EOS Network Foundation battles on the frontlines of the blockchain revolution

We are excited to bring back Transform 2022 in person on July 19 and virtually from July 20 to August 3. Join AI and data leaders for insightful talks and exciting networking opportunities. Learn more about Transform 2022

After being sidelined for more than four years, EOS Network, the third-generation “lightning-fast” blockchain network, is back. The network was literally resurrected by its own community, yet another testament that decentralization is indeed “power to the people.”

The famous and infamous blockchain that raised an incredible $4.1 billion in the largest ICO (initial coin offering) in 2018 and then slipped into the shadows (with all the money) just released a set of Blue Papers detailing the revamped development of EOS.

The Blue Papers are the culmination of a battle waged over the past few years to restore community oversight of the EOS blockchain from Block.one, the company that developed EOS and still holds the funds raised on the chain. of blocks. ICO.

The foundation that was formed by the community for the sole purpose of reviving EOS, called ENF (EOS Network Foundation), has delivered on the promises it made. The community-founded organization, led by community-voted CEO Yves La Rose, has been expanding EOS’s strategic partnerships with new investors, developers, companies and users.

It is a moving and inspiring story of conviction winning over greed. From the development and launch of EOS to its gradual decline and the most recent and promising attempt to re-enter mainstream blockchain consciousness, the platform’s history is nothing short of a Hollywood masterpiece.

Failed Promises, Stagnation, Denial, Retreat: The EOS Saga

EOS first emerged as the direct competitor to Ethereum and was backed by serious investors, but various cases of human greed led to its gradual decline. According to the 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 over 1 billion ERC-20 tokens to ensure widespread distribution of EOS tokens. During this same time, Block.one CEO Brendan Blumer announced that the company had raised a record $4.1 billion from its Initial Coin Offering (ICO), noting that the majority of these funds would be allocated to development. of the EOSIO blockchain. However, this infamous ICO faced constant scrutiny from regulators and authorities for irregularities such as wash trading, vote trading, and accusations that most of the holdings in the network are owned by China.

And that’s when the problems started to arise.

Following the launch of the EOS mainnet in 2018, things have not gone smoothly for the Block.one developers or the EOS community. At this point, some of the larger contributors began to pull out of the project, creating more problems for the nascent ecosystem.

Ultimately, in the “promised” decentralized ecosystem of EOS, where network-specific decisions were to be made based on the votes of coin holders, the concept of exchanging votes for monetary rewards became rampant. As a result, many EOS enthusiasts began to question Block.one’s initial promises of a truly decentralized ecosystem.

In 2019, Dan Larimer, the main creator of Block.one, resigned from the company. With Larimer gone, Block.one began filtering out talent, and activity gradually stalled. It also became increasingly apparent that Block.one was losing interest in further developing the EOSIO platform. At this point, the EOS community and investors started talking about the “futuristic” network in “past tense”.

Things began to look bleak for Block.one and the EOS Network when several EOS token wallets were frozen after allegations of “stolen tokens,” a decision made by a handful of Chinese stakeholders 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 backers of EOS believed that Block.one would increase the value of the EOS token by returning value to the blockchain by investing the funds raised from the ICO. However, that never happened, leading to frustration among longtime EOS supporters.

A new hope

For more than four years, the EOS community has clung to the dying ecosystem in the hope that Block.one, the company that developed the software on which EOS runs, will deliver on the promises it made during the platform’s launch in 2018. Unfortunately, that didn’t happen, and several early investors left the network, ultimately leading to its gradual decline.

Fast forward to 2021, and things hadn’t changed for EOS. This was until the rise of the EOS Network Foundation, better known as ENF, the first community-founded organization to take over from the original founding company of EOS (Block.one in this case). The EOS community and stakeholders channeled their frustration and anger at Block.one for doing nothing to develop EOS even after receiving a massive amount of money during the ICO to do exactly that, leading to the birth of ENF.

Since its launch in late 2021, the conflict between ENF and Block.one had heated up to whole new levels, with the EOS community finally voting to block transactions worth over $250 million (67 million EOS tokens) that Block.one was to receive. for the next five years. ENF CEO Yves La Rose, who was voted in by the ENF community, reiterated that EOS and ENF will no longer depend on Block.one, as the company is more focused on their interests than contributing something worthwhile. to the EOS Network.

Now, with the Blue Papers live, a clearer roadmap for EOS has emerged. In Wallet+ Blue Paper, the ENF team has highlighted several improvements to various network components, including wallets, SDKs, and UX/UI standards. The other document, API+ Blue Paper, is designed to fill critical gaps in EOS’ core public infrastructure APIs to accelerate developer adoption.

Then there is the Core+ Blue Paper which includes a series of recommendations to position the platform’s EOSIO protocol as a leader in blockchain technology. Finally, the Audit+ Blue Book provides the general framework for security analysis and contract audits for all EOSIO-based dApps.

With the Blue Book investigation now published, the ENF team is preparing for its execution. To accomplish this, ENF 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 the “transaction lifecycle review outlined in the ENF API+ blue paper. The funds that ENF received from the EOS Network’s recent transfer of 6.5 million to the eosio.grants address, ENF’s official account, are being used in full to fund the renewal of the EOS Network.

Fortunately, for the EOS community of developers, block producers, investors, and other stakeholders, it is the first time that it feels like progress is being made in the growth and success of EOS.

Reuben Jackson is a blockchain security consultant.


Welcome to the VentureBeat community!

DataDecisionMakers is where experts, including data techies, can share data-related insights and innovation.

If you want to read about cutting-edge ideas and up-to-date information, best practices, and the future of data and data technology, join us at DataDecisionMakers.

You might even consider contributing an article of your own!

Read more about DataDecisionMakers

Leave a Comment