Former CTO of EOS Resigns and Speaks Out: Regrets the Disappearance of Bitcoin's Vision, Reveals Ongoing Projects in Post

Daniel Larimer, the founder of EOS, once considered an Ethereum killer and a former star public blockchain project, announced his resignation as the CTO of Block.one yesterday evening. This morning, he also posted on the blockchain social platform"HIVE", explaining the reasons for his resignation and revealing a new project he is working on while responding to netizens.

The Gradual Disappearance of Bitcoin's Vision

Daniel Larimer, also known as Bytemaster BM, expressed his disappointment with Bitcoin's vision in an article titled "EOS, Ethereum, and Bitcoin's Next Steps?":

"Bitcoin reached historical highs and we all cheered for it, but as the promised vision of Bitcoin gradually fades away, I cried."

BM pointed out that Bitcoin was initially used for practical transactions, facilitating tipping behavior and cross-border transactions between individuals, with low transaction fees, no worries about locked funds and reporting to the tax authorities, serving as an intermediary for transactions without the need for intermediaries.

However, BM believes that Bitcoin, like gold in the past, has been targeted by regulatory bodies, rapidly losing its privacy, evolving into "just another financial asset," with its only innovations being limited supply and political neutrality. He stated:

"Bitcoin may one day replace gold, reaching unprecedented highs, and potentially save your investment portfolio from upcoming malignant inflation, but this no longer means you can escape financial pressure."

Regulation and Taxation Hindering Development

BM believes that the decentralization level of EOS, Ethereum, and Bitcoin is still uncertain but all are victims of regulation. Mainstream privacy coins are being delisted by exchanges due to regulations such as anti-money laundering laws, and he seems concerned about the U.S. proposal to include non-custodial wallets in the anti-money laundering travel rule. He mentioned:

"Assuming selling privacy coins on decentralized exchanges, profits will face strict scrutiny upon deposit into mainstream exchanges, and the only way to avoid U.S. regulation is to conduct KYC verification for everyone, which is a heavy burden for DApps."

Do Not Define Success by Coin Price

BM noted that everyone has different definitions of success, with the most common being "high coin prices," where all investors who bought EOS make money, equating EOS with "success."

However, BM brought up regulation, stating that if EOS implements full KYC and becomes a fully regulated centralized platform, achieving success in terms of price, what should be done?

Interestingly, despite industry professionals largely criticizing the regulatory proposal, various mainstream public chains have not fallen into development difficulties and attributed their failures to it.

The Future of EOS

BM believes EOS has two paths to choose from: becoming more decentralized or catering to regulatory demands. Decentralization represents:

"Decreased EOS transaction throughput, increased transaction costs, and reduced node costs."

Transitioning to cater to regulations and expanding EOS's scale represents:

"Infrastructure scale expansion, increased operational costs, and compliance with regulations."

From BM's perspective, Block.one is likely to choose the path of catering to regulations, ultimately leading to BM's departure. However, he still holds a positive view of EOS, just not interested in this path. He concluded:

"I believe the staking pool model will make EOS a better currency. If the ultimate goal is to achieve significant capital gains, trading assets through smart contracts approved by regulatory authorities may be the only way. If the community agrees with such changes, Block.one is in the 'right place' to lead EOS forward."

Response Reveals Ongoing Development Projects

What most people are interested in now is not the future of EOS but the future plans of the brilliant developer BM, who founded BTS, STEEM, and EOS in succession. In his response to netizens in this article, he revealed ongoing development projects. Heindicated that the project uses a new consensus algorithm, requires tokens, but will not conduct an ICO.

BM emphasized his original intention at the end of the article, claiming that he does not want his innovations to be limited by regulators' strange ideas. Therefore, those passionate about creating projects that "return power to the people" may need to look elsewhere. The final sentence may be aimed at Block.one or profit-seeking speculators:

"Our profit is not measured in dollars but in 'freedom.'"