In a current class action lawsuit in the United States, the EOS Network Foundation (ENF) has openly pushed the EOS community to reject the proposed settlement with Block.one, the business that created the EOS blockchain. On August 8, 2023, the information was published on the ENF’s official Twitter account.
The EOS Network Foundation is a group with the mission of using decentralization to plan a coordinated future for the EOS Network as an agent of good in the world.
Details of the Settlement
The proposed settlement pertains to the ongoing class action against Block.one, and details can be found at the settlement website. The settlement amount is $22 million, a figure that the ENF has criticized as being inadequate.
According to the ENF’s statement, “The proposed settlement amount of $22 million represents a tiny fraction of the $4 billion that Block.one raised from the community in its ICO sale and the $1 billion that Block.one promised to invest in the EOS Network and community, but failed to do.”
ENF’s Stance
The ENF has expressed strong dissatisfaction with the terms of the settlement, stating that it does not adequately compensate community members for losses suffered due to Block.one’s “misrepresentations and bad acts.” Furthermore, the ENF emphasizes that the settlement would bar class members’ rights to seek fair and just resolution to their claims in the future.
The ENF’s statement further reads: “$22 million is too small a price for Block.one to pay to avoid having to be held to account for their bad acts in the future.”
Call to Action
The ENF is urging community members to opt out of the settlement, sending a message to Block.one and the court that the settlement is inadequate. The deadline to opt out is August 29, 2023. Failure to opt out by this date may result in automatic inclusion in the class, impairing future rights to bring a claim against Block.one.
EOS community members who wish to opt out of the settlement can do so by completing the web-form located at this link.
What Happend Before The Call
The ENF’s call to reject the settlement comes in the context of ongoing legal disputes with Block.one.
Block.one is being sued by the ENF for “failing to follow through on its $1B commitment,” according to an announcement made by ENF founder and CEO Yves La Rose on July 25.
On January 31, 2023, U.S. court rejected Block.one’s $27.5 million settlement offer to main plaintiff Crypto Assets Opportunity. The $22 million settlement that is now being sought relates to a different class-action case that has been ongoing for some time.
La Rose has been outspoken about the difficulties the EOS community is experiencing as a result of Block.one allegedly not honoring its investment pledges. In May 2023, he initially advocated for a class-action lawsuit against Block.one, claiming that the firm had broken its pledge to give EOSIO developers $1 billion from the EOS initial coin offering (ICO) which Block.one raised $4.1 billion in 2018.
The EOS Foundation is seeking $4.1 billion in damages from Block.one over the company’s handling of the 2017 EOS initial coin offering.
EOS block producers had previously voted to halt token distributions to Block.one after failing to reach a compromise with the firm.
The EOS Foundation has retained a leading Canadian law firm to investigate Block.one’s past actions and take the company to court.
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The EOS Foundation is planning to pursue legal recourse against EOS backer Block.one. The foundation is seeking $4.1 billion in damages for “negligence and fraud” on the part of Block.one following the EOS initial coin offering in late 2017.
EOS Foundation to Take Block.one to Court
The EOS community is seeking legal recourse against Block.one.
EOS Foundation CEO Yves La Rose announced Thursday that the organization wants to take Block.one to court over its handling of the EOS initial coin offering in 2017. In a tweet revealing the foundation’s intentions, Rose stated that he shared the frustrations of the EOS community and that legal recourse to seek $4.1 billion in damages is underway.
As Founder of @EosNFoundation I share your frustrations! We are taking further steps to hold @B1 accountable for its past actions and broken promises against #EOS. Review of ALL possible legal recourse to seek $4.1B in damages underway. Let’s do this together! #4BillionDAO coming
— Yves La Rose (@BigBeardSamurai) February 10, 2022
Block.one is the company that helped EOS conduct its 2017 ICO, raising over $4 billion through public sales of the EOS token. However, many in the EOS community believe that Block.one is responsible for the EOS token’s lacklustre performance over the past five years (EOS peaked at $22.71 in April 2018 and has struggled to maintain momentum since; it’s now 88% down from its high). “Block.one knowingly misrepresented their capabilities, and this amounts to negligence and fraud,” said Rose during a speech to foundation members in November.
