Effective today, All in Bits, Inc. DBA “Tendermint”, which rebranded to ‘Ignite” in February 2022, declared the creation of two independent entities – Ignite Inc. and NewTendermint Inc.
The first entity, NewTendermint Inc., sees the return of the co-founder of the original Tendermint, Jae Kwon, holding the position of CEO.
NewTendermint will focus on contribution to the Cosmos ecosystem core technology. The team will work on Kwon’s existing project, Gno.land, the Tendermint2 project, and Cosmos SDK.
Gno.land is a smart contracting platform, designed especially for wide-scale developer adoption, with the ambition to ultimately compete with Ethereum.
The second entity, Ignite Inc., is led by current CEO Peng Zhong and will continue on the growth path positioned since the official rebranding. Product development will remain the focus of this entity, with Ignite CLI and Emeris as flagship products, for developers and end-users respectively.
Jae Kwon, CEO of NewTendermint states, “NewTendermint will lead the development of Tendermint2 and Gno.land, which is the best contender to Ethereum. Ultimately, we want to provide this technology to the world, for everyone to benefit from publicly accountable DAOs and censorship-resistant communication.”
With Ignite rapidly scaling in the past year, this split is aimed to ensure that all projects on the roadmap are given the right focus needed to progress for the benefit of the crypto industry.
Peng Zhong, CEO of Ignite asserts, “We recognize the necessity for independence so that shipping our products can be prioritized. With an independent company, we are now in the best position to be fully dedicated to product development and capital raising, which will accelerate our growth.”
Both two entities hold complete independence from each other, with their own team, equity, and funds.
Source: https://www.cryptoninjas.net/2022/05/25/cosmos-creator-and-co-founder-of-tendermint-jae-kwon-launches-newtendermint/