Cosmos founder Jae Kwon announces exit and moves to new project Virgo

Jae Kwon, co-founder of blockchain platform Cosmos, will leave this three-year-old project and invest in another project called Virgo.

The news had exploded on the telegram group Daily DeFi, and Kwon later tweeted that as a member of the Interchain Foundation that manages Cosmos, he will still participate in Cosmos' supervision. He said he would leave once the transition plan was in place.

(Jae Kwon)

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He says:

"I'm not 'leaving' Cosmos, but this project will work without me."

Kwon and Zarko Milosevic and Ethan Buchman founded the startup Tendermint in 2014. The three started researching Cosmos to improve blockchain interoperability. Cosmos is not a single blockchain but multi-chain parallel; a scalable foundation and a unified token protocol can run through all protocols.

During the 2017 ICO, Cosmos raised $ 17 million in 29 minutes and launched Cosmos in November 2019.

Tendermint is the first company to introduce the Byzantine Fault Tolerance (BFT) algorithm into the blockchain space.

Kwon said in an interview:

"It (Cosmos) 's vision is to let people create their own digital decentralized community on their own blockchain."

What is Virgo to do at Kwon?

Kwon said he will leave Cosmos to become Vigro. According to its website, Virgo's vision is "to provide the world with the best open collaboration technology."

The startup will build (sounds like) an open source stack of decentralized technologies-"the best protocols, software, and hardware for decentralized finance, social / communication, and advanced human coordination technologies."

The project has set up a foundation, partly funded by the Interchain Foundation, and will be used to help solve the world's biggest challenges, such as preventing catastrophic climate change and environmental damage, and meeting the basic human needs of global members.

The project created a forum, and on the project's GitHub page, Kwon added that the Virgo brand will be managed by United DAOs of Virgo.

The relationship between Virgo and Cosmos is unclear.

Kwon's departure once again caused discussions about the role played by the founders and founding teams in the blockchain field. After all, its original intention was to decentralize and democratic management.

Some members of the community questioned his motivation.

But there are also loyal supporters of Cosmos who agree with Kwon. They point out that once individuals have too much say in the direction of the project, a decentralized project will be at risk.

One of the supporters said:

"His job is not to watch Cosmos all the time. This network operates independently. Whether he is present or not, a large number of developers will carry out development activities in Cosmos."

Has Kwon successfully left? Perhaps the price of ATOM will tell us the answer.

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