In December, EOS block producers voted to stop issuing vested EOS tokens to Block.one, depriving the firm of a future 67 million EOS tokens scheduled to be unlocked over the next six to seven years. In a blog post released in tandem with the decision to take legal action against Block.one, the EOS Foundation stated:
“In November and December 2021, we engaged in negotiations with Block.one to attempt to arrange a fair and reasonable resolution… Unfortunately, Block.one decided to walk away from the negotiations, and as a result, the EOS Block Producers determined it was in the best interest of the community to freeze the vesting of all the EOS tokens that Block.one was to earn in the future.”
However, for many in the EOS community, freezing Block.one’s tokens is insufficient. The EOS Foundation stated today that it had retained a leading Canadian law firm to investigate Block.one’s past actions and take the company to court. “The EOS Foundation promises vis-à-vis the EOS community and EOS investors to determine what legal avenues are available to seek redress,” the foundation explained.
It is still too soon to judge how successful the EOS Foundation will be in taking legal action against Block.one. However, the move will help further reduce Block.one’s influence over EOS, something the EOS community will likely welcome.
Disclosure: At the time of writing this feature, the author owned ETH and several other cryptocurrencies.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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The EOS Network Foundation has taken a major step in bolstering its independence from Block.one by enlisting the network’s architect, Dan Larimer.
Larimer and his team will fork the EOSIO codebase.
The developments follow years of failed promises and widespread community disapproval toward the project’s founding company, Block.one.
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The EOS Network Foundation has tapped Dan Larimer, the founding developer of EOSIO, to help it take over the direction of the EOS ecosystem. The partnership follows the EOS community’s vote to halt vesting to its founding backer, Block.one.
EOS Network Foundation Aims for Brighter Future
The EOS Network Foundation has its sights set on a revival.
Dan Larimer, who architected EOS and was previously part of the project’s founding backer Block.one, will now help the foundation revive the project’s ecosystem. To further establish independence from Block.one, Larimer and his team will fork the EOSIO codebase.
The fork will happen across two major upgrades: Mandel 2.3 and Mandel 3.0. The EOS Network Foundation was allocated 200,000 EOS to help Larimer and his team execute the fork.
In a press release, Larimer said that the Mandel code fork was “the shortest path to EOS independence.” He also described the fork as “the first step on a multi-year plan to revitalize EOS.”
The developments announced today follow years of woes for the EOS community. EOS rose to prominence in 2017 when Block.one raised $4.1 billion through an ICO to fund the project. It was one of several blockchains that was branded as an “Ethereum killer” across the crypto community. However, it failed to deliver on its promises. Following the capital raise, Block.one proposed a number of initiatives that are still yet to launch several years later.
Block.one’s missteps caused a longstanding divisions within the EOS community. The company was accused of holding back progress on the project, with the EOS Network Foundation’s CEO continuously claiming that it had suffered thanks to Block.one’s failure to execute. After years of tension between the two camps, EOS block producers voted in December to cease the vesting of 67 million EOS tokens that were scheduled to be unlocked for Block.one over the next six to seven years. The allocation is currently worth around $180 million.
The EOS Network Foundation is hoping that enlisting Larimer will bring the project closer to fulfilling its original vision. Last week, it received $21 million in funding from the EOS community to move toward its goal. Whether it can make a comeback remains to be seen.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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After voting to halt payments to its developer, Block.one, citing lack of financial transparency and slow progress, the EOS community is set to take control of the chain’s technical development.
Forking the EOSIO codebase
According to the press release shared with CryptoPotato, the EOS community will work under the guidance of the EOS Network Foundation (ENF) and Dan Larimer. The development follows troubles between the ENF and Block.one that has been brewing for quite some time now. But with the company out of the picture and the ENF taking the reigns, Larimar has big plans for the EOS ecosystem.
The exec will work towards creating technical independence from Block.one. In order to achieve that, the EOS network founder collaborated with the ClarionOS team on the Mandel codebase, which aims to replace EOS’s old code repository.
In short, Larimer and his team will fork the EOSIO codebase into a new repository called Mandel. Initially, there will be two major upgrades – Mandel 2.3, which is the natural successor of EOSIO 2.2, and subsequently Mandel 3.0.
The announcement also mentioned that Mandel 3.0’s candidate will be released on January 31st. It was made possible after Larimar received a fund of 200,000 EOS from the ENF. According to Larimar, the Mandel code fork is the “shortest path to EOS independence.” While revealing that this is just step one of a multi-year plan to strengthen EOS, the exec went on to add,
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“I’m excited to partner with the ENF and I have never been more optimistic about the future vision for EOS. It is on the path to becoming the DAO of DAOs where new users won’t have to pay for accounts and countless people will be rewarded for contributing and inviting others who do the same!”
