CEO Yves La Rose alleged in a speech Wednesday that EOS has been a catastrophic investment. This is in an attempt to position the newly founded EOS Foundation as an ecosystem leader.
According to a transcript of remarks obtained by CoinDesk, EOS Foundation CEO Yves La Rose stated during a virtual event on Wednesday that EOS is a failure.
According to Rose, who discussed the history and future of the EOS blockchain, EOS has been a bad investment.
The speech attributes much of the blame to backer and former developer Block.one. It claims that the EOS Foundation will step up. This is because the project can no longer rely on the Cayman Islands-based blockchain software business for guidance.
The remarks also outline the project’s next steps. This includes new core teams, the creation and distribution of funding programs, and the development of a roadmap led by four pillars of new goods.
A Victim of its Success
Rose’s speech contends that the current situation of EOS owes in part to the hype surrounding its launch. Besides, EOS famously raised $4.1 billion in a unique year-long initial coin offering (ICO) in 2018.
According to the remarks, La Rose stated that it’s pretty evident to him that EOS was a victim of its success. In fact, the EOS token sale smashed and broke all previous records of dollars raised. As a result, EOS was forced to meet high expectations while raising exorbitant sums.
However, the speech then shifts the blame to Block.one, even alleging criminal crimes.
La Rose wrote that at this time, the majority of token holders he speaks to, both inside and outside of EOS, agree that Block.one willfully overstated their capabilities. This amounts to carelessness and fraud.
According to the speech, the EOS Foundation might replace Block.one as a guiding organization, allowing the project to grow. La Rose established the foundation in August. This is after standing down as CEO of EOS Nation, a protocol infrastructure provider, in May.
He said that we are seeing a change in which the EOS community is positioning itself to move away from Block.one. Essentially paying for them until this official transition occurs.
Block.one has lately moved its focus to create Bullish. They built Bullish as a a Wall Street-backed crypto exchange in part on the EOS blockchain. In July, the discussion said it would go public in a $9 billion special-purpose acquisition company (SPAC) transaction. The discussion is still in development.
La Rose stated in his address that he expects the relatively new EOS Foundation will be able to assume narrative and branding management of the project. This is to overcome the chaos of decentralization.
He then offered four “pillars” to serve as the project’s guideposts. Each pillar – Audit+, Wallet+, Docu+, and API+ – now has a working group. In addition, each will generate a “blue paper” that will serve as a road map for the project moving forward. Moreover, they will be published before the forthcoming Chinese New Year.
La Rose states that venture capital firms has approached the project has been approached. In fact these firms are willing to invest “$150-$200 million” in the ecosystem. After managing $7 million in grants, the EOS Foundation is ready to assist with that rollout.
The speech concludes with La Rose claiming sole command of the enterprise.