Members of the EOS ecosystem, a blockchain designed to power decentralized applications, or DApps, are voicing their dissatisfaction with former developer Block.one. Equally a upshot, they have formed their own system and elected new leadership in an effort to revamp the network.

Every bit accessed by Cointelegraph, Yves La Rose, the "community-elected CEO" of the novel EOS Foundation, gave the following prepared statement during a virtual conference:

"There's no sugar-coating it, EOS, as it stands, is a failure. The last 3 years or so have been goose egg but dwindling in terms of marketplace cap and in terms of token value. When we await at EOS compared to the rest of other cryptos, particularly in satoshi levels, EOS has been a terrible investment. It'southward 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. EOS, every bit information technology stands, is a failure."

Block.one is a company registered in the Cayman Islands and was the original programmer of the EOS network. In 2022, the company sold 900 million EOS tokens for gain of over $4 billion in an initial coin offer (ICO), the largest in the world at the time, despite not having a functional production. The year after, Block.one settled with the United States Securities and Commutation Commission for $24 million over allegations of unregistered sale of securities during its ICO. The token auction also faces allegations of market manipulation.

La Rose had the following to say regards to Block.one:

"Another thing to annotation, in terms of the roadmap is that nosotros can no longer rely on Block.ane to back up and guide EOSIO evolution. They accept lost all key developers and have pivoted away from being a blockchain evolution company towards beingness an asset direction company."

Despite the negative outlook, evolution activity on the EOS blockchain has seemingly held steady. Co-ordinate to block explorer bloks.io, the well-nigh prominent DApp on the EOS network is decentralized substitution Alcor, with a 24-hour trading volume of $44.six one thousand thousand. Second-in-line is AtomicMarket, a non-fungible tokens marketplace with $iii.81 million transactions in the past 24 hours.

La Rose concluded the panel with the following comment:

"Today is the genesis of what EOS has the capacity to become. There are no more excuses, there are no more roadblocks. Nosotros have everything we demand. What becomes of EOS adjacent is just what nosotros make of it."