For the uninitiated, censorship has been a bone of contention for Larimar. In March, he came up with ClarionOS that focused on offering a decentralized network, similar to social media platforms such as -Twitter Facebook, but without censorship.
Relationship Turns Sour Between Block.one and EOS
Last year, the company was blamed for effective abandonment and mismanagement. The relationship between the community and Block.one has turned sour due to several reasons. The EOS community accused that the firm did little to increase the ecosystem’s growth and failed to deliver promises, including the network reaching one million transactions per second (TPS).
The release of 1,000 decentralized applications (dApps) remained a distant dream, while the development of the inter-blockchain communication solution was nowhere in sight. Everything went downhill after the creators of the EOSIO software announced they were selling 45 million EOS tokens to Brock Pierce’s Helios VC.
After endless speculations and negotiations between the EOS Network Foundation (ENF) and Block.one, the community, led by ENF leader – Yves La Rose, and other block producers, decided to halt payments to the company on December 8th. Following this, the ENF received around $21 million directly from the community, which marked the take over of the EOS network from the developer.
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EOS and Block.One are back on the news. Is this one positive or negative, though? The EOS Network Foundation, a community-led organization, voted to decouple from Block.One. The ENF alleges that Block.One is no longer working for the benefit of the network. The company that created EOS will not get the 67M EOS that they had coming distributed over the next seven years. Even though the infamous Brock Pierce resigned from the company years ago, this will also affect his finances.
Related Reading | Peter Thiel and Bitmain Invest in Block.one to Support EOS Ecosystem
In The Present, What Does Brock Pierce Have To Do With Block.One?
This might’ve been the last straw. Just last month,Block.oneannouncedthat they were selling 45M EOS at a discount to one of Brock Pierce’s ventures.
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“Today we are pleased to announce that we have agreed to transfer 45 million EOS tokens to Helios.
Led by Brock Pierce, Helios takes aim at serving the EOS community through several high ambitions, including creating an EOS Venture Capital fund, facilitating the creation of institutional-grade EOS financial products, supporting the creation of infrastructure, tooling and documentation for developers, and organizing community events around education, networking, and use case development.”
A pseudonymous Twitter user that broke the news, analyzed it as follows:
8.
The #EOS community worked as one big DAO
A excellent example of democracy through voting and DpoS
The community is now well organized and in possession of hundreds of millions
Watch out for #EOS with the foundation and @EosNFoundation taking the lead
— PrrplFrog (@PrrplFrog) December 8, 2021
He says that “Block.One went in to a deal to sell their vested EOS tokens for a discount to their previous associate Brock Pierce!” And that, to stop this behavior, “The EOS community worked as one big DAO. An excellent example of democracy through voting and DpoS.” Even though the ENF is not a DAO, this might be a good example of how Decentralized Autonomous Organizations should work. However, should a decentralized protocol be so easy to control? Should the EOS Network Foundation be able to roll back a smart contract just like that?
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In any case, according toThe Block, the company is not yet in control of the 45M EOS they promised Brock Pierce. “Eight million of the tokens were already vested and controlled by Block.one while 37 million are still vesting (meaning they haven’t been released by the network yet).” Is this transaction what the EOS Network Foundation wants to block?
EOS price chart on Coinbase | Source: EOS/USD on TradingView.com
What Did The EOS Network Foundation Want?
The ENF was negotiating with Block.One. According to The Block, their goal was to “get hold of the EOS network’s intellectual property.” However, one of Block.One’s side projects, an exchange called Bullish, owned the IP. And Block.One “wouldn’t publicly commit to getting the intellectual property back.” What did the company do instead? Theyannounced this:
“In addition to the recently announced Helios transaction, today we are pleased to announce our intentions to offer the following grants of vesting tokens that are intended to be given over time, and subject to our token availability:
EOS Network Foundation – 30m EOS
Pomelo – 1m EOS
EdenOS – 1m EOS”
Related Reading | Cardano CEO Shares “Too Big Too Fast” Insight on EOS CTO Departure
How did the EOS Network Foundation react? They wanted the IP, not tokens. So, they createdthis proposal, which was approved. The ENF director, Yves La Rose, took to Twitter to declare victory.
