The Cosmos Hub has launched and one of its core features is the ability for Atom holders to collectively govern the blockchain. Atom holders can submit proposals and signal their approval or disapproval to proposals submitted to the network by signing a special type of transaction. The following article will cover the governance procedure on the Cosmos Hub and introduce our governance tool that allows any Atom holder to participate in the on-chain governance mechanism.The Governance Procedure
In the current Cosmos Hub governance implementation anyone can submit a text proposal to the system. A minimum deposit is required for a proposal to enter the voting period during which Atom holders will be able to vote on whether the proposal is accepted or not. The numbers used in the following are based on the parameters implemented on the Cosmos Hub at the time of writing (25th March 2019).An Illustration of the Governance Process on the Cosmos Hub. Phase 1: The Deposit Period
For a proposal to be considered for voting, a minimum deposit of 512 Atoms needs to be deposited within 2 weeks from when the proposal was submitted. Any Atom holder can contribute to this deposit to support proposals, meaning that the party submitting the proposal doesn’t necessarily need to provide the deposit itself. The deposit is required as spam protection, Atom holders that contributed Atoms to a proposal will be able to collect their deposit when the proposal was accepted or when it did not reach the minimum threshold after 2 weeks.Phase 2: The Voting Period
When the minimum deposit for a particular proposal is reached the 2 week (336h) long voting period begins. During this period, Atom holders are able to cast their vote on that proposal. There are 4 voting options ("Yes", "No", "No with Veto", "Abstain").
Important details in the governance implementation of Cosmos are:Only staked (bonded) tokens can participate in governanc...