Skip to content
June 6, 2023
  • Sign up / Login
  • Subscribe
AllCrypto

AllCrypto

News for Crypto World – AllCrypto.biz portal, your one-stop destination for the latest news, analysis, and insights from the world of cryptocurrency.

  • Home
  • MarketsThis Month
  • CryptoLast 7 Days
  • NFT

Popular News

1

Bitcoin on-chain and options data hint at a decisive move in BTC price

  • Markets
2

Bitcoin wicks down to $26.5K, but trader eyes chance for ‘bullish surprise’

  • Markets
3

Bitcoin reclaims $28K, and charts suggest ARB, XRP, EOS and AAVE could follow

  • Markets
4

Bitcoin erodes 4% gains as BTC price downside targets stretch to $23K

  • Markets
5

Last BTC price dip before a $30K breakout? Bitcoin wipes weekend gains

  • Markets
6

Mining difficulty passes 50 trillion — 5 things to know in Bitcoin this week

  • Markets
7

Bitcoin played second fiddle as KAVA, XRP, TRX, RPL and RNDR led the crypto market in May

  • Markets
8

Bitcoin price rejects at $28K as analysts eye CME futures gap dip

  • Markets
9

Synthetix (SNX) trading volume overtakes GMX, but is the DEX token rally sustainable?

  • Markets
10

Bitcoin nears $27K despite ‘hot’ PCE data sparking June rate hike bets

  • Markets
11

Bitcoin ‘buys the rumor’ on US debt ceiling as BTC price nears $27.5K

  • Markets
12

2 more rate hikes? Bitcoin analyst counts down to ‘huge’ volatility

  • Markets
13

Bitcoin dips 5% to key support in ‘moment of truth’ for crypto market

  • Markets
14

Ethereum is ‘woefully undervalued’ but growing more powerful: DeFi Dad, Hall of Flame

  • Markets
15

Longing for liquidity — 5 things to know in Bitcoin this week

  • Markets
16

These 4 altcoins could be ready for an up-move if Bitcoin rallies above $27,500

  • Markets
17

$160K at next halving? Model counts down to new Bitcoin all-time high

  • Markets
18

Bitcoin price capitulation below $26K possible as Friday’s BTC options expiry looms

  • Markets
19

Bitcoin flips volatile at $27K as Fed’s Powell teases end to rate hikes

  • Markets
20

Ordinals turned Bitcoin into a worse version of Ethereum: Can we fix it?

  • Markets
21

How much is Bitcoin worth today?

  • Markets
22

Sink or swim at $27K? 5 things to know in Bitcoin this week

  • Markets
23

Bitcoin price retests key support as Fed rate hike fears steal $27K

  • Markets
24

‘One of the greatest’ Bitcoin metrics says BTC price bull run is here

  • Markets
25

Bitcoin offers ‘good signs’ as analysts retain $40K BTC price target

  • Markets
26

3 reasons why Ethereum price could struggle at the $1.9K level

  • Markets
27

BTC price bounces at $25.8K lows amid warning over low whale interest

  • Markets
28

Bitcoin price hits $27.2K, but new analysis warns more losses ‘likely’

  • Markets
29

‘Don’t short when it’s dark green’ — How to trade the 2024 Bitcoin halving

  • Markets
30

The Ethereum Foundation just sold $30M in Ether — But will ETH price fall this time?

  • Markets
31

Coinbase screws up, Florida bans CBDCs, and Ordinals face controversy: Hodler’s Digest, May 7-13

  • Markets
32

BTC price risks $27K loss as Bitcoin trend lines brew ‘bullish cross’

  • Markets
33

Bitcoin bears need BTC price to go below $27K ahead of Friday's $900M options expiry

  • Markets
34

Ethereum derivatives flirting with bearishness: Mind the $1,820 support

  • Markets
35

Alameda’s $38B IRS bill, Do Kwon kicked in the assets, Milady frenzy: Asia Express

  • Markets
36

Joe Lubin: The truth about ETH founders split and ‘Crypto Google’

  • Markets
37

Does Bitcoin price risk losing $28K with BTC futures premium at 2-month lows?