“Through a super majority consensus, the EOS network has taken its future in its own hands. This begins a new era for EOS and highlights the power of the blockchain to enable a community to stand up against corporate interests that don’t align with theirs.”
Through a super majority consensus, the EOS network has taken its future in its own hands. This begins a new era for #EOS and highlights the power of the blockchain to enable a community to stand up against corporate interests that don’t align with theirs. https://t.co/8l62MBG67C
— Yves La Rose (@EosNFoundation) December 8, 2021
The community spoke. They will roll back and block the 67M EOS that Block.One had coming. How does that put them regarding the EOS network’s intellectual property? Do they have any chance of getting that IP now?
Featured Image by Valentin Salja on Unsplash | Charts by TradingView
The EOS community has voted to stop token vesting to Block.one, its $4 billion backer from the ICO boom of 2017 to 2018.
EOS developers and block producers, the EOS Foundation, Block.one, and Brock Pierce have been unable to reach a mutual agreement on a supply of locked EOS tokens.
EOS has struggled to live up to its promises since launching in 2018, and its token is still significantly short of its peak.
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EOS block producers have voted to stop vesting tokens to Block.one. The battle between the EOS Foundation and the project’s founding team, Block.one, continues.
EOS Community Votes to Stop Vesting
The EOS community has voted to stop vesting tokens to Block.one.
The project’s top 25 block producersreached the decisionfollowing weeks of negotiations between the community and EOS’ lead backer, Block.one. The block producers have opted to stop issuing 67 million EOS tokens that were scheduled to be unlocked over the next six to seven years.
The vote is the latest turn in an ongoing saga involving the community-backed EOS Foundation and Block.one. In November, the EOS Foundation proposed blocking Block.one from accessing 45 million EOS tokens worth around $196 million. The community claimed that Block.one had failed to deliver on its promises for EOS after raising $4 billion during crypto’s infamous 2017 to 2018 ICO boom.
Block.one announced that it had sold 45 million EOS to Pierce last month. Of the 45 million tokens, eight million were already liquid, leaving 37 million. The organization was due to receive a further 30 million tokens that it committed to the EOS Network Foundation on Sunday.
Yesterday, Block.one co-founder Brock Piercewrote in a tweet that he was working with the EOS Foundation CEO Yves La Rose on a “mutually beneficial proposal” that would allow the foundation and the EOS community “to take a leadership role in the future of EOSIO’s development and intellectual property.”
Block.one CEO Brendan Blumer also commented on the issue, emphasizing that “a lot of stakeholders” would need to be considered for any proposals. He later deleted the post without giving further explanation. Several major EOS block producers had a meeting to discuss the matter, and a clip of it can be seenhere.
A series of failed meetings and disagreements over who would deliver a letter of intent ensued, culminating in the final vote between the block producers.
EOS originally emerged as a so-called “Ethereum killer” after raising $4 billion via Block.one, but its path has been far from smooth over the last few years.The project has continuously faced criticism for failing to live up to its promises, and the EOS token has struggled to hit its 2018 highs. It currently trades at $3.75, which is still 83.6% short of its peak.
Disclosure: At the time of writing, the author of this piece held ETH and several other cryptocurrencies.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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A new debate in the EOS community has emerged over B1’s share of the EOS token supply.
Community-backed EOS Network Foundation (ENF) has raised concerns over the 45 million tokens that B1 controls.
The CEO of ENF, Yves La Rose, said the community could attempt to remove B1’s vesting code.
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A group representing the EOS community wants to delete vested tokens held by Block.one, claiming the team failed to deliver on promises.
EOS Network Foundation Goes to War Against B1
The ongoing battle between EOS Network Foundation, and the project’s founding team Block.one (B1) has taken a new turn. There is now a raging debate in the EOS community over B1’s vested share of the EOS token supply.
It has been reported that B1’s CEO Brendan Blumer and co-founder Brock Pierce met with the EOS Network Foundation (ENF) to discuss a contention over B1’s vested EOS tokens.
At the network genesis, B1 allocated itself 10% of EOS’s total supply of 1 billion vested over a period of 10 years. Currently, out of a share of 100 million tokens, B1 has access to about 45 million tokens.
