Cardano CEO shares “Too Big Too Fast” on the departure of the EOS CTO

Dan Larimer has left his position as CTO of Block.one, the software company responsible for developing EOS.

Larimer made the announcement on Hive yesterday, saying he didn’t know what to do next. However, he said he was still committed to his mission to create market-based solutions.

“I tend to develop more censorship-resistant technologies. I have come to believe that you cannot offer “freedom as a service,” so I will turn my attention to creating tools that people can use to secure their own freedom. “

EOS made headlines in 2018 after its one-year ICO raised a staggering $ 4 billion, making it the largest ICO in cryptocurrency history. A record that it still holds three years later.

Block.one billed EOS as an “Ethereum killer”, which also offered dApps, smart contracts, and an entire ecosystem on which developers could build. However, it differed from Ethereum in that it performed Delegated Proof of Stake (dPoS), a protocol that Larimer had developed.

Over time, for one reason or another, the project struggled to gain significant traction. The EOS all-time high was hit in April 2018 when it hit $ 23. But since then the price has been trapped in the descending channel, with little evidence that previous successes have been regained.

Currently, EOS is down 30% on the day to $ 2.71. Of the top 100, only Bitcoin SV posted a larger loss with -32% today.

Source: EOSUSD on TradingView.com

IOHK CEO shares thoughts on the EOS situation

Larimer’s testimony did not go into detail about his reasons for leaving. In his most recent AMA, Charles Hoskinson, CEO of IOHK, spoke openly about his view on the matter.

Hoskinson brought up the issue by saying that while there is an element of rivalry in the cryptocurrency space, they all still unite under the banner of “believing in the power of cryptocurrencies.”

Hoskinson said the problem with EOS is that the big money ICO created a situation where they got too big too quickly.

“EOS, I think Dan was there for four [years]. He certainly put a lot of work into it. It’s a big community, a big ecosystem. The problem is they raised too much money and that is what defined the project.

Hoskison went deeper and spoke about the expectations associated with raising such an amazing amount of money. Additionally, Hoskinson believes interest in the project has waned when it is tied to sky-high ambitions that don’t come true.

“If they had just upgraded Bitshares or made a much smaller offer, I think there would be a small but incredibly evangelistic group of people who were really excited.

Analysis of dApps on EOS versus Ethereum shows a gap in the statistics. For example, Ethereum has a total of 3,035 dApps with a volume of $ 190.8 million in the last 24 hours. Compare that to EOS with 333 dApps and a volume of $ 4.3 million and it’s clear that EOS is not attracting developers.

Block.one issued a response in which he thanked Larimer for his contributions and wished him all the best for the future.

Comments are closed.