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

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:

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:

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.”