Peng Zong, CEO of Ignite, the major company in the ecosystem of the popular altcoin Cosmos, announced that he is leaving the company. So, how did this affect Cosmos (ATOM)? Here are the details…
Separation in Altcoin Cosmos’ ecosystem
Peng Zhong, CEO of Ignite, formerly a supporter of Tendermint and the Cosmos ecosystem, announced that he will be leaving the company. In a tweet shared on his Twitter account, which has more than 20,000 followers, Zhong said that Friday will be his last day at Ignite, where he has been working as CEO since May 2020. He has also served as chief design officer at the Kuala Lumpur and Toronto offices since starting in 2015. It is unclear what prompted the decision to leave the company.
As we have reported as Kriptokoin.com, Ignite, formerly known as Tendermint, is one of the main contributors to the Cosmos ecosystem. During Zhong’s time at the company, many knew him for developing the first Cosmos crypto wallet Voyager, later renamed Lunie, and helping facilitate the introduction of liquid staking into the ecosystem.
At the time, Zhong said that Ignite would focus on promoting the “explosion of new products in Cosmos technology.” Still, Zhong’s sudden departure raises questions about Ignite’s future. The website has been updated to focus mostly on the Blockchain development tool Ignite CLI. Meanwhile, the pages about the venture arm and accelerator disappeared. Beyond that, the flagship product Emeris, a cross-chain DeFi protocol, has been put on hold. The website says it will be “closed for a while”.
Important information about Cosmos
Co-founded in 2014 by software developers Jae Kwon and Ethan Buchman, Cosmos provides interoperability across Blockchains by making information flow and transactions easier to execute. Kwon left his position as CEO of Tendermint in 2020. But it bounced back after the company rebranded in May by creating Ignite and NewTendermint.
A major concern for some in the crypto industry focuses on the levels of fragmentation seen in Blockchain networks. There are hundreds of beings, but few are able to communicate with each other. Cosmos aims to reverse this by making it possible. Cosmos is described as “Blockchain 3.0”. To this end, the Cosmos software development kit focuses on modularity. This allows a network to be easily created using already existing pieces of code. In the long run, it is hoped that complex applications will be easy to build as a result.
At the time of writing, ATOM has experienced an increase of 9.14 percent. ATOM is currently changing hands at $8.14. The value of the cryptocurrency has risen from $ 7.21 to $ 8.33 during the day. So, for now, the separation has not had any effect on the price.
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