The Cosmos CEO and co-founder Jae Kwon revealed in a series of tweets that he will be stepping down from his role at Cosmos in order to work on another project so let’s find out more in today’s Cosmos news today.
Cosmos Network was launched in 2019 in March to act as the internet of blockchain and the project claims to provide a secure and scalable ecosystem that will support interoperability between thousands of blockchains in the new token economy. Since its launch, Cosmos emerged as one of the most promising projects in the crypto space with its native token ATOM ranking as the 19th largest cryptocurrency regarding the market cap. According to the Cosmos CEO, he will be stepping down from the blockchain so he can focus more on the Virgo project and ensure that the ICF conduct their functions as intended.
The ICF is a nonprofit foundation that aims to promote and develop technologies and Dapps which mostly focus on the Cosmos ecosystem. AiB, on the other hand, is a software company that made a contract by the ICF for the development of the Cosmos Hub. The AiB is more commonly known as the TEndermint team which Kwon as a co-founder and CEO will now give up. Kwon said that he proposed his position to be completely removed from the bylaws because the role is a problem:
“I’m not the problem; the CEO role is. All in Bits, DBA Tendermint, will be a company that adopts radical transparency and radically new social norms that enable expression and psychological safety, be defining a new system of Process and Culture of Openness. Cosmos is good, keep it good. But don’t trust anyone, and don’t worship heroes, nor any steward without skin in the game, it’s mostly about structural incentives.”
His decision doesn’t mean that he will be abandoning the project at all but that he will step down once his transitions plans get finalized so he can serve as a council member of the ICF. He said he won’t be leaving even though the project is doing well without him he said that he will focus on Virgo in order to bring more people to the Cosmos ecosystem while helping Cosmos remain a sub-mission. Virgo is a foundation that wants to provide the world with the best open collaboration technology.
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