Company Behind Cosmos (ATOM) To be Rebranded As ‘Ignite’

February 24, 2022 1:50 pm

Tendermint is originally the company that launched the popular blockchain-interoperability protocol Cosmos (ATOM) which is currently the 21st largest coin by total market cap with a total valuation of $7.5 billion.

The surprise that came out this week was that the company would now be rebranded as “Ignite” indicating that the company is shifting its focus from being focused solely on building infrastructure to building a complete product.

With that being said, the company has stated that this change won’t involve any major changes to the existing Cosmos roadmap and that the goal remains largely the same.

The fact that Cosmos has already reached a level of success that surpassed many initial investors expectations may also explain why the company has decided to turn to a new focus as its prior goal has already been achieved.

CoinDesk reports:

The refresh comes as ATOM, the native token of the Cosmos blockchain, tops $7 billion in market capitalization.

LUNA, the native token of the Cosmos-based Terra blockchain, has climbed to a market cap of $44 billion, suggesting that much of Tendermint’s early goals may have already been accomplished.

Zhong, who has a background in front-end development, frames Ignite’s pivot as a way to play to his team’s design and product chops.

The team’s new growth strategy involves optimizing the user experience of Ignite’s portfolio manager, Emeris, to better on-board newer users into Cosmos and build its developer platform, Starport, into a tool that enables non-coders to easily churn out blockchains and decentralized autonomous organizations (DAOs).

The company had initially launched Cosmos back in 2017 with the main goal to connect multiple blockchains in a way that they can communicate with each other which would, in a sense, create a multi-chain ecosystem.

Right now, the Cosmos network can already support many different blockchains which total to around 38 different ecosystems.

Examples of who has used the network before include projects such as Terra, Binance Smart Chain, and Facebook’s failed stable coin which was discontinued.

The company expects that we are still in the very beginning when it comes to the maturity of many crypto and blockchain ecosystems and that the future will involve thousands of chains connected to each other one day which is where Cosmos will play its part.

Yahoo reports:

Though Ignite is over eight years old – practically ancient in crypto years – Zhong insists that the company is only at the beginning of its journey.

“We’re going see a future of tens of thousands, hundreds of thousands, potentially millions of [blockchains] connected to each other,” Zhong said in an interview.

“That sort of growth is really only possible if we help educate, excite and galvanize people to build and be a part of this ecosystem together.”

Despite the messy breakup of Ignite’s founding team in 2020, the Cosmos ecosystem has enjoyed steady growth over the past year, and Ignite hired 90 new employees in 2021, bringing its total headcount to 120.

Investors expect that it may take a while before Cosmos can truly achieve the vision that it has in mind, but realize that the success of this would mean a very long-term positive outlook for Cosmos and its native token ATOM.

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