The EOS community kicks out the original chain’s developer in an act of decentralized governance but what went wrong between the community and the developer that built the chain? Let’s find out in our latest EOS news.
The EOS community kicks out the developer after they voted to spot payments to the developer Block.One is because of a lack of financial transparency and slow progress on the chain. The EOS community represented by the EOS Network Foundation will continue to lead the network as the world’s biggest DAO. Launched in 2018, EOS is a public chain that runs a lot of applications and aims to become the leader among blockchains with million of transactions per second to support developers. Initially, EOS raised $4.2 billion in funding and made it the highest in the ICO history. After the mainnet went live, the platform experienced huge growth in the ecosystem. The analysts called EOS the main player of Blockchain 3.0 and some even called it the Ethereum killer. However now, the TVL of the EOS chain dropped to 34th place out of all public chains.
Most people blame Block.one as the EOS developer for the lackluster performance. According to the community, the development work was quite slow and low quality and didn’t deliver on the initial promises. With $4.2 billion in funding, EOS lacks the ecosystem incentives that most expected, and compared to the incentives and hackathons from the emerging chains, EOS was quite disappointing. Although EOS uses a proof of stake consensus mechanism, it lacks decentralization because its nodes are dominated by several large companies.
It transferred 45 million EOS tokens to Helios led by Brock Pierce to create venture capital funds and to build infrastructure for developers. The tokens don’t belong to Block.one as the community representatives for EOS are opposed to the sale. This Is why the community must give 45 million EOS to Helios, 30 million to ENF, and 1 million to Pomelo. In response, the ENF froze the EOS balance of Block.one’s account via a node vote and demanded that the company takes out its EOS holdings in one day and return the EOSIO IP to the community. The network founder Daniel Larimer expressed his support for the decision:
“Consensus means ‘voluntary association’ and the right to ‘say no’,” he wrote [where?]. “Separation sometimes means that one person voluntarily leaves everyone, and it also means that everyone leaves one person.”
Since the ENF parted ways with Block.one, it published a grant plan seeking to create an open application system. EOS founder Dan Larimer also noted that a roadmap and vision will be developed for joining the EOS platform. EOS will become a DAO and all accounts will be free so millions of people can get rewarded with contributing and inviting others to do the same.
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