As a result, the community was deeply frustrated as the chain failed to live up to its promises. At its peak, it hosted just a handful of apps and experienced massive user growth shrinkage. It was never developed and pushed forward. To encourage the growth and development of the EOS Network, a group of EOS community members founded a foundation. The ENF, led by CEO Yves La Rose, recently sued Block.One for $4.1 billion in damages, which they intend to use to turn around the fortunes and capabilities of EOS.
Yves La Rose Calls EOS a Failure COmpared to “Satoshi” Level Cryptos Like Ethereum & Bitcoin
According to Yves La Rose, “There’s no sugar-coating it, EOS, as it stands, is a failure.” He said that,
The last three years or so have been nothing but dwindling in terms of market cap and in terms of token value. When we look at EOS compared to the rest of other cryptos, especially in satoshi levels, EOS has been a terrible investment. It’s been a terrible financial, time and community investment. The reality is that many people no longer want to be associated with EOS because of its tarnished reputation. EOS, as it stands, is a failure.
Block.One backed away from discussions with the ENF in an attempt to find common ground. Block.One was then frozen from vesting for future EOS token earnings by the EOS block producers. As a result, Block.One was at a standstill. “We are taking further action to hold Block One accountable for its past actions and broken promises against EOS,” said ENF CEO, Yves La Rose. “Both the community and individual EOS users have been harmed as a result.” Most in the blockchain and Web3 community wish the ENF and Yves La Rose good luck in their endeavors. How will the next chapter unfold?
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
