EOS Foundation CEO Calls EOS A Terrible Investment

EOS might only be preparing itself towards a rebirth following the head thereof admitted its failure in the past. He moved on to disclose a unique blueprint regarding the project to be observed as it proceeds further towards the future.

The project has turned out to be a catastrophe

During a virtual conference, the EOS Foundation’s CEO (Yves La Rose) expressed regret over the trajectory of the project since the launch thereof. He stated that the project’s declining fortunes are apparent via the loss in value of the token by approximately 80.42% since the time it touched the peak thereof at $22.89 during 2018. He assured, to be honest in his statements about the loss, and moved on to state that several people do not want to be linked to EOS due to the tarnished reputation thereof.

Rose put the accusation of the failure of the project on “Block.one” (the former backer of the project) for inaptitude thereof in executing the project. A start-up, Cayman Islands, raised an incredible $4B making it the biggest ICO, although it did not have live merchandise. In the subsequent year, it got an issue regarding the SEC (Securities and Exchange Commission) for carrying out an initial coin offering that was not registered. The SEC smashed the firm with a penalty of up to $24 million, raising uncertainties regarding the future of the project.

Rose described that according to the roadmap, they could not depend on “Block.one” anymore to assist and guide regarding EOSIO development. He revealed that their chief developers have gone, and people are not favoring the project as per the repute of the project. He accused “Block.one” of defrauding the company by knowingly misrepresenting the capabilities thereof as well as the amounts. Simultaneous to accusing “Block.one,” Rose disclosed that the project turned out to be the prey of its accomplishment following the achievement of fundraising more than $4B.

The outcomes

Rose pronounced four pillars to be responsible for the future of the project, including branded API, Docu+, Wallet+, and Audit+, which would expectedly deliver a blueprint for the latest track for the map. He mentioned that new capitals could be inserted in the projects because up to $200M is permissible to be invested by VC companies into the ecosystem. He concluded that decentralization had not been the real problem with the project. Rather it was the scarcity of direction and centralization.