EOS: A victim of its own success | Invezz

EOS (EOS/USD) CEO Yves La Rose called EOS a “terrible investment” and a “failure as it stands” according to a transcript of prepared remarks viewed by Invezz. The CEO discusses the past and future of the EOS blockchain protocol on Wednesday, blaming backer and former developer Block.one for most of its woes.

Rose adds that the EOS Foundation is stepping up because EOS can “no longer rely on” Block for guidance.

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The path forward comes with a great deal of effort. It includes forming new core teams, developing a roadmap based on new products, creating and distributing grants programs, and more.

Block committed ‘negligence and fraud’

Rose conceded that EOS’s current and unenviable state is partly due to past successes, as counterintuitive as it may seem. The token raised the record $4.1 billion in 2018 in an ICO that took place over the course of a year.

The CEO stated:

It’s very clear to me that EOS was a victim of its own success. The token sale for EOS shattered and broke all previous records in terms of funds raised. This put EOS in a position of having to meet extreme expectations as it raised extreme sums. At this point, it is the consensus of the majority of token holders that I speak to, inside and outside of EOS, that Block.one knowingly misrepresented their capabilities and this amounts to negligence and fraud.

Rose believes that the EOS Foundation is in a position to replace Block.one as an organization providing support and guidance. This could help the project grow again. Rose set up the foundation in August after stepping down as the CEO of EOS Nation, an infrastructure provider for the protocol, this May.

EOS’ CEO continued to attack Block. The remarks state:

What we are experiencing is a shift, whereby the EOS community is placing itself in a position to be able to move away from Block.one, essentially forking them out. Until this formal shift occurs Block.one will simply continue weighing EOS down.