This on-chain upgrade governance proposal is to adopt gaia v7.0.0 which includes a number of updates and fixes. By voting YES to this proposal, you approve of adding these

For instructions on performing the upgrade see https://hub.cosmos.network/main/hub-tutorials/upgrade-node.html

Background

Since the last v6-Vega upgrade at height 86950000 there have been a number of updates, fixes and new modules added to the Cosmos SDK, IBC and Tendermint.

This is a proposal to adopt the first release for the v7-Theta upgrade the cosmoshub-4 mainnet.

It contains the following changes:

• (gaia) bump cosmos-sdk to v0.45.1. See CHANGELOG.md for details.
• (gaia) bump ibc-go module to v3.0.0. See CHANGELOG.md for details.
• (gaia) add interhcian account module (interhchain-account module is part of ibc-go module).
• (gaia) bump liquidity module to v1.5.0. See CHANGELOG.md for details.
• (gaia) bump packet-forward-middleware module to v2.1.1.
• (gaia) add migration logs for upgrade process.

On-Chain Upgrade Process

When the network reaches the halt height, the state machine program of the Cosmos Hub will be halted. The classic method for upgrading requires all validators and node operators to manually substitute the existing state machine binary with the new binary. There is also a newer method that relies on Cosmovisor to swap the binaries automatically. Cosmovisor also includes the ability to download the binaries automatically before swapping them. To test a simulated local upgrade please see the local testnet documentation. Because it is an onchain upgrade process, the blockchain will be continued with all the accumulated history with continuous block height.

For full instructions please see https://hub.cosmos.network/main/hub-tutorials/upgrade-node.html

Potential Risk Factors

Although very extensive testing and simulation has taken place there always still exists a risk that the Cosmos Hub might experience problems due to potential bugs or errors from the new features. In the case of serious problems, validators should stop operating the network immediately. Cosmos Core Contributors will coordinate with validators in the #validators-verified channel of the Cosmos Developer Discord to create and execute a contingency plan. Likely this will be an emergency release with fixes or the recommendation to consider the upgrade aborted and revert back to the previous release of gaia (v6.0.x).