Saturday, June 10, 2023

ATOM’S Project Continues amid Founding Team Disbandment


The Cosmos Legend rapidly turned $17 million in token sales into roughly $104 million by 2019. It almost reached the finish line in February 2020 when the interoperability project’s team engaged in a devastating feud.

Cosmos founder Kwon Jae-in charged one of Jockey Manian’s early members for blasphemy. He sparked controversy over whether the software was ‘reverent’, and demanded that Manian reject his ‘self-proclaimed godliness’. This is a quasi-religious industry, after all. Kwon did not respond to requests for comment until releasing the press release.

Maintaining Tendermint’s current corporate structure is pointless, Manian said. This adds a dramatic but friendly split between the founding team and three companies that could benefit Cosmos.

The Interchain Foundation (ICF), the Swiss foundation oversees ICO revenue. They “protected” $6 billion of assets by July 2020 using Cosmos blockchain technology.

The Foundation has allocated nearly $15 million in 2020. In which 36 will be allocated to software developers such as the Tendermint team.

It is not up to the argument that this initial coin offering (ICO) project from 2017 still influences real people and their possessions.

Kwon continues to lead software development for Tendermint, with startups Maniana, Iqlusion and several such as Althea and Chainsafe. Interchain GmbH now consists of former Tendermint technicians working towards the same goals as in 2019. This program also includes the non-profit organization that founded Berlin startups.

Do Not Put Mud on This Grave Yet

Tess Rinearson, VP of engineering at Interchain GmbH, said that the whole engineering team working on the consensus algorithm moved over to Interchain GmbH when it started. He also added that the transition went very smoothly. Manian also said that Interchain Berlin is most focused on the core infrastructure of Cosmos. As of this writing, showing interests in any other business is not their top priority. Other teams are working on Cosmos technology, but target specific customers who have launched or plan to launch the Cosmos network.

Imagine Iqlusion uses the Cosmos validator and makes money by providing software development services unrelated to the blockchain industry. Chairman Kwon will continue to serve as the foundation president and CTO of Tendermint, and Cosmos veteran Pengjin has already taken over as Tendermint’s new CEO.

Politics will always be present when it comes to who gets the funding. This is why ICF Grants Manager Billy Rennekamp said the foundation is actually working on an external advisory board structure to ensure that funding proposals are presented across the ecosystem. Hoping that it would make it clearer on who is getting the money and why.

Ivan Cruz
Ivan Cruz
Ivan Cruz is a writer for Cryptoconstellation. He has his Masters in Applied Research in Economics & Business. Ivan has been trading crypto for the past 7 years himself and feels it is his duty to bring you all the latest news.

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