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After being on the sidelines for more than four years, the EOS Network, a third-generation “lightning fast” blockchain network, is back. The network is literally revived by the community itself – but other evidence decentralization indeed “power for the people”.
The famous and well -known block who raised an incredible $ 4.1 billion in its biggest ICO (initial coin offering) in 2018 and then went into the shadows (with all the money) has published a collection of Blue Papers detailing the development of the updated EOS.
Blue Papers is the culmination of a battle waged over the past few years to restore community oversight of the EOS blockchain and fight the blockade from the hands of Block.one – the company that developed EOS, and still holds the funds raised in the ICO.
A foundation established by the community solely for the purpose of reviving EOS, called ENF (EOS Network Foundation), has kept its promises. The community -founded organization, led by community -elected CEO Yves La Rose, has developed EOS strategic partnerships with new investors, developers, businesses and users.
This is a fun and inspiring story about the winning beliefs of greed. From the development of the EOS and its launch to its gradual collapse and the latest attempt that promises to re -enter the consciousness of major blockchain, the history of the platform is nothing short of a Hollywood masterpiece.
Promises fail, stagnation, decline, retreat: The EOS Saga
The EOS first appeared as Ethereum‘S direct competitor and supported by serious investors, but some instances of human greed led to its gradual decline. According to an official whitepaper published in 2017, the EOSIO platform (the software that powers the EOS Network) was developed by a private company called Block.one.
In the spring of 2018, Block.one launched EOS as an open-source platform and distributed more than one billion ERC-20 tokens to ensure widespread distribution of EOS tokens. At the same time, Block.one CEO Brendan Blumer announced that the company has raised a record $ 4.1 billion from its Initial Coin Offering (ICO), stating that the majority of the funds will be allocated to develop the EOSIO blockchain. However, this well-known ICO faces constant scrutiny from regulators and authorities regarding irregularities such as trade washvoting trading, and allegations about a majority stake in the network which is owned by China.
And this is when the problems began to arise.
After the launch of the main EOS network in 2018, not everything went smoothly for Block.one developers or the EOS community. During this time, some of the most important contributors began to withdraw from the project, which caused more problems for the new ecosystem.
Finally, in the “promised” EOS decentralized ecosystem, where network -specific decisions will be made based on the voice of the coin holder, the concept voting trades for monetary rewards became rampant. As a result, many EOS fans are starting to question Block.one’s early promise of a truly decentralized ecosystem.
In 2019, Dan Larimer, the main creator of Block.one, quit the company. With Larimer absent, Block.one began to leak talent, and activity gradually stopped. It is also becoming increasingly evident that Block.one has lost interest in developing the EOSIO platform further. At this point, the EOS community and investors began talking about the “futuristic” network in “time ago. ”
Things began to look bleak for Block.one and the EOS Network when several EOS token wallets froze after allegations of “tokens were stolen” – a decision made by some stakeholders from China without the consent of other network participants. Then, in 2020, a crypto investment vehicle called the Crypto Assets Opportunity Fund (COAF) filed a class-action lawsuit against Block.one for failing to deliver on its decentralization promise.
Early supporters of EOS believed that Block.one would increase the value of EOS tokens by bringing value back into the blockchain by investing the funds raised from the ICO. However, this never happened, causing frustration among longtime EOS supporters.
For more than four years, the EOS community has been holding on to a dead ecosystem in hopes Block.one, the company that develops the software that EOS uses, will live up to the promise it made when it launched in 2018. Unfortunately, that didn’t happen, and some investors initially abandoned the network, which eventually led to its gradual decline.
Fast forward to 2021, and all that hasn’t changed for the EOS. This was until the emergence of the EOS Network Foundation, better known as ENF, the first community -based organization to take over the original founding company of EOS (Block.one in this case). The EOS community and stakeholders expressed frustration and anger at Block.one for not doing anything to develop EOS even after receiving too much money during the ICO to do exactly that, which led to the birth of ENF.
Since its launch in late 2021, the conflict between ENF and Block.one has heated up to a new level, by EOS community eventually chose to block transactions worth more than $ 250 million (67 million EOS tokens) that Block.one would receive over the next five years. ENF CEO Yves La Rose, elected by the ENF community, has reiterated that EOS and ENF will no longer rely on Block.one, as the company is more focused on its interests rather than donating anything useful to the EOS Network.
Now, with the immediate Blue Papers, a clearer roadmap for the EOS has emerged. At Wallet + Blue Paper, the ENF team has highlighted several improvements in various network components, including wallets, SDKs, and UX/UI standards. Another paper, API + Blue Paperdesigned to fill critical gaps in EOS’s basic public infrastructure APIs to accelerate developer adoption.
Then it was on Core + Blue Paper which includes a series of Recommendations for the position of the EOSIO protocol platform as a leader in blockchain technology. Finally, the Audit + Blue Paper provides an overall framework for security analysis and contract auditing for all EOSIO -based dApps.
With the Blue Paper research now published, the ENF team is preparing for execution. To accomplish this, ENF has partnered with Object Computing, Inc. (OCI), a consulting firm whose technology division assisted Block.One in the development of EOSIO. As part of this partnership, OCI will develop “Transaction Life Cycle Improvements outlined in ENF’s API + Blue Paper. Funds received by ENF from EOS Network’s new transfer of 6.5 million to eosio.grants address, ENF’s official account, are used in full for fund EOS network rehaul.
Fortunately, for the EOS developer community, blockchain producers, investors, and other stakeholders, it first felt the progress in EOS’s growth and success.
Reuben Jackson is a blockchain security consultant.
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