**EOS Blockchain Community Member Raises Concerns**
Yves La Rose, a member of the EOS blockchain community, made some serious allegations against the project during a virtual meeting with China-based users. He described the current state of EOS as a failure and accused the company behind it, Block.one, of willful misrepresentation.
**Promises and Projections**
The promise of EOS was significant. It was built using open source technology by a company called Block.one based in the Cayman Islands, which raised over $4 billion in an initial coin offering (ICO) in 2018. EOS was marketed as a more efficient cryptocurrency network than any other at the time, with some even referring to it as “Ethereum on Steroids.”
La Rose was an early devotee of EOS, being actively involved in the project. He even led the EOS Nation as a “block producer,” responsible for validating transactions on the blockchain. However, despite the initial promise, nearly four years later, EOS was in a downward spiral. Its user base was dwindling, it supported only a few popular apps, key developers were leaving, and the value of its token plummeted from $10 in 2018 to $4.40 in late 2021.
**Community Fallout**
During the virtual meeting, La Rose expressed his disappointment, stating that the community had become the victims of a project that profited from their efforts, leaving them with nothing. He accused Block.one of negligence and fraud, claiming that they had misrepresented their capabilities.
**Efforts to Save EOS**
Despite his disillusionment, La Rose remains a believer in EOS’s potential. He has launched the EOS Network Foundation (ENF) with the goal of revitalizing the blockchain and holding Block.one accountable for its decline. He initially aimed to get Block.one to refund some of the money back and to step away from the project.
However, Block.one had different plans. In May 2021, it announced the launch of Bullish, a cryptocurrency exchange funded in part by the proceeds from the EOS ICO. The exchange was registered in the Cayman Islands and other crypto-friendly jurisdictions, with plans for a $9 billion merger with a special purpose acquisition company (SPAC) called Far Peak Acquisition Corp by July 8, 2022.
**Looking to the Future**
Despite the challenges, La Rose and the EOS Network Foundation remain resolute in their mission to salvage the EOS blockchain. The future of EOS remains uncertain, with the fate of the project and the ongoing conflict between the community and Block.one yet to be determined.
I have over 10 years of experience in the field of cryptocurrency and blockchain technology. I have attended numerous conferences and events around the world, and my work has been featured in major publications such as CoinDesk, Bitcoin Magazine, and Yahoo Finance.
