[Proposal 856][VOTING] Funding the first inscription COSS on Cosmos

Hub Proposals Community Spend
1

Change log

2023-12-01 Add Genisis Inscription Info
2023-11-29 Created initial post

Summary:

Proposal to request for 20000 ATOM from the community spending pool to funding the first inscription protocol (crc-20)
on Cosmos.

Details:

COSS（crc-20）is designed to build an inscription system on cosmos. It will integrate trading, minting and a complete set
of functions.

Our team believes that in order to improve the ecosystem on cosmos we need to build an inscription system. Since cosmos
doesn’t support smart contract, it’s a perfect fit for an inscription system to be built as a part of the existing
ecosystem.

Inscriptions will dramatically increase the utilization of Atom and bring in a lot of extra gas fees, making the cosmos
chain assets more diversified. For this reason, after months of work we have created a crc-20 standard and will release
the first version of the system in the next few days.

Tasks:

  1. Open inscription market, minting function, indexing function, transfer function
  2. Create IBC function for inscriptions so that it can interconnect with other blockchains.
  3. Use the funding provided on other cosmos chains to provide liquidity for inscription tokens.
  4. Achieve complete decentralization of the inscription system and explore the possibility of using inscription in
    conjunction with ICS.
  5. Explore more possibilities for inscriptions.

50% of the funding will be used to complete the development and maintenance of the above tasks.
The other 50% will be used to improve the ecosystem and provide liquidity for the inscription tokens.

Regardless of whether or not the proposal passes, we will do our best to promote the development of the inscription
ecosystem at Cosmos.

Website

coss.ink

Doc

docs.coss.ink

Twitter

@coss_market

Recipient

cosmos1r9759z2qa4yaajk85d95y2kfmhs277uh3efv2a

Amount

20000 ATOM

Governance Votes

The following items summarize the voting options and what it means for this proposal:

YES - You approve this community spend proposal to deposit 20000 ATOM to the team to build the Cosmos inscription.

NO - You disapprove of this community spend proposal in its current form.

NO WITH VETO - You are strongly opposed to this change and will exit the network if passed.

ABSTAIN - You are impartial to the outcome of the proposal.

Genisis Inscription in Cosmos

TICK: COSS

COSMOS BLOCK: 18089737

TX HASH: 461F5012264E481BD0177135F27876F8D00246687BA713ED1ED58FD2367EB51B

3 Likes
2

great idea! I believe that this will be a new power of cosmos! hahahhh…

3

The correct procedure involves initiating a pre-proposal discussion within the community forum before proceeding to an on-chain governance vote. This essential step allows for thorough debate, refinement of the proposal, and prevents potential waste of community time on numerous proposals. Since the proper pre-proposal process was not followed, our vote is regretfully against the current proposal. We strongly encourage you to foster discussion in the forum, ensuring a broader consensus before considering on-chain submission. Be prepared for possible VETO votes, as adherence to governance rules might not be lenient with other validators.
pro-delegators-sign

8 Likes
4

Good way to make sure your proposal fails is to immediately put it on chain without any discussion and ask for money.

5 Likes
5

Are you serious? Suddenly you write a post on the Cosmos Hub forum asking for 20,000 ATOM and the next day you put the proposal on-chain for voting? Also, after checking your website/twitter it looks very scammy, so we will vote No based on all this

5 Likes
6

You are requesting a fortune, without following the usual process, and you don’t even bother to provide details, actionable items, or a timeline.

Your website and documentation do not clarify your project either.

This won’t pass and as said above, may even receive a number of NWV.

4 Likes
7

“next day” is a lie…more like 9 hours later :sweat_smile:

But more to the point, whats “inscription”?

7 Likes
8

And the Hub should fund this private chain, because the team “[will] explore the possibility of using inscription inconjunction with ICS” ?

1 Like
9

Agree with the sentiment, though, just FYI, seems like Highstakes just voted YES on this proposal

1 Like
10

Yes, High Stakes apparently can’t properly click on a button :unamused:

My bad, resolved (and thanks for noticing)

2 Likes
11

When you write up a forum, please explain what an inscription is?

12

Follow governance protocols or expect no-votes.

13

Maybe this Bitcoin Inscriptions & Ordinals | Galaxy

2 Likes
14

is this some kind of joke?

2 Likes
16

I’m hoping this is not the case, because we already have NFT’s in the ecosystem, so inscriptions would be a mute point. Also it would make for a heavier uatom and increased storage and lag on the chain especially because of Cosmos’s transactions per minute count.

17

“Inscriptions” can be thought of as equivalents to Bitcoin’s ordinals, similar to the recently released NEAT on NEAR. Instead of putting a load on the network, it can generate significant fees.

18

That’s pretty sad to hear that you decided to take the wrong path and also not including much more effort on the website and tech for a first thing to introduce on the Cosmos Hub.

We would love to help you providing a better and cleaner interface and to make it understandable and usable for our cosmonauts, please feel free to reach out in Twitter or Telegram (StakeLab or directly Zdeadex, our CEO)

For this proposal, we will be forced to vote No, but hope we can help you make it better for the next round.

Best regards.

2 Likes
19

Can you explain better what is it you’re trying to achieve? And who is the team exactly?

Decent example of how not to propose funding a new project.

3 Likes
20

Inscriptions systems is a clever solution to do minting in constraint execution systems like Bitcoin. It’s complexity doesn’t make sense for Cosmos based blockchains, nor for other high performance blockchains. Recent release of NEAT on NEAR showed nothing but FOMO, putting the network (and all ecosystem, including indexers etc…) under the stress, some apps were not functional.

Based on this proposal, we still don’t know what will be the value of the COSS. Who will be in charge of minting? How decentralized it will be?

As I understand the mechanisms of “Insriptions”, it will be sort of layer-2 without layer-1 validation (at least in Bitcoin there is no on chain mechanism to slash for misconduct).

So, without clear analysis of: added value , information who will be an authority in the system, and how the decisions will be make, this proposal should be STRONGLY REJECTED.

PS: Cosmos systems have smart contracts: any Cosmos SDK based chain can integrate Cosmwasm, EVM or program directly using Cosmos SDK modules.

2 Likes
21

Importantly, the association of an inscription with an individual sat (ordinal) is based on an off-chain methodology for cataloging individual satoshis which must be adhered to and agreed upon by participating nodes for any such connection between inscription and ordinal to “exist” in any meaningful sense. While inscriptions themselves are posted into actual blockchain data and are there for all full archival nodes to see, instantiating, supporting, and believing the existence of ordinals themselves requires social consensus.

source

image
image1100×464 44.3 KB

image
image853×955 79.2 KB