EOS was a victim of its own success: CEO Yves La Rose

EOS Foundation CEO blames for the company’s current state

In a speech that was aimed at acknowledging the current state of the EOS ecosystem and mapping a path for the future of the EOS community, EOS Foundation CEO Yves La Rose stated that the token’s dwindling market capitalisation and value over the last three years has shown that it has been a terrible investment.

In what was the CEO’s first public appearance after the announcement of the launch of the EOS Foundation, La Rose called EOS a “victim of its own success” and stated that the token as it stands is a failure.

“It’s been a terrible financial, time and community investment. The reality is that many people no longer want to be associated with EOS because of its tarnished reputation,” La Rose stated according to a transcript of the speech viewed by the CoinText team.

EOS raised over $4 billion in 2018 in an unprecedented ICO that was held for over a year.  LA Rose claimed that the company had been deeply affected by the failed commitments that made to investors during its record-breaking token sale.

“At this point, it is the consensus of most token holders that I speak to, inside and outside of EOS, that knowingly misrepresented their capabilities and this amounts to negligence and fraud,” the executive explained at the invite-only virtual event. 

The CEO also stated that only weighs down EOS and clarified that EOS would no longer depend on to determine its vision.

He announced that the EOS Network Foundation will undertake this responsibility by developing an Ethereum-like model with multiple core teams. He added that the Foundation seeks to enable the coordination and allocation of capital for the overall development function.

La Rose proposed four pillars – Audit+, Wallet+, Docu+, and API+ that will guide the EOS Foundation’s decisions going ahead. He further confirmed that each pillar had a dedicated working group to produce a blue paper explaining EOS’s collective roadmap by the upcoming Chinese New Year.

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Author: Harshini Nag