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November 24, 2021

CEO of EOS Foundation says EOS has been a Bad Investment

Yves La Rose, the CEO of EOS Foundation said EOS has been a bad investment. La Rose said that EOS is currently a failure. In the statement La Rose made, La Rose shared thoughts on the past and potential progress of EOS blockchain protocol in the future. The executive said that the EOS currency has so far been a “terrible” investment.

Why has the EOS Native Currency Been a Terrible Investment so far?

The top executive claimed the EOS native currency had been a terrible investment partly because of the backer and former developer Block.one. Block.one is a blockchain software firm based in the Cayman Islands. La Rose said the EOS Foundation can no longer depend on Block.one for guidance. For this reason, EOS Foundation intends on stepping up.

The Path Forward

These statements illustrated EOS Foundation’s path going forward. This path included creating a new core team and distributing grant programs. It also included creating a roadmap guided by “four pillars” of new products.

When Success is a Problem

La Rose said that EOS had a great start. It had a lot of fanfare when it got started. EOS managed to raise an incredible US$4.1 billion when it was getting started back in 2018. According to La Rose, this is why EOS is currently listless. This US$4.1 billion is part of EOS’s current problem. The success, in this case, was a problem, at least because it came completely at the beginning.

Why Was Early Success a Problem for EOS?

According to the executive, this early extraordinary success made EOS a victim of its success because it set up the organization’s expectations. These funds raised broke previous records. As a result, it placed EOS in the uncomfortable position of having to meet extraordinary expectations.

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Possible Criminal Activities?

La Rose’s statement blamed Block.one. However, the executive’s speech did not stop there. The speech went as far as to allege possible criminal activities. He based his allegations on the consensus he gathered from token holders that Block.one was disingenuous about their capabilities. This lack of authenticity, according to La Rose amounts to fraud and negligence.

La Rose says that EOS Foundation could take the lead, replacing Block.one as a guiding organization. This will then likely allow for the EOS ecosystem to expand. EOS Foundation was established in August by La Rose. This was after he stepped down as the CEO of EOS Nation back in May. EOS Nation is an infrastructure provider for the same protocol.

According to La Rose, the EOS community is experiencing a shift. This shift is in anticipation to move away from Block.one and eventually fork them out. Until such a shift is formalized, Block.one will continue holding EOS down, La Rose said in the written statement.

What does Block.one have to say?

Block.one’s executive, Brendan Blumer showed support for EOS Foundation over a month ago on Twitter. Blumer tweeted that he had never seen the level of innovative community collaboration that he had until EOS was launched by the public. He said that he was optimistic about the decentralized government because of EOS Foundation.

Block.one is currently focused on developing a crypto exchange with Wall Street backing. This crypto exchange is called Bullish and is partially built on the EOS blockchain. In July, whilst a pre-launch phase, declared that they would be going public in a deal worth $9 Billion. This deal would be via a special-purpose acquisition company (SPAC).

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La Rose’s Proposition

La Rose proposed a solution involving “four pillars” to guide the project towards success. These pillars were: branded Audit+, Wallet+, Docu+, and API+. Each pillar would have a working group and would target the delivery of a “blue paper” each by the Chinese New Year.