Peng Zhong, CEO of Ignite

Zhong presently serves as the CEO of Ignite, a crucial part of the Cosmos ecosystem. Cosmos, which bills itself as the “Internet of Blockchains,” was created to provide seamless interoperability across various blockchains by streamlining information flow and transaction execution.

Tendermint Core, one of Ignit’s auxiliary products, uses a Byzantine-fault-tolerant protocol to prevent blockchain network failures and allows systems to replicate implementations over several machines. Blockchain networks can become more fault-tolerant when there are systemic problems thanks to the model.

2023

The recent wave of layoffs in the cryptocurrency sector continues to impact the landscape, with blockchain developer Cosmos Ignite (formerly Tendermint) being the latest to downsize.

Peng Zhong, CEO of Ignite, announced on Friday that he has formally left the company. The company’s workforce has been reduced by over 50%, reported CoinDesk on Saturday, citing two former employees and a source close to the matter. According to a February update, Ignite’s workforce was 120. After the recent reported layoffs, it is estimated that nearly 60 people have left the company.

CoinDesk reported that two other unnamed top executives have joined Zhong in leaving Ignite. Their departures come four months after the company rebranded from Tendermint as part of a restructuring.

2022

The Cosmos team, led by Zhong, is now working on several network upgrades, like as the Interchain Security feature, which will let larger chains provide security to smaller chains by managing validation and delegator procedures. Additionally, the development will make it possible to present younger projects to the Cosmos community when they are still in their infancy.

Interchain Accounts, a future Cosmos network feature, will let users manage accounts across linked blockchain networks without transferring tokens off the main chain. The Cosmos network contains several chains, therefore the solution will do away with the necessity to transfer tokens between blockchains whenever a different network is required.

Throughout the first part of the year, Cosmos also intends to roll out a number of incentive-based testnets that will enable users to test for vulnerabilities prior to their official debut.

Innovative blockchain technologies are predicted to increase in Cosmos in 2022. Zhong claims that the platform is home to some revolutionary projects that are currently in development, like as Pylons, a Cosmos-based nonfungible-token engine that enables fans without programming knowledge to start their own NFT marketplaces.

Latest news about Peng Zhong

• Injective, a Layer-1 blockchain for finance and Web3 modules, has launched inEVM, its own Ethereum Virtual Machine, aiming to bring cross-chain composability to Cosmos and Solana. The blockchain, developed in partnership with Caldera, offers rapid transaction processing, instant transaction finality, a versatile toolkit, shared liquidity, and composability across the Cosmos IBC and Solana ecosystems. Injective plans to decentralize sequencers and validators using new solutions like Altlayer and Espresso Systems. The mainnet deployment is scheduled for early 2024.
• Wormhole has launched Wormhole Gateway, an application-specific blockchain powered by the Cosmos SDK, to improve the Cosmos ecosystem’s security and sovereignty. Gateway connects over 23 connected blockchains from six runtimes within Wormhole to the Cosmos network, integrating with the Inter-Blockchain Communication Protocol (IBC). It aims to improve transparency and transaction security on its public ledger. The Cross-Chain Ecosystem Fund supports emerging startups that leverage Wormhole’s cross-chain messaging protocol.