In a stunning turn of events, the controversial EOSIO software was released without its original creator. Dan Larimer left Block.One and pledged to continue working on his own blockchain project after being replaced as head coder at Block One by Brendan Blumer, who is also CEO of block producer candidate Bitfinex. The decision did not sit well with many in both communities – including some high-profile members within the community’s governance structure – but it seems to be a move that has been made for the betterment of both projects
The “eos traction criticism” is a topic that has been in the news recently. It’s about the eos community pushing out its original developer from EOS. The incident is an example of how decentralized governance can be done.
Due to a lack of financial transparency and poor development on the chain, the EOS community agreed on Dec. 8 to make spot payments to its creator, Block.one. In turn, the EOS community will continue to run the EOS network as the world’s biggest DAO, as represented by the ENF (EOS Network Foundation).
What went wrong in the relationship between the EOS community and the person who created the blockchain?
What exactly is the EOS Chain?
EOS, which was launched in June 2018, is a public blockchain that can run a wide range of apps and aspires to be the Windows of blockchain, with a million transactions per second (TPS) to aid developers.
EOS initially garnered $4.2 billion in investment, making it the largest initial coin offering (ICO) in history. EOS saw exponential growth in the ecosystem once the mainnet went live. Analysts have dubbed EOS the “Ethereum killer” and a significant participant in Blockchain 3.0.
EOS, on the other hand, is gradually declining following a brief surge. By December 21, the EOS chain’s TVL has dropped to 34th place out of all public chains, according to Footprint Analytics.
EOS Chain TVL Footprint Analysis
Furthermore, EOS’ ecosystem includes DEX, loan, asset, and yield initiatives, with DEXs dominating.
EOS Chain TVL Footprint Analysis by Categories
What is the cause of EOS’s decline?
The majority of users blame EOS’s creator, Block.one, for the blockchain’s poor performance. Many members of the community believe that development has been sluggish, low-quality, and has failed to deliver on earlier promises, such as cross-chain solutions, a million transactions per second, and more. EOS, although receiving $4.2 billion in financing, nevertheless lacks the ecological incentives that many had hoped for. EOS has disappointed in comparison to all the incentives and hackathons offered by current developing chains.
Furthermore, despite the fact that EOS utilizes a proof-of-stake (DPOS) consensus method, many people are concerned about its lack of decentralization since its super-nodes are controlled by a few major corporations. Last but not least, [who] has chastised Block.one for its lack of financial transparency?
Block.one is rejected by the EOS community.
Block.one said on November 8 that it was sending 45 million EOS tokens to Helios, a new platform created by Brock Pierce that allows developers to construct venture capital funds, generate institutional level financial products, and build infrastructure.
Block.one does not own the ready-to-sell tokens, and the ENF (EOS Network Foundation, the EOS community representation) is fiercely opposed to the sale. They ultimately determined after more than a month of talks that
- Block. Helios requires 45 million EOS, ENF requires 30 million EOS, Pomelo, the EOS ecosystem finance platform, requires 1 million EOS, and EdenOS, the governance system, requires 1 million EOS.
- IP addresses associated with EOS, such as community accounts and eos.io domain names, must be restored to the community.
While Block.one has sent 32 million EOS to ENF, Pomelo, and EdenOS as promised, no EOS-related IP has been returned to the community.
In response, ENF used a node vote to freeze Block.one’s EOS balance and asked that Block.one withdraw its EOS holdings and restore the EOSIO IP to the community within one day. Simultaneously, the EOS community decided to cease paying Block.one.
The EOS community has opted to give up the EOS-related IP and aims to recreate the EOS IP brand and codebase, according to ENF head Yves La Rose.
Daniel Larimer, the creator of the EOS Network, also stated his support for this decision:
He remarked, “Consensus implies ‘voluntary affiliation’ and the freedom to’say no.’” “Separation might mean that one person leaves everyone freely, or it can mean that everyone leaves one person.”
The “Declaration of Independence” of EOS.
ENF released its grant proposal on Dec. 10 after breaking apart from Block.one, with the goal of creating an open and transparent application system.
For joining EOS, EOS creator Dan Larimer stated a vision, strategy, and sales pitch are being prepared. EOS will soon be a DAO of DAOs, with free accounts and a bounty for everybody who contributes and invites others to do the same.
The update timeline for EOS has also been disclosed.
EOS will be running for the first time without Block.one.
Summary
“Never underestimate the ability of a small group of dedicated individuals to make a difference in the world.” It’s the only thing that’s ever worked.” Yves La Rose Yves La Rose Yves La Rose Yve
One of the first prominent instances of decentralized governance in action is the vote against Block.one. People may look to the EOS vote to understand that decentralized governance can be more than a term, with public chains sprouting up all the time and DeFi and GameFi growing.
Footprint Analytics is the source of this report.
What does it mean to have a footprint?
Footprint Analytics is a one-stop shop for analyzing blockchain data and uncovering insights. It cleans and combines on-chain data so that users of any skill level may begin exploring tokens, projects, and protocols right away. Anyone may create their own personalized charts in minutes using over a thousand dashboard templates and a drag-and-drop interface. With Footprint, you can discover blockchain data and invest more wisely.
Newsletter
The most relevant daily news in the worlds of crypto, DeFi, NFTs, and more are summarized here.
Gain a competitive advantage in the cryptoasset market.
As a premium Edge member, you’ll get additional crypto insights and context in every story.
Analyses of the whole chain
Snapshots of prices
a little more context
For just $19 a month, you can become a member right now. Examine all of the advantages.
Watch This Video-
Related Tag
- entrepreneurial operating system criticism
