Advertise
CoinTrust
BTC
ETH
BCH
SOL
DOGE
SHIB
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos
No Result
View All Result
CoinTrust
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos
No Result
View All Result
CoinTrust
No Result
View All Result

Home » EOS Foundation CEO: ‘EOS as It Stands Is a Failure’

EOS Foundation CEO: ‘EOS as It Stands Is a Failure’

Kelly Cromley by Kelly Cromley
Nov 4, 2021
in Market News, News
Reading Time: 6 mins read
0

A transcript of prepared comments obtained by CoinDesk shows that EOS Foundation CEO Yves La Rose said that “EOS as it now exists is a failure” at a virtual event on Wednesday, according to the transcript. Rose commented on the past and future of the EOS blockchain network, stating that the project’s native currency, EOS, has been “a poor investment” throughout its history.

It is said in the speech that Block.one, the project’s funder and previous developer, is to responsible for many of the project’s problems, and that the EOS Foundation is preparing to step in since the initiative can “no longer depend on” the Cayman Islands-based blockchain software business for direction.

The statements also spell out a strategy for the project’s future, which includes the formation of new core teams, the development and distribution of funding programs, and the development of a roadmap driven by “four pillars” of new product development.

It is argued in Rose’s speech that the stale present status of EOS is owing in part to the hype that greeted the company’s launch. A year ago, EOS raised a record-breaking $4.1 billion in an extraordinary initial coin offering (ICO), which was spread over the course of a year.


“It’s quite evident to me that EOS was a victim of its own success,” La Rose said in prepared comments, according to the transcript. “The EOS token sale smashed and destroyed all prior records in terms of dollars generated,”
says the author.

Because of this, EOS was placed in the situation of needing to satisfy very high expectations while also raising extremely large amounts.” The speech, on the other hand, focuses the responsibility on Block.one, even going so far as to accuse them of probable crimes.

“At this moment, the overwhelming majority of token holders that I interact with, both within and outside of EOS, agree that Block.one willfully overstated their capabilities, and that this constitutes carelessness and fraud,” La Rose said.

The speech claims that the EOS Foundation may take over from Block.one as the project’s governing organization, allowing the project to grow more freely. La Rose established the foundation in August after standing down as CEO of EOS Nation, which provides infrastructure for the protocol, in May.

“Effectively, what we are seeing is a paradigm shift in which the EOS community is positioning itself to be able to move away from Block.one, essentially forking them off.”

“Until this official change takes place, Block.one will continue to be a burden on EOS,” La Rose stated. Block.one CEO Brendan Blumer expressed his support for the EOS Foundation in a tweet sent out last month:

Making final preparations for tomorrow’s invite only virtual #EOS event for press outlets and key opinion leaders within the Chinese community.

This will be my first public appearance since the announcing my plans to launch an #EOSFoundation back in August!#WeAreConsensus #ENF pic.twitter.com/JclrsH8qbj

— Yves La Rose (@EosNFoundation) November 2, 2021


A transcript of prepared comments obtained by CoinDesk shows that EOS Foundation CEO Yves La Rose said that “EOS as it now exists is a failure” at a virtual event on Wednesday, according to the transcript. Rose commented on the past and future of the EOS blockchain network, stating that the project’s native currency, EOS, has been “a poor investment” throughout its history.

It is said in the speech that Block.one, the project’s funder and previous developer, is to responsible for many of the project’s problems, and that the EOS Foundation is preparing to step in since the initiative can “no longer depend on” the Cayman Islands-based blockchain software business for direction.

The statements also spell out a strategy for the project’s future, which includes the formation of new core teams, the development and distribution of funding programs, and the development of a roadmap driven by “four pillars” of new product development.

It is argued in Rose’s speech that the stale present status of EOS owes in part to the hype that greeted the company’s launch. A year ago, EOS raised a record-breaking $4.1 billion in an extraordinary initial coin offering (ICO), which was spread over the course of a year.

It was “quite evident to me that EOS was a victim of its own success,” La Rose said in his prepared comments, according to the release. “The EOS token sale smashed and destroyed all prior records in terms of dollars generated,” says the author.

