Looks like a big mistake to me. They have removed the overlapping elements which created cohesion/continuity, instead adding more elements, of different sizes, broken up by white space, and different colors. Here is a half-thought out equation to measure the complexity of a design (elements x uniqueColors + (edgesTouchingWhiteSpaceBetweenElements * 2)) new logo 32, old logo 16; Or to capture the complexity of having white space between two elements (elements x uniqueColors + (whiteSpaceBetweenTwoElements x 2) new logo 72, old logo 34.
The colors, are an improvement, they are brighter and more distinct. Another huge loss, what always stuck out to me in the old logo, was it looks like a Hash/Number symbol, which is a strong tool in social media and chat apps; the new one looks like some broken chain-link fence + paint splatters.
It would have been better to improve the color, and bring a new feel to the old design, rather than translucent bars, they could have overlapping bars with each one taking priority of the other, an homage to those optical illusions.
Some people rightly mock new apps/companies for the names they create not properly representing what their platform actually does. This is a visual instance of that.
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