B1, the development team behind EOS, raised $4 billion in a 2017-18 initial coin offering (ICO) on the promise of creating a better and faster alternative to Ethereum. Later, EOS failed to find any kind of reasonable adoption. When B1’s technology lead Dan Larimer left, it caused a major blow to the network’s prospects of becoming an “Ethereum killer.” The token has been dwindling ever since in terms of value and overall market capitalization. After years of poor network growth and token performance, the EOS community and block producers (EOS network validators) decided to reboot the project.
Under the leadership of Yves La Rose, a community-backed group EOS Network Foundation (ENF) was created in August 2021 and declared a new roadmap for the EOS ecosystem. In an address to the EOS community, La Rose accused the B1 executives of “negligence and fraud” and said the community planned to distance the blockchain from B1’s centralized control.
In November, B1 said it was entering into an agreement to transfer ownership of the 45 million EOS tokens (worth $196 million) to Helios, a firm owned by B1’s co-founder Brock Pierce. In response, ENF expressed its disapproval and claimed the tokens did not belong to B1 in the first place, as it had failed to deliver on its “social contract” of supporting the network.
Commenting on ongoing negotiations with B1, La Rose said the network consensus is that the tokens held by EOS do not belong to them. In a tweet, he said:
“The gist of the disagreement and why negotiations are happening is that B1 believes the tokens they sold (still vesting) belong to them, while the network through consensus as it exists believes the opposite, those tokens do not belong to B1.”
Update from Yves about the negotiations with B1 #EOS pic.twitter.com/RGyu4sp3Y4
— EOS Bull (@EOSBull) November 15, 2021
La Rose wrote further that “the network could remove the vesting code, and the network believes it is within their rights to do so.”
It is not surprising that B1 disagrees with ENF’s claims. B1 co-founder Brock Pierce said the $45 million tokens will be used to grow the EOS ecosystem. On Twitter, Pierce said B1 has many “plans in the pipeline” including a potential launch of an exchange-traded fund (ETF) tied to EOS. In this Twitter thread, Pierce added:
“I don’t thinkEOSwill benefit from authoritarian control over account balances that will undermine property rights, and I think the ecosystem should focus on collaborating together to succeed.”
The community does not appear to be convinced of B1’s stated financial motives. The idea has not resonated with many community members who appear to simply want B1 out of the way. Such members have supported the idea of a takeover at the protocol level. “Just delete them. There’s no good compromise for eos”, one anonymous member wrote. Another member called B1 a scam and that it is “going against their publicly stated commitments.”
As a consequence, ENF, with support from the community, may attempt to fork the EOS software code to change the original token allocation. It is still unclear how ENF can achieve that fork unless it controls the smart contract for genesis token deployment. It is more likely that the two sides will come to a mutually beneficial compromise before a drastic move is made.
Disclosure: At the time of writing this feature, the author owned, ETH, SOL, and other cryptocurrencies.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
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EOS has been one of the worst-performing crypto-asset of this year. But to foster its network growth, BlockOne has come up with a new plan that comes in the midst of scathing attacks on the company.
Saying ‘BlockОne’s relationship with EOS has been mired with controversy’ is an understatement. As a result of continued backlash from the community, EOS has not only fallen from the top 10 cryptocurrencies by market cap, it now stood at the 44th spot. But the blockchain company behind its inception, BlockОne, has a plan that involves transferring 45 million EOS tokens to Helios.
Is BlockОne’s plans to rescue EOS a bit too late?
The announcement stated that BlockОne has agreed to transfer 45 million EOS (approximately $209 million) on November 8th after looking through many ways where it can leverage its token holdings to foster the network’s growth.
The company added that it is now looking at a series of transactions in an attempt to “empower the EOS network” and target new participants while exploring fresh opportunities, kicking-off new decentralized governance initiatives, and ramping up the liquidity of EOS-powered projects.
Helios, which happens to be led by former actor and crypto proponent Brock Pierce, has some plans to revive the network. While it is still early to say if the latest move will resuscitate the community’s confidence, Helios promises to have a few plans up its sleeves.
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For one, the organization plans to roll out an EOS Venture Capital fund. It also aims to support the development of institutional-grade financial products based on EOS.
Besides, supporting the creation of necessary infrastructure, tooling, and documentation for EOS developers are also included on its roadmap. In addition to that, the platform will also focus on organizing community events surrounding awareness, networking, and expanding viability.
