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In the latest episode of CryptoPotato’s podcast, Yves La Rose, the CEO of the EOS Network Foundation, shared profound insights into the evolution of EOS, its technical advancements, and the challenges it faces.
Here are some of the highlights of the conversation that you can find in the following video:
- La Rose explains the huge EOS ICO, which raised more than $4 billion. What happened to that money?
- What caused him to spearhead the EOS Foundation and get away from Block.one?
- Does EOS have a chance of competing with blockchains like Ethereum?
- What’s the next trend that will cause crypto’s big boom?
The $4 Billion Fundraising of EOS
La Rose’s foray into the crypto realm began around 2010. Initially a behavioral economist in the Canadian federal government, his early passion for technology led him to Bitcoin. However, he took a hiatus from crypto, foreseeing the centralization of mining power. His return in 2017 marked his association with EOS.
Reflecting on EOS’s early days, La Rose highlighted the unprecedented fundraising efforts, with EOS raising over $4.1 billion.
He acknowledged the success but also pointed out unmet commitments by Block.one, the entity behind the project. The EOS community had high expectations based on promises of reinvestment into the ecosystem, which remained unfulfilled. Addressing this, La Rose explained how the community leveraged the blockchain to take power back from corporate entities. This led to the funding of the EOS Network Foundation in 2021.
‘Already The Most Performing Blockchain’
Diving into the technical side, La Rose touched upon the EOS network’s EVM (Ethereum Virtual Machine) compatibility, bridging the gap between different chains.
“EVM is that layer… you get the power of EOS in the background as the engine without necessarily having the costs of what Ethereum bears,” he elaborated.
Furthermore, he highlighted the upcoming hard fork aiming for “instant finality,” reducing the finality time between chains to just a few seconds. Combined with work on infinite scalability, this will allow for numerous instances communicating trustlessly, eliminating third-party bridges. La Rose passionately stated,
“EOS already is the most performing blockchain. The dream of a million transactions per second is now possible.”
Challenges and the Road Ahead
While EOS boasts a robust technical foundation, La Rose acknowledged the need to catch up in marketing and branding.
The fluctuating token price also poses challenges, impacting the foundation’s budget. However, reactions to EOS at conferences are mixed. Some view it due to past perceptions, while others see immense potential. La Rose remains optimistic about EOS’s ability to rise in the ranks.
For those eager to delve deeper into the EOS Network Foundation’s plans and vision, the full podcast episode offers a wealth of knowledge.