Community Sparks EOS Network Foundation, Accuses Developer Block.one of Zero Functionality Like a Scam! Plans to Lead Development, Support EVM

EOS community, former developer Yves La Rose, at a recent conference, blamed EOS's past failures on the underlying developer, Block.one. He has established the EOS Network Foundation in hopes of breaking away from Block.one's control and continuing development. It is expected that EOS will start supporting the Ethereum Virtual Machine (EVM) starting next year.

The Former Ethereum Killer EOS

EOS raised approximately $4.1 billion through an ICO in 2018, setting a record as the highest in ICO history. After its mainnet launch, its activity in the DApps field was able to compete with Ethereum, being once considered a top-tier public chain that could overthrow Ethereum.

However, due to the prolonged bear market since its launch, EOS still has flaws in its fee mechanism and scalability. Additionally, as the cryptocurrency market entered the era of major public chains, with continuous iteration and innovation of public chain projects, EOS has now fallen to 43rd place in terms of market capitalization.

In response, Yves La Rose, former CEO of EOS Nation and current CEO of the EOS Network Foundation, pointed fingers at Block.one, stating that EOS has become an extremely failed project under the leadership of Block.one.

EOS Is a Terrible Investment

Rose founded the EOS Network Foundation (ENF) in August, and in the first online meeting, he straightforwardly stated that he didn't want to use grandiose words to describe it - EOS is a solidly failed project. Over the past three years, its market value and coin price have continued to decline. He stated:

EOS has been a terrible investment financially, in terms of time, and for the community. Its reputation has been greatly affected, and many people no longer want to be associated with EOS. For now, EOS is a failure.

A lot of people have asked me what I've been working on since stepping down from @EOS_Nation. Here it is.#EOSFoundation #EOShttps://t.co/JPkrzfn8hm

— Yves La Rose (@BigBeardSamurai) August 6, 2021

Block.one Is Not a Developer

Rose believes that it is no longer viable to rely on Block.one to lead EOS development. They have lost many important developers, and instead of being a developer, they are more like an asset management firm. He further pointed out:

Block.one only pretends to add value to EOS but has failed to bring any appreciation. Looking at a broader ecosystem, EOS belongs to Block.one, and since Block.one is a fraud, EOS is also a fraud. The reality is that the community agrees with this statement: "Block.one is a fraud." They have been careless and overestimated their own capabilities.

Rose sees this as a transition period for EOS to detach from Block.one. The EOS Network Foundation has prepared a roadmap for the future, and all Block.one needs to do is approve and support it.

What Does the EOS Network Foundation Plan to Do?

In the future development roadmap released in early October and during the online meeting, Rose listed some marketing and development plans:

• 10/2021: Launch marketing and business sponsorship collaborations
• 11/2021: Introduce an ecological development fund to drive DeFi development
• 12/2021: Release core technology whitepaper
• 1H/2022: Support Ethereum EVM
• Negotiated a $200 million financing plan with venture capital firms

He also emphasized the current four key development projects, tentatively named Audit+, Wallet+, Docu+, and API+, claiming that this will lay the foundation for EOS's technical roadmap.

However, compared to technical updates, Rose seems to focus more on the token's appreciation. He stated:

EOS has not appreciated from the growth of the cryptocurrency market, lagging behind most cryptocurrencies. However, this makes me believe that EOS offers huge profit opportunities compared to other tokens, and many technical analysts also agree with this view.

This year, Binance Smart Chain (BSC) seized significant success by being compatible with Ethereum EVM and capturing its overflow value amid Ethereum network congestion. Many public chains have followed suit, but EOS seems to be lagging behind.

Although there have been no significant positive developments in the first half of the year, while many altcoins reached their peak in May, EOS reached a high of $14.9, with its previous all-time high being $23 on 4/29/2018. Whether EOS can regain its glory still requires overcoming many obstacles, and as for the heavily criticized Block.one, they have yet to respond.