The launch of the new Gno.land project will take place next summer. In honor of this event, a distribution of a new altcoin GNOT will take placeCosmos founder Jae Kwon has announced that a snapshot of his new project Gno.land will take place on July 4th. GNOT altcoin airdrop planned for ATOM holders.
Maybe set reminders to the prior week; July 4th will be the snapshot date. ATOMs locked on IBC channels will be locked up and released if it makes sense; eg justification from the Osmosis community after period of review; no rush. $GNOT https://t.co/YVIxUlK9KE #gnolang #gnoland
— Jae Kwon, KwanJe East, IBCZeus (@jaekwon) April 24, 2022
Kwon left Cosmos in 2020 to launch another project and build technology to tackle issues like climate change. Gno.land is a blockchain system that uses the Gnolang programming language.
What is the ATOM token?
The Cosmos Hub’s core token, ATOM, protects the Hub’s important interchain services. If you have ATOM, you can use a method called Staking to temporarily lock them up to contribute to the security of the Cosmos Hub. You get incentives in newly minted ATOM and a part of the transaction fees collected by the blockchain in exchange for locking your ATOM. Staking, on the other hand, is not without risk.
What is staking?
Staking is the process of securing a cryptocurrency (in this example, ATOM) in order to provide economic security for a public blockchain. Public blockchains are permission less networks, which means that anyone can contribute to their upkeep. As a result, it would be conceivable for some network maintainers (known as validators) to engage in malevolent behavior. If there is evidence that a fault was committed, the locked-up assets are at risk of being partially sliced (destroyed) to incentivize maintainers to behave in the best interests of the network.
Because of software limitations, the number of validators on the Cosmos Hub must be limited (currently at 125). This restriction does not preclude ATOM holders who do not operate validators from participating in network security. In fact, ATOM is designed to allow each bearer to participate in network security through a method known as delegation. ATOM holders must choose one or more validators to delegate to when they stake their ATOM. Validators are then eligible for incentives, but they are also at danger of being [slashed] if the validators they selected misbehave.
Atom token holders will be able to receive cryptocurrency for free
