, long chart history, and an ambitious cypherpunk vision. Large wealth pools and syndicates search for less speculative investments that will benefit from large ecosystem movements. Nobody wants to speculate which assets will come on top as the mindset of scarcity continues to cannibalize the hub from within. Important ecosystem players who bring longevity to crypto assets prefer synergy and safety, not scarcity and cannibalization tactics which are quasi hostile takeover attempts. Such strategy does not create new value, it only moves value from one point to another. The net sum of value will not increase with such tactics.
Is it possible that an asset launched natively on the cosmos SDK and IBC ecosystem will grow to a larger market cap than ATOM?
Yes, the difference is it won't do so by attacking ATOM but rather focusing on its own use case, and if such a strong value proposition gets built on the cosmos ecosystem, ATOM holders will naturally benefit and a mutual synergistic relationship is desirable for both, LUNA showed the way with their “Project dawn” ecosystem fund.
Let Atom and the Cosmos Hub be that, a lindy memetic embryo which facilitates the entire memeplex of the whole interchain ecosystem. It is thus self-explanatory for all Cosmos stake holders as well as those building on the toolsets of the eco system such as the SDK and IBC, users shall not popularize social attacks that weaken the Cosmos Hub. We see your scarcity mindset simply put. It is immature to attack your father and mother, instead of working with gratitude which will strengthen the entire IBC realm.
ATOM cementing itself as the core of the interchain will create a far greater wave of wealth for the whole ecosystem than ATOM being displaced.
We thus ask allegiance to Cosmos SDK projects, may it come through outright vocal/memetic support or through treasury seeding.
Cosmos hub is now sitting at the round table like King Arthur did. There is no round table without King Arthur, There is no conception of the Big Bang without Georges Lemaitre, There is no Bitcoin without Satoshi Nakamoto.
At the same time there is no round table without Arthur knights, everybody is an equal stakeholder at the round table, this is amplified by the table roundness where everybody occupies the same position; but there is also the knowledge in all knights that it is thanks to King Arthur that the round table was formed, he is the most honorable within the honorable cause he started it all. There is no Atom, No online ethereal Cosmos without Jae Kwon.
Let us come together to strengthen the foundations of the Cosmos itself, in gratitude rather than in competition fueled by scarcity mindsets.
The interchain is not just an ecosystem where chains share some technical details like a bridge.
The interchain shall be an ecosystem where chains and DAOs share a common fate.
We propose the creation of an interchain bank, built upon and administered by the Cosmos Hub with a new and finer governance process and infrastructure, projects can airdrop part of their supply or deposit parts of their treasury to this common bank in a coordinated manner and get non-majority shares issued in return.
Protocol to protocol airdrops (coupled with delegators and LPS airdrops) will strengthen DAO’s and make all stakeholders more aligned.
Every project that participates shall benefit everyone else, by sharing success. May your allegiance to the greater good of the foundation of the Cosmos be shown with facts and not just words.
Such a strong interchain bank/dao backed by many assets shall be able to act as a king, a higher sovereign, issuing stablecoins against reserves, loaning funds to other DAOs, participate in infrastructure building (and much more), and overall increasing treasury for the greater good of the whole ecosystem.
Cosmos Hub shall become what nobody can fathom yet.
Cosmos Hub shall be the soul driving force which aligns incentives in the interchain ecosystem.
Common ownership is the best way.