  • Markets
38

3 signs PEPE token is about to trap bulls after 2,000% price rally

  • Markets
39

Bitcoin miners have earned $50B from BTC block rewards, fees since 2010

  • Markets
40

Bitcoin eyes liquidity above $30K as gold hits new all-time high

  • Markets
41

Bitcoin trader eyes $63K BTC price for new Bollinger Bands ‘breakout’

  • Markets
42

Ethereum price outlook weakens, but ETH derivatives suggest $1.6K is unlikely

  • Markets
43

Bitcoin limps into FOMC as flagging volume adds to BTC price hurdles

  • Markets
44

Bitcoin drops with stocks as analyst warns of banking crisis ‘endgame’

  • Markets
45

BTC price may need a $24.4K dip as Bitcoin speculators stay in profit

  • Markets
46

Bitcoin sell-off next? Binance BTC balance shoots up $1.5B in 1 month

  • Markets
47

Bitcoin miners earned $50B from BTC block rewards, fees since 2010

  • Markets
48

Will $28K Bitcoin price hold? Two indicators remain solid despite 5% pullback

  • Markets
49

China’s wave of ChatGPT rivals, Alibaba goes multichain: Asia Express

  • Markets
50

‘Good luck bears’ — Bitcoin traders closely watch April close with BTC price at $29K

  • Markets
51

Shirtless shitposting and hunting SBF on the meme streets: Gabriel Haines, Hall of Flame

  • Markets
52

Got liquidated with Bitcoin futures? Get 3.5x leverage using this options strategy

  • Markets
53

Bitcoin ignores US jobs data as BTC price dip puts $28K support at risk

  • Markets
54

Whatever happened to EOS? Community shoots for unlikely comeback

  • Markets
55

Dogecoin soared 23,000% in 2021 — Is history starting to repeat for DOGE price?

  • Markets
56

Bitcoin price struggles to hold above $30K amid regulatory uncertainty

  • Markets
57

Ether price struggles to maintain support as regulatory challenges and network issues weigh

  • Markets
58

Bitcoin price can ‘easily’ hit $20K in next 4 months — Philip Swift

  • Markets
59

Bitcoin price holding $27K could open buying opportunities in BNB, ADA, XMR and TON

  • Markets
60

Ethereum price lower highs vs. Bitcoin hint at more downside in April

  • Markets
61

Dogecoin price limps below a key support after Dogeday turns into a sell-the-news event

  • Markets
62

BTC price dives 3% in minutes as ‘deep correction’ grips crypto market

  • Markets
63

Bitcoin at key point with BTC price at $28.8K — Bollinger Bands creator

  • Markets
64

From SNL and The Tonight Show to Sotheby’s:  NFT Creator Bryan Brinkman

  • Markets
65

Bitcoin on-chain data highlights the steps BTC is taking to exit the bear market

  • Markets
66

Ethereum on-chain data forecasts the withdrawal of 1.4M ETH over the next few days

  • Markets
67

Bitcoin price spikes above $31K as Ethereum gains spark ‘altseason’ calls

  • Markets
68

Can Ethereum crack $2K? ETH price inches closer despite new unlocked supply

  • Markets
69

What Bitcoin bear market? BTC price closely copying old halving cycles

  • Markets
70

Ronin (RON) bags a 500% gain as the gaming-focused project approaches a major upgrade

  • Markets
71

3 signs Arbitrum price is poised for a new record high in Q2

  • Markets
72

Bitcoin derivatives data shows bulls positioning for further BTC price upside

  • Markets
73

Bitcoin glory on Chinese TikTok, 30M mainland users, Justin Sun saga: Asia Express

  • Markets
74

BTC price targets see $33K next as Bitcoin eyes key resistance flip

  • Markets
75

Ethereum price metrics hint that ETH might not sell-off after the Shapella hard fork

  • Markets
76

Bitcoin price sets up for an explosive move as ADA, XLM, AAVE and CFX turn bullish