Because of this, EOS was placed in the situation of needing to satisfy very high expectations while also raising extremely large amounts.”

The speech, on the other hand, focuses the responsibility on Block.one, even going so far as to accuse them of probable crimes. “At this moment, the overwhelming majority of token holders that I interact with, both within and outside of EOS, agree that Block.one willfully overstated their capabilities, and that this constitutes carelessness and fraud,” La Rose said.

The speech claims that the EOS Foundation may take over from Block.one as the project’s governing organization, allowing the project to grow more freely. La Rose established the foundation in August after standing down as CEO of EOS Nation, which provides infrastructure for the protocol, in May.

“What we are seeing is a paradigm shift, in which the EOS community is positioning itself to be able to transition away from Block,” says the author. “one, effectively paying them for their services.” Block will remain in effect until the official transition takes place. “One will merely continue to add to the weight of EOS,” La Rose stated.

Block.one CEO Brendan Blumer expressed his support for the EOS Foundation in a tweet sent out last month:

Since #EOS was launched by the public, I haven’t seen this level of innovative community collaboration. From @EdenOnEOS working on revolutionary on-chain governance to @EosNFoundation driving community funding, I’ve never been more optimistic on decentralized gov. #Bullish

— Brendan Blumer (@BrendanBlumer) October 18, 2021


With the creation of Bullish, a cryptocurrency exchange with Wall Street support that is largely based on the EOS blockchain, Block.one has lately diverted its attention away from other projects.

It was stated in July that it will go public in a special-purpose acquisition company (SPAC) transaction valued at $9 billion, despite the fact that the exchange is still in the pre-launch phase.

At the time of writing, La Rose expressed his expectation that the relatively young EOS Foundation would be able to exert narrative and branding control over the project, in order to combat the disruption caused by decentralization.

“Our problem has not been decentralization, but rather a lack of centralization,” says the researcher. In the transcript, it is said that “a centralized entity that could sustain the ecosystem in a manner that only a centralized organization could,” was created to support the ecology.

He then presented four “pillars” that would serve as a roadmap for the project’s future development. Each pillar – branded Audit+, Wallet+, Docu+, and API+ – currently has a working group, and each will produce a “blue paper” that will collectively serve as a road map for the project moving forward, with a target publication date “prior to the upcoming Chinese New Year” as the deadline for completion and publication.

After overseeing $7 million in grants, La Rose claims that the project has been approached by venture capital firms interested in investing upwards of “$150-$200 million” in the ecosystem. The EOS Foundation, according to La Rose, is prepared to assist in the deployment of that capital after overseeing $7 million in grants.

The speech comes to a close with La Rose laying down a definite claim to the project’s leading position. The purpose of my presence is not to be loved, but to do a task. What we’ve been missing in EOS is a strong sense of direction. The author closes with a quote from one of his recent tweets: “Someone who will lead by example and show up every single day striving towards greatness for us all.”

Previous Post

Wrapped XRP to be Hosted on Ethereum Blockchain on December

Next Post

Apple App Store Terminates Cryptocurrency Wallet TokenPocket after PayPal Alleged Patent Infringement

Related Posts

etherscan-unveils-hyperevm-scan

Etherscan Launches HyperEVM Scan to Boost Web3 Transparency

by Kelly Cromley
Jul 8, 2025
0

Etherscan, widely regarded as a leading blockchain data provider for the Ethereum network, has introduced a new dedicated block explorer...

Gunz-expands-native-token-to-solana-blockchain

$GUN Token Joins Solana in Major Blockchain Expansion

by Kelly Cromley
Jul 8, 2025
0

GUNZ, the Layer 1 blockchain ecosystem powering the AAA gaming title Off The Grid (OTG), has revealed plans to expand...

datavault-ai

DataVault AI Acquires SyncIN Tech to Advance Web3 Payments

by Kelly Cromley
Jul 8, 2025
0

DataVault AI Inc. (NASDAQ: DVLT), a technology firm based in Beaverton and currently valued at approximately $52 million, has announced...

tron-partners-with-trump

Tron Moves to Support TRUMP Coin Amid Market Uncertainty

by Kelly Cromley
Jul 8, 2025
0

Tron has disclosed its intention to integrate the TRUMP meme coin onto its blockchain through the LayerZero protocol, in a...

