Victor Ugochukwu · Oct 21, 2020 . 5min read
Cosmos at Risk, Founders clash due to Conflict of Interests
A conflict of interest among Cosmos founders is reported. A dramatic yet peaceable breakup divided the founding team into three companies.
By Komal Joshi · Aug 11, 2020 . 9min read
A conflict of interest arose amongst the Cosmos founders. Jae Kwon accused Zaki Manian of profanity. Jae Kwon argued whether this software was “godly” and demanding that Manian renounce his “self-professed godliness.” Jae Kwon also stated that he’s glad Zaki Manian feels ownership over Cosmos. Still, it’s ludicrous for him to see him refer to himself in the media as the founder of Cosmos when he joined much later than others. He also insisted that he would not do that any further.
He also stated that after Jessy Irwin resigned together with Zaki, she wrote against him, mentioning “harassment” and letting rumours circulate that it may be much worse than whatever it was. Jae Kwon defended himself, saying, when he was defending his right (as an employee, for all employees) to express what faiths he has, they accused him of repressing them. According to the source, notwithstanding all this, Jae Kwon wants the team to operate well together.
Earlier it was announced a fake Cosmos group is in existence. The fake Cosmos group urged users to transfer a particular amount of ATOM to participate in the giveaway. Manian said in an interview that it was “pointless to continue with the current corporate structure” at Tendermint. He also added that the dramatic yet peaceable breakup divided the founding team into three companies, which may profit Cosmos.
Currently, a small problem or conflict of interest internally leads the token to be a dead coin. Dead Coins refer to cryptocurrencies that have been abandoned, used as a scam, their website is down, has no nodes, has wallet issues. It also refers to coins with no social updates, low volume, or developers have walked away from the project. Would Cosmos face the threat of joining the list of dead coins?
Cosmos Group: Future of Blockchain
Cosmos is not a product but an ecosystem built on a set of modular, adaptable, and interchangeable tools. It came into existence to omit all miscalculations which developers confronted with earlier blockchains. The vision of Cosmos is to make it easy for developers to develop blockchains and shatter the barriers between blockchains by enabling them to transact with each other.
The ultimate goal is to establish an Internet of Blockchains, a network of blockchains capable of interacting with each other in a decentralized way. Additionally, Cosmos allows users to vote on how to build a platform, who own ATOM tokens. Each project has different needs. Voting participation among roughly 120 active token-owning validators appears unusually high, with a 55% turnout in the most recent proposal.
Cosmos Associates to Excel?
Cosmos achieved its vision through a set of open-source tools like Tendermint, the Cosmos SDK, and IBC. It aims to build custom, secure, scalable, and interoperable blockchain applications. Earlier, Cosmos Tendermint Inc. appointed Peng Zhong as its new CEO. It also appointed a panel of the new board of directors. Tendermint’s newly formed Board of Directors includes; Heng (Harriet) Cao, CEO of Bianjie and Co-Founder of IRISnet, Jae Kwon, Founder of Tendermint Inc, Co-Founder of Cosmos, and President of Interchain Foundation (ICF), and Peng Zhong, CEO and President of Tendermint Inc. However, the Cosmos community managed to excel without transforming founders into victims. It worked together to reduce individual influence over the shared resources.
Cosmos team decided to decentralize and restructure the ecosystem. According to the source, Virgo is delegated to the consensus to Peng Zhong and Adriana, and Jae Kwon will only step in when one or ideally both of them require. Further, communications and Cosmos Community strategy to Christine, who has great ideas and knows the spirit and mission of Cosmos.
Conclusively, Cosmos users believe governance will have the project going. They believe ATOM won’t convert into a dead coin soon. The users wait to see if the project will succeed. Owing to the conflicting interests, we have to be patient and observe if Cosmos will excel and attract its users.
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Victor Ugochukwu · Oct 20, 2020 . 5min read