Jae Kwon has announced his desire to depart the cryptocurrency venture. Cosmos is a big cryptocurrency initiative that gained traction only a year ago.
Kwon is indeed the CEO of Cosmos ATOM. Cosmos is one of the front-runners in the move to proof-of-stake networks. The news was first communicated to Dailydefi’s followers earlier today. In a follow-up post, Cosmos CEO Jae Kwon verified the information.
Furthermore, at the moment of posting, the information was not verified.
Kwon is still the council participant of The Interchain Foundation. Whatever his tasks might be is unknown. Furthermore, Kwon’s major focus will reportedly now be on Virgo. The Cosmos-affiliated initiative aims to combat environmental change. This is a sensitive topic among some bitcoin industries.
Kwon has stated that he will be going to step down from the Cosmos blockchain in order to concentrate on Virgo and guarantee that the ICF performs as planned. The ICF is a non-profit organization whose mission is to encourage and develop Cosmos-related innovations and DApps.
Leaving Cosmos: Radical Transparency
Several in the cryptocurrency sector were taken aback by the announcement, especially given what young Cosmos would be as a venture.
Some people immediately labeled Kwon’s move as an effort at an exit scam, while others defended him, stating that it is not Kwon’s job to supervise Cosmos.
Kwon allegedly explained his resignation by claiming that it was for the sake of radical transparency in order to foster fundamentally new social norms that would allow for freedom and psychological safety. He also warned against hero worship and attempted to minimize his own contributions.
Virgo and Climate Change
Virgo is indeed the Cosmos CEO’s latest project. The project’s goals are unclear. However, it may also be characterized as a Cosmos sub-mission.
According to the site’s content, Virgo is dedicated to providing everyone with the tools they need. This is in order to collaborate and solve challenges ranging from local difficulties to global disasters. Cosmos has not issued an official announcement regarding Kwon’s unexpected exit. BeInCrypto has contracted out for clarification and feedback.
They were able to create Cosmos Network in March 2019. Its purpose is to serve as a blockchain internet. The project aims to offer a safe and scalable infrastructure that enables interoperability among thousands of blockchains for the creation of a modern token market. It has appeared to be one of the greatest intriguing in the blockchain field since its introduction, with its native token, ATOM, now ranked as the 19th biggest cryptocurrency by share value.
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