Backed by serious investors, the EOS Network was once touted among the fastest third-generation blockchain networks. However, in the course of time, the project has faded into obscurity – primarily because of the inconsistent effort from developer Block.one.
For over four years, the EOS community of investors, developers, and users have held onto the ecosystem in hopes that Block.one, the original private software developer the EOS Network operates atop, would deliver on the promises and claims it made back in 2018 during the mainnet launch of EOS Network.
The Backstory
It all began in the spring of 2018 as ICO fervor was hitting a fever pitch. Block.one launched EOS as an open-source platform, raising a staggering $4.1 billion from its ICO (Initial Coin Offering), the majority of which was pledged towards EOSIO blockchain development.
Soon after, allegations surfaced that Chinese companies owned the majority of the stakes in the EOS Network. The ICO was then the target of constant scrutiny from regulators over irregularities like vote trading and wash trading.
Then, in 2019, Dan Larimer – the lead developer of Block.one – quit the company, triggering a domino effect. Block.one started leaking talent, development activity gradually stalled, and it became more apparent that Block.one was losing interest in developing the EOS Network further.
By the beginning of 2020, the EOS community started seeing visible signs of Block.one abandoning the project. Things looked even bleaker when crypto investment firm Crypto Assets Opportunity Fund (COAF) registered a class-action lawsuit against Block.one for failing to deliver on its purpose.
Early backers and investors of EOS kept believing that Block.one would ultimately increase the value of the EOS token by utilizing the funds they had earlier raised through the ICO to drive value back into the abandoned network. However, tangible progress didn’t materialize.
The Takeover
Finally, in 2021, the EOS community decided to take matters into their own hands. With the formation of the EOS Network Foundation, better known as ENF, the once seventh-largest blockchain by market capitalization is preparing for a fierce comeback.
Following years of neglect, the EOS community channeled their frustrations into establishing ENF as a community-founded organization, which has now taken the reins from Block.one. Since ENF was launched in late-2021, the battle between the EOS community and Block.one has reached heated levels. After months of community discussions, the EOS community eventually voted to block transactions worth over 67 million EOS tokens ($250 million) that Block.one was due to receive over the next five years.
Yves La Rose, the community-selected CEO of ENF, notes, “Through multiple first hand statements in their investigation, Wired established that Block.one was intentional in their pursuit of greed. After failing to deliver on multiple promises, the EOS community rejected Theranos / Elizabeth Holmes’ like behavior and established its own path with a set of community driven values at its core. With the EOS Network Foundation now at the helm, we’ve proven ourselves to be capable of executing and are steadfast in our commitment to enhancing our ecosystem and putting the EOS token holders first.”
The Future
EOS Network’s past may be fraught with serious lapses, but its fortunes may slowly be turning.
Since its launch, ENF has delivered on the promises it made. Led by La Rose, the EOS Network Foundation is continuously expanding its strategic partnerships with new investors, developers, startups, organizations, and users.
Furthering its mission to revive the EOS Network, ENF recently released a set of Blue Papers, featuring extensive research about the current state of EOS and the future roadmap. It consists of four different papers, each focusing on rebuilding different aspects of the EOS ecosystem.
The release of the Blue Papers is the culmination of a lengthy battle for the community’s interests that marks a new milestone in their ongoing face-off. With the Blue Paper research now in the public domain, the EOS community is starting to realize progress toward fulfilling the EOS Network’s long-term aspirations.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice
