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

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At a virtual event on Wednesday, EOS Foundation CEO Yves La Rose claimed that “EOS as it stands is a failure,” according to a transcript of prepared remarks viewed by CoinDesk.

In the speech, Rose weighed in on the past and future of the EOS blockchain protocol, saying that the project’s native forex, EOS, has been “a terrible investment.”

The speech locations a lot of the blame on backer and former developer Block.one, and says that the EOS Foundation is ready to step up as the challenge can “no longer rely on” the Virginia-based software program firm for steerage.

The remarks additionally lay out a path ahead for the challenge that features forming new core groups, creating and distributing grants applications and creating a roadmap guided by “four pillars” of recent merchandise.

Victim of its personal success

Rose’s speech argues that the listless present state of EOS is due partially to the fanfare of its inception. EOS famously raised $4.1 billion in 2018 in an unprecedented ICO held over the course of a yr.

Read extra: The First Yearlong ICO for EOS Raised $4 Billion. The Second? Just $2.8 Million

“It’s very clear to me that EOS was a victim of its own success,” La Rose stated, in line with the ready remarks. “The token sale for EOS shattered and broke all previous records in terms of funds raised. This put EOS in a position of having to meet extreme expectations as it raised extreme sums.”

However, the speech then locations the blame on Block.one, going up to now as to allege potential crimes.

“At this point, it is the consensus of the majority of token holders that I speak to, inside and outside of EOS, that Block.one knowingly misrepresented their capabilities and this amounts to negligence and fraud,” La Rose wrote.

The speech argues that the EOS Foundation may exchange Block.one as a guiding group, which is able to free the challenge to develop. La Rose spun up the muse in August after stepping down in May as the CEO of EOS Nation, an infrastructure supplier for the protocol.

“What we are experiencing is a shift whereby the EOS community is placing itself in a position to be able to move away from Block.one, essentially forking them out. Until this formal shift occurs Block.one will simply continue weighing EOS down,” the remarks state.

CoinDesk has reached out to Block.one for remark.

Block.one CEO Brendan Blumer talked about the EOS Foundation in a supportive tweet final month:

Block.one has lately shifted its focus to the event of Bullish, a crypto change with Wall Street backing that’s partially constructed on the EOS blockchain. The change, which continues to be pre-launch, introduced in July that it was going public in a SPAC deal valued at $9 billion.

Read extra: Bullish Set for Public Listing Through $9B Merger With Ex-NYSE President’s SPAC

‘Four pillars’

In his speech, La Rose stated he hopes the pretty new EOS Foundation will have the ability to take narrative and branding management over the challenge in an effort to counteract the disarray of decentralization.

“Our issue has not been decentralization, but the lack of centralization. A centralized entity that could support the ecosystem in a way that only a centralized entity could,” the transcript reads.

He then proposed 4 “pillars” that can information the challenge ahead. Each pillar – branded Audit+, Wallet+, Docu+ and API+ – presently has a working group, and every will produce a “blue paper” that can collectively serve as a highway map for the challenge transferring ahead, with a goal publication date “prior to the upcoming Chinese New Year.”

New funding

La Rose claims the challenge has been approached by enterprise capital companies seeking to deploy upwards of “$150-$200 million” within the ecosystem, and that the EOS Foundation is ready to assist deploy that capital after overseeing $7 million in grants.

The speech then ends with La Rose staking a definitive declare to management over the challenge.

“I’m not here to be liked, I’m here to do a job. What we’ve been lacking in EOS is leadership. Somebody who will lead by example and show up every single day working towards greatness for us all,” La Rose concludes, echoing certainly one of his latest tweets.