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After being on the sidelines for more than four years, EOS Network, the third-generation “super-fast” blockchain network, is back. The network was literally resurrected by its own community – yet another testament that decentralization is indeed “people power”.
The notorious yet infamous blockchain that raised an incredible $4.1 billion in the biggest ICO (initial coin offering) in 2018 and then slipped into the shadows (along with all the money) comes to publish a series of Blue Papers that detail the renewed development of EOS.
The Blue Papers are the culmination of a battle waged over the past few years to restore community control over the EOS blockchain and remove it from the hands of Block.one – the company that developed EOS and still holds the funds raised. in the ICO.
The foundation created by the community for the sole purpose of reviving EOS, named ENF (EOS Network Foundation), has kept its promises. The community-founded organization, led by community-elected CEO Yves La Rose, has expanded EOS’ strategic partnerships with new investors, developers, businesses and users.
It’s an exciting and inspiring story about the victory of belief over greed. From the development and launch of EOS to its gradual demise and promising last attempt to re-enter mainstream blockchain consciousness, the platform’s story is nothing short of a Hollywood masterpiece. .
Broken promises, stagnation, denial, retreat: the EOS saga
EOS first emerged as the direct competitor of Ethereum and was supported by serious investors, but several instances of human greed led to its gradual decline. According to the official white paper 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 the same period, Block.one CEO Brendan Blumer announced that the company had raised a record $4.1 billion through its initial coin offering (ICO), noting that the majority of these funds would be allocated to the development of the EOSIO blockchain. However, this infamous ICO has come under constant scrutiny from regulators and authorities regarding irregularities such as wash trading, voting trading and allegations that the majority of the network’s holdings belong to China.
And that’s when the problems started to arise.
After the launch of the EOS mainnet in 2018, things did not go well for Block.one developers or the EOS community. At this point, some of the larger contributors started pulling out of the project, which led to more problems for the fledgling ecosystem.
Ultimately, in the “promised” decentralized ecosystem of EOS, where network-specific decisions had to be made based on the votes of coin holders, the concept of trading 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, left the company. With Larimer gone, Block.one began losing talent and the business gradually came to a halt. It also became increasingly clear 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 the “past”.
Things started to look grim for Block.one and the EOS network when several EOS token wallets were frozen after accusations of “stolen tokens” – a decision made by a handful of stakeholders from China without the consent of other participants. to the network. Then, in 2020, a crypto investment vehicle named Crypto Assets Opportunity Fund (COAF) filed a class action lawsuit against Block.one for failing to deliver on its decentralization promise.
Early EOS backers believed that Block.one would increase the value of the EOS token by injecting value back into the blockchain by investing the funds raised from the ICO. However, that never happened, causing frustration among longtime EOS supporters.
A new hope
For more than four years, the EOS community has clung to the dying ecosystem in hopes that Block.one, the company that developed the software that EOS runs on, would deliver on the promises it made at launch. of the platform in 2018. Unfortunately, that didn’t happen and several early investors dropped out of the network, which ultimately led to its gradual decline.
Fast forward to 2021, and things hadn’t changed for EOS. That was until the emergence of the EOS Network Foundation, better known as ENF, the first community-founded organization to take over the founding company of EOS (Block.one in this case). The EOS community and stakeholders channeled their frustration and anger towards Block.one for doing nothing to develop EOS even after receiving a huge sum of money during the ICO to do just that, leading to the birth of ENF.
Since its launch in late 2021, the conflict between ENF and Block.one had heated up to all new levels, with the EOS community ultimately voting to block transactions worth over $250 million (67 million EOS tokens ) that Block.one was to receive. over the next five years. ENF CEO Yves La Rose, who was elected by the ENF community, reiterated that EOS and ENF will no longer rely on Block.one, as the company is more focused on its interests than any contribution valid on the EOS network.
Now, with the Blue Papers live, a clearer roadmap for EOS has therefore emerged. In the Wallet+ Blue Paper, the ENF team highlighted several improvements in various network components, including wallets, SDKs, and UX/UI standards. The other document, API+ Blue Paper, is designed to address 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 research now published, the ENF team is preparing for its execution. To do 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 “redesign of the transaction lifecycle outlined in ENF’s API+ Blue Book.” The funds that ENF received from the recent €6.5 million transfer from EOS Network to eosio.grants, ENF’s official account, are fully used to fund the redesign of the EOS Network.
Fortunately, for the EOS community of developers, block producers, investors and other stakeholders, this is the first time it feels like progress is being made in the growth and success of ‘EOS.
Reuben Jackson is a blockchain security consultant.
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