Dubai Land Department Partners with Crypto.com

Dubai Teams Up with Crypto.com to Digitize Real Estate Market

by Kelly Cromley
Jul 7, 2025
0

The Dubai Land Department (DLD) has entered into a strategic agreement with global cryptocurrency firm Crypto.com to establish a digitally...

hyperscale-data

Hyperscale Data to Launch Solana Validator Node in 3Q25

by Kelly Cromley
Jul 7, 2025
0

Hyperscale Data, Inc., listed on the NYSE American under the ticker GPUS, has announced that its fully owned subsidiary, Ault...

Next Post
Apple App Store Terminates Cryptocurrency Wallet TokenPocket after PayPal Alleged Patent Infringement

Apple App Store Terminates Cryptocurrency Wallet TokenPocket after PayPal Alleged Patent Infringement

  • Collé Ai

    Collé: Pioneering AI Web3 Platform Receives Investment Boost from BlackRock

    by Kelly Cromley
    May 13, 2024
  • Router Protocol and OpenWorldSwap Partnership to Revolutionize DEX Market

    by Kelly Cromley
    Aug 6, 2024
  • Central Bank of Saudi Arabia Teams Up with Ripple to Transform Cross-Border Settlements

    by Kelly Cromley
    Aug 17, 2023
  • GameStop’s Digital Transformation: Embracing Blockchain and NFTs

    by Kelly Cromley
    Feb 2, 2025
  • Blockchain Based Sports Platform SportsMint Unveiled

    by Kelly Cromley
    Apr 30, 2024

Recent News

etherscan-unveils-hyperevm-scan
Market News

Etherscan Launches HyperEVM Scan to Boost Web3 Transparency

by Kelly Cromley
Jul 8, 2025
Gunz-expands-native-token-to-solana-blockchain
Market News

$GUN Token Joins Solana in Major Blockchain Expansion

by Kelly Cromley
Jul 8, 2025
datavault-ai
Market News

DataVault AI Acquires SyncIN Tech to Advance Web3 Payments

by Kelly Cromley
Jul 8, 2025
tron-partners-with-trump
Market News

Tron Moves to Support TRUMP Coin Amid Market Uncertainty

by Kelly Cromley
Jul 8, 2025
Dubai Land Department Partners with Crypto.com
Market News

Dubai Teams Up with Crypto.com to Digitize Real Estate Market

by Kelly Cromley
Jul 7, 2025

Categories

  • Altcoin News
  • Analysis News
  • Binance Coin News
  • Bitcoin News
  • Blog
  • Cardano News
  • Ethereum News
  • ICO News
  • Legislation News
  • Market Forecasts
  • Market News
  • News
  • Ripple News
  • Solana News
  • Tether News
Trustpilot

Cointrust

  • About Us
  • Contact Us
  • Correction Request
  • Our Team

Legal

  • Disclaimer
  • Terms & Conditions
  • Privacy Policy
  • Cookie Policy

Popular

  • ICO Listings
  • Knowledge Base
  • All about Mining
  • Cryptocurrency Exchanges
  • How and Where to buy Cryptocurrency

Sitemap

  • News section
  • Sitemap
  • XML Sitemap

© 2024 CoinTrust.com.

CoinTrustCoinTrust

* DISCLAIMER: All information provided in CoinTrust is merely for informational purposes, we are not an investment advisor and not affiliated with any companies or ICO/Cryptocurrency Projects. To use this website you must accept our cookie policy, Disclaimer and Privacy Policies.

No Result
View All Result
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos

© 2024 CoinTrust.com.

We use cookies to ensure that we give you the best experience on our website.
If you continue to use this site you agree to allow us to use cookies, in accordance with our Cookie Policy.
I Agree