The rags-to-riches legend of Cosmos from 2017 (turning a $17 million token sale into roughly $104 million by 2019) almost came to an end in February 2020 when the interoperability project’s co-founders engaged in a scathing feud.
Jae Kwon accused Zaki Manian of blasphemy, arguing over whether this software was “godly” and demanding that Manian renounce his “self-professed godliness.” (This is a quasi-religious industry, after all. Kwon did not respond to requests for comment by press time.) Many tokens are blatantly tethered to their celebrity creators. Would Cosmos fade into the already expansive graveyard of once-hyped token projects?
Don’t put dirt on that grave just yet.
Manian said it was “pointless to continue with the current corporate structure” at Tendermint, adding the dramatic yet amicable breakup split the founding team into three companies, which may benefit Cosmos.
According to the Interchain Foundation (ICF), the Swiss foundation that shepherds the project’s ICO earnings, Cosmos blockchain technologies were used to “secure” $6 billion worth of assets by July 2020.
The foundation committed nearly $15 million so far in 2020, on 36 grants to software developers like the team at Tendermint. ICF plans to continue ongoing grant evaluations throughout the year.
There’s no denying this initial coin offering (ICO) project from 2017 is still impacting real people and their assets.
Kwon continues to spearhead Tendermint’s work on software development, as does Manian’s startup, Iqlusion, and a few other companies like Althea and Chainsafe. Plus, the non-profit created a startup in Berlin, Interchain GmbH, now staffed by former Tendermint technologists working on the same goals as 2019.
“The whole engineering team working on the consensus algorithm moved over to Interchain GmBH when it started,” said Tess Rinearson, VP of…