EOS Foundation CEO Addresses Project’s Poor Performance, Outlines New Roadmap

Latest Crypto News

Key Takeaways

  • EOS Foundation CEO Yves La Rose has spoken out about the blockchain’s failures.
  • He blamed much of EOS’s poor performance on the blockchain’s ICO backer, Block.one.
  • Rose also put forward a new roadmap to help EOS rebuild its reputation.

EOS Foundation CEO Yves La Rose has addressed the EOS’s poor performance, outlining a new roadmap. Rose put much of the blame on the blockchain’s ICO backer, Block.one.

Latest Crypto News EOS Foundation CEO Speaks Out

EOS is looking to rebuild its reputation.

freebitco

The EOS Foundation CEO Yves La Rose spoke to the EOS community in a virtual event Wednesday, addressing the project’s poor performance since its ICO in 2017. “EOS, as it stands, is a failure,” said Rose, who blamed the lack of success on the blockchain’s initial coin offering (ICO) backer, Block.one.

Virginia-based software company Block.one helped EOS launch in 2017, raising over $4 billion through public sales of the EOS token, a record for an ICO at the time. However, according to Rose, the success of the ICO was driven by Block.one overpromising on future commitments.

“Block.one knowingly misrepresented their capabilities, and this amounts to negligence and fraud,” he said, going on to state that a conflict of interest between Block.one shareholders and EOS token holders was also weighing EOS down. 

Through Rose’s leadership, the EOS Foundation is looking to distance EOS from Block.one and to implement a new roadmap to help rebuild the blockchain’s reputation. 

The EOS Foundation has formed four working groups to address key areas for improvement. While the names for these groups are not yet finalized, Rose revealed that they would work on audits, a wallet, documentation, and API for the EOS blockchain. Additionally, the EOS Foundation will continue allocating funds to teams building out the EOS ecosystem, having deployed over $7 million back into EOS since its creation.

betfury

Rose also commented on EOS’s marketing and branding strategy, saying:

“EOS now has what is required to effectively market itself internally and more importantly externally by leveraging the EOS Network Foundation as a central point of communication. We are working with global marketing and branding firms that will help guide us and position EOS towards a better and brighter future.”

Since the EOS ICO in late 2017, its token has struggled compared to other similar assets. Bearish events, such as the resignation of Block.one CEO Dan Larimer, have cast additional downward pressure on the price. 

The EOS Foundation’s initiative to distance EOS from Block.one could cause problems going forward. In May, Block.one announced plans for a new crypto exchange on EOS, called Bullish, backed by prominent investors Peter Thiel, Alan Howard, and Mike Novogratz. How the EOS Foundation will navigate this issue in accordance with its new vision remains to be seen. 

Disclosure: At the time of writing this feature, the author owned BTC, ETH, and several other cryptocurrencies. 

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.

Peter Thiel Backs New Crypto Exchange Built on EOS

Blockchain software company Block.one, the builders of EOS, has announced an upcoming cryptocurrency exchange backed by prominent investors Peter Thiel, Alan Howard, Louis Bacon, and Mike Novogratz. EOS Blockchain Revival…

Web3 – What it is, What it Means, and How We’ll Transition

We are at the dawn of a new era of the internet. Bit by bit, this new digital world, and all that it enables, will slowly become a part of…

EOS Plummets After Block.one CTO Dan Larimer Resigns

Dan Larimer announced his resignation as chief technology officer (CTO) of the crypto company, Block.one. The company is responsible for building an alleged “Ethereum killer” and earned over $4 billion…

Bullish to Go Public with $9 Billion SPAC Merger

Bullish plans to go public through a SPAC merger, its parent company Block.one confirmed today. Bullish To Be Publicly Listed Peter Theil-backed crypto exchange Bullish plans to be listed on…

Read More

wp reddit