The EOS network has turned five.
EOS once charted in the top ten cryptocurrencies by market cap. Now it stands in the top 50. The setbacks in its journey have been one of the most talked about in the industry.
But EOS Network Foundation’s La Rose believes the formative years of EOS have taught them a lot and that the blockchain project is just getting started, all thanks to the community.EOS – which launched with great fanfare, an active community, and strong tech – faced several hiccups along the way in the last five years. In what was touted to be the biggest ICO in history, EOS managed to raise over $4 billion in funds in 2018.
However, the project failed to live up to its hype. The subsequent congestion issues, as well as centralization concerns by researchers, triggered developer exodus from the EOS ecosystem. The development dried out, which led the community to feel left out and deceived. As a result, the community-formed EOS Network Foundation – a not-for-profit organization – took the baton to revive what was left of it by getting rid of its founding company, Block.one.
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