After two decades, the Microsoft Internet Explorer will finally bid its farewell. Microsoft has announced that it is scrapping the IE name for its current browser still under development codenamed Project Spartan, according to The Verge.

"We're now researching what the new brand, or the new name, for our browser should be in Windows 10," The Verge quoted Microsoft's marketing chief Chris Capossela. "We'll continue to have Internet Explorer, but we'll also have a new browser called Project Spartan, which is codenamed Project Spartan. We have to name the thing," 

"Just by putting the Microsoft name in front of it, the delta for Chrome users on appeal is incredibly high," said Capossela.

Capossela also revealed some research information on a new name for Microsoft's browser against IE.

"Judging by Microsoft's own research, it's obvious the company will move as far away from Internet Explorer as possible, and it's likely Project Spartan will have the Microsoft name attached to it," The Verge said.

According to GMA News, IE had dominated the browser market but IE 6 became a PR nightmare of sorts for Microsoft due to its security holes and poky speed compared to newer challengers like Firefox and Chrome. 

Quartz stated that IE has gradually lost its market share to other browsers. But the Windows browser will still be available for Windows 10 for compatibility purposes, and it will take a step back for the new browser.

"The announcement that Project Spartan won't be an Internet Explorer browser is Microsoft's ultimate admission of failure in its efforts to change Internet Explorer's image," Quartz said.

Meanwhile, Capossela also shared the ways how Microsoft earns and will make money in the future, and how the company is taking advantage of social media.