EOS Was the World’s Most Hyped Blockchain.
ON A WEDNESDAY morning in November, Yves La Rose, a member of the EOS blockchain community, addressed a virtual gathering of China-based users. “EOS, as it stands, is a failure,” he said.
Built using open source technology created by Block.one, a Cayman Island-based company, EOS promised more efficiency than any other cryptocurrency network at the time. At one point, a running joke among crypto enthusiasts was that EOS stood for “Ethereum on Steroids.”
Ahead of the launch of EOS in June 2018, Block.one had raised over $4 billion in the biggest initial coin offering of all time. (ICOs let startups rake in eye-popping sums in exchange for cryptocurrency tokens to be used on a not-yet-built blockchain platform.) From those early days, La Rose devoted himself to EOS. He had even helmed the EOS Nation “block producer,” a kind of digital umpire responsible for validating the transactions taking place on the blockchain.