Battle Between BlockOne and EOS Community
Accusations about the EOS project being plagued by centralization have prompted a significant decline in the network’s activity. Around this time last year, EOS was the world’s seventh-largest blockchain by market value. Since then, a lot has changed.
BlockOne’s decision to transfer millions of funds comes less than a week after Yves La Rose, the Founder of the EOS Network Foundation, attacked the former developer for moving away from wanting to contribute to the EOS ecosystem. La Rose didn’t sugarcoat words when he claimed that “EOS is a failure” while speaking about the dwindling market cap as well as the value of the token.
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Members of the EOS ecosystem, a blockchain designed to power decentralized applications, or DApps, are voicing their dissatisfaction with former developer Block.one. As a result, they have formed their own organization and elected new leadership in an effort to revamp the network.
As accessed by Cointelegraph, Yves La Rose, the “community-elected CEO” of the novel EOS Foundation, gave the following prepared statement during a virtual conference:
“There’s no sugar-coating it, EOS, as it stands, is a failure. The last three years or so have been nothing but dwindling in terms of market cap and in terms of token value. When we look at EOS compared to the rest of other cryptos, especially in satoshi levels, EOS has been a terrible investment. It’s been a terrible financial, time and community investment. The reality is that many people no longer want to be associated with EOS because of its tarnished reputation. EOS, as it stands, is a failure.”
Block.one is a company registered in the Cayman Islands and was the original developer of the EOS network. In 2018, the company sold 900 million EOS tokens for proceeds of over $4 billion in an initial coin offering (ICO), the largest in the world at the time, despite not having a functional product. The year after, Block.one settled with the United States Securities and Exchange Commission for $24 million over allegations of unregistered sale of securities during its ICO. The token sale also faces allegations of market manipulation.
La Rose had the following to say regards to Block.one:
“Another thing to note, in terms of the roadmap is that we can no longer rely on Block.one to support and guide EOSIO development. They have lost all key developers and have pivoted away from being a blockchain development company towards being an asset management company.”
Despite the negative outlook, development activity on the EOS blockchain has seemingly held steady. According to block explorer bloks.io, the most prominent DApp on the EOS network is decentralized exchange Alcor, with a 24-hour trading volume of $44.6 million. Second-in-line is AtomicMarket, a non-fungible tokens marketplace with $3.81 million transactions in the past 24 hours.
La Rose concluded the panel with the following comment:
“Today is the genesis of what EOS has the capacity to become. There are no more excuses, there are no more roadblocks. We have everything we need. What becomes of EOS next is simply what we make of it.”
Yves La Rose, the founder of the EOS Network Foundation, discussed the project’s future, its stance on the relationship between EOS and Block.one, while also outlining how it might move forward.
EOS And Block.one Parting Ways?
Earlier this year, Yves La Rose stepped down as the CEO of EOS Nation. Speaking today, he revealed his thoughts on the relationship between EOS and Block.one – the company that was behind the project during its record-breaking ICO.
According to him, it has become obvious that the company only pretends to add value to EOS but fails to support or catalyze any meaningful uprising.
They have largely moved away from wanting to contribute, and their EOS is more of a liability than it is an asset. It’s a liability on the legal front, on the media front, and it’s a liability in terms of overall finances.
In what seems to be a definitive call of breaking the ties between both, La Rose outlined that Block.one is also providing challenges in terms of overall community perception:
To the greater blockchain ecosystem, EOS is Block.one, Block.one is fraudulent, therefore, EOS is fraudulent. The reality for those within the EOS ecosystem is that we also have reached a consensus and agree with this assessment that they are fraudulent. They were negligent and overstated their capabilities.
He argued that this particular separation is needed for a branding and a narrative shift to take place. Hence, La Rose added that a new entity is “better suited to run these operations.”
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EOS Network Foundation Taking Charge?
Somewhat not surprisingly, he noted that the EOS Network Foundation is what he believes to be best for EOS going forward, especially when it comes to taking matters into its own hands.
When I decided to pursue the launch of the EOS Network Foundation back in August, I did so with the mindset that the EOS community needed to take matters in its own hands to move towards a future where EOS regains leadership within the greater blockchain ecosystem.
He also talked about the four pillars of the project’s roadmap which should be formally announced in the coming week and should lay the foundations for EOS’s new technical roadmap. Despite still being in drafts, the working labels for these include Audit+, Wallet+, Docu+, and API+.
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