What happened to EOS? The community is spinning for an unlikely comeback
What happened to EOS? After the biggest ICO in history, the former top 10 token now languishes around number 53. But the community has since regained control and is determined to restore the smart contract platform to its former glory.
If you are new to the crypto industry, you may not even be familiar with The Biggest ICO in history, which launched EOS.
EOS started in June 2018 to great fanfare, with an active community and solid technology. Led by Dan Larimer of Steemit and Bitshares fame, there was a palpable area of excitement with the introduction of new technologies, including the Delegated Proof of Stake (DPoS) system and EOS worker proposals to fund projects that have developed the ecosystem. /p>
, the company behind EOS, raised an impressive $4.1 billion over 12 months.
And then… not much happened. The community waited and waited for promises to be kept.
"I was very disappointed when few or none of these ideas came to fruition," Goodblock CEO Douglas Horn told Magazine. "To be honest, I'd say Block.one did a deceptive ICO whether it was planned from the start or not. That's my personal assessment."
The exact reasons why EOS didn't go anywhere are disputed, but development has dried up and the community has often felt left out. Some say they volunteered to take on the development of new projects but weren't supported - or even told to stop work by Block.one because their efforts were impinging on their own developments. In other cases, micro-grants were awarded on the condition that no other funding could be used. Typically, these micro-grants were not enough and these mini-projects also lacked track.
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There are, with and Alien Worlds the exceptions that prove the rule, but otherwise it was a moribund ecosystem. In the meantime, Block.one reached an agreement with the SEC to pay a fine of $24 million to avoid any suspicion that the token was a security (an agreement which was later canceled and which may cause significant new issues for Block .un).
Despite the many promises, Block.one essentially stopped developing the core technology, then called EOSIO, and focused on two vanity projects: the $150 million decentralized social media platform Voice which has since morphed into an unimpressive NFT market; and Bullish, an exchange that ostensibly used ICO money to provide liquidity. Trading volumes are around $200,000 per day for its BTC/USDC pair.
(Block.one, former CTO Larimer and CEO have been contacted for comment.)
So in 2021, the community started fighting back with the creation of the EOS Network Foundation. Enter Yves La Rose, CEO of EOS Nation, a producer of original blocks, into the fray. Block producers in EOS provide the technology to validate nodes, with the first 21 receiving fees for network maintenance.
The Rose is not without its detractors, with some members of the original Block.one Squad calling it a tyrant. On the other side, the newly energized EOS community sees him as something of a hero. And since history is written by the victors, it looks like La Rose is .
What happened to EOS? After the biggest ICO in history, the former top 10 token now languishes around number 53. But the community has since regained control and is determined to restore the smart contract platform to its former glory.
If you are new to the crypto industry, you may not even be familiar with The Biggest ICO in history, which launched EOS.
EOS started in June 2018 to great fanfare, with an active community and solid technology. Led by Dan Larimer of Steemit and Bitshares fame, there was a palpable area of excitement with the introduction of new technologies, including the Delegated Proof of Stake (DPoS) system and EOS worker proposals to fund projects that have developed the ecosystem. /p>
, the company behind EOS, raised an impressive $4.1 billion over 12 months.
And then… not much happened. The community waited and waited for promises to be kept.
"I was very disappointed when few or none of these ideas came to fruition," Goodblock CEO Douglas Horn told Magazine. "To be honest, I'd say Block.one did a deceptive ICO whether it was planned from the start or not. That's my personal assessment."
The exact reasons why EOS didn't go anywhere are disputed, but development has dried up and the community has often felt left out. Some say they volunteered to take on the development of new projects but weren't supported - or even told to stop work by Block.one because their efforts were impinging on their own developments. In other cases, micro-grants were awarded on the condition that no other funding could be used. Typically, these micro-grants were not enough and these mini-projects also lacked track.
Also read:
There are, with and Alien Worlds the exceptions that prove the rule, but otherwise it was a moribund ecosystem. In the meantime, Block.one reached an agreement with the SEC to pay a fine of $24 million to avoid any suspicion that the token was a security (an agreement which was later canceled and which may cause significant new issues for Block .un).
Despite the many promises, Block.one essentially stopped developing the core technology, then called EOSIO, and focused on two vanity projects: the $150 million decentralized social media platform Voice which has since morphed into an unimpressive NFT market; and Bullish, an exchange that ostensibly used ICO money to provide liquidity. Trading volumes are around $200,000 per day for its BTC/USDC pair.
(Block.one, former CTO Larimer and CEO have been contacted for comment.)
So in 2021, the community started fighting back with the creation of the EOS Network Foundation. Enter Yves La Rose, CEO of EOS Nation, a producer of original blocks, into the fray. Block producers in EOS provide the technology to validate nodes, with the first 21 receiving fees for network maintenance.
The Rose is not without its detractors, with some members of the original Block.one Squad calling it a tyrant. On the other side, the newly energized EOS community sees him as something of a hero. And since history is written by the victors, it looks like La Rose is .
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