  • Markets
77

‘Pop or drop?’ Bitcoin analysts decide if BTC price will beat $30K

  • Markets
78

Bitcoin whales push ‘choreographed’ BTC price as Ether nears $2K

  • Markets
79

NFT Creator, The Sarah Show: Analog childhood meets dizzying digital future

  • Markets
80

Bitcoin rests at $28K as US jobs data boosts new Fed rate hike bets

  • Markets
81

BTC white paper hidden on macOS, Binance loses AUS license and DOGE news: Hodler’s Digest, April 2-8

  • Markets
82

XRP price eyes 30% upside after key resistance area breaks

  • Markets
83

3 key Ethereum price metrics cast doubt on the strength of ETH’s recent rally

  • Markets
84

Bitcoin traders expect ‘big move’ next as BTC price flatlines at $28K

  • Markets
85

Bitcoin ‘faces headwinds’ as US money supply drops most since 1950s

  • Markets
86

Ethereum price turns bullish ahead of next week’s Shanghai and Capella upgrades

  • Markets
87

Arbitrum FUD spooks the market, but on-chain data shows whales accumulating ARB

  • Markets
88

Zhu Su’s exchange did $13.64 in volume akshually, Huobi in crisis: Asia Express

  • Markets
89

Crypto security audits and bug bounties are broken: Here’s how to fix them

  • Markets
90

Trader Joe joins top 5 DEX list as Liquidity Book model thrives on Arbitrum

  • Markets
91

Crypto market momentum stalls as traders await the results of recent regulatory actions

  • Markets
92

Bitcoin price turns $28K to support, opening the door for ETH, MATIC, HBAR and EOS to breakout

  • Markets
93

Binance-CFTC FUD puts BNB price at risk of dropping toward $200

  • Markets
94

XRP price: 'sell the news' moment nears after crypto-leading 20% weekly gain

  • Markets
95

XRP price tags 10-month high — Can a 35% pullback be avoided?

  • Markets
96

Solana overcomes FTX fiasco — SOL price gains 100% in Q1

  • Markets
97

Why did 12K Bitcoin margin longs close at Bitfinex, and why didn’t it impact BTC price?

  • Markets
98

Analysts debate the ETH price outcomes of Ethereum’s upcoming Shapella upgrade

  • Markets
99

Bitcoin price holds its ground in the wake of CFTC case against Binance

  • Markets
100

Bitcoin spikes above $29K as ‘fakeout’ fuels BTC price strength doubts

  • Markets
101

ARB price to $2? Ethereum L2 rival Arbitrum will double in April, fractal suggests

  • Markets
102

Elon Musk slams ‘heavy-handed’ Fed as ex-BitMEX CEO sees $1M BTC price

  • Markets
103

Crypto market rally stalls at the $1.2T level, but bulls are getting positioned

  • Markets
104

Bitcoin price will hit this key level before $30K, survey says

  • Markets
105

Why is Cardano price up today?

  • Markets
106

Bitcoin erases Fed losses as traders eye $40K BTC price target

  • Markets
107

Bitcoin is 1 week away from 'confirming' new bull market — analyst

  • Markets
108

Bitcoin liquidations vanish as trader hopes $30K will hit before dip

  • Markets
109

Ethereum faces 6-month lows versus Bitcoin — Will ETH price rebound?

  • Markets
110

Arbitrum’s ARB token signifies the start of airdrop season — Here are 5 to look out for

  • Markets
111

Bitcoin bulls remain bullish, but macro and crypto-specific hurdles have BTC pinned below $30K

  • Markets
112

Ethereum price at $1.4K was a bargain, and a rally toward $2K looks like the next step

  • Markets
113

Bitcoin rejects at $25K as US PPI data meets Credit Suisse meltdown

  • Markets
114

Speculators flock to Arbitrum IOU tokens ahead of this week’s ARB airdrop

  • Markets
115

Investors shelter in short-term Treasurys, reducing Bitcoin’s chance of rallying to $30K

  • Markets
116

Will the Fed stop rate hikes? 5 things to know in Bitcoin this week

  • Markets
117

Bitcoin levels to watch as BTC price eyes highest weekly close in 9 months

  • Markets
118

Bitcoin price hits $27K in new 9-month high as Fed injects $300B

  • Markets
119

Bitcoin market cap grows 60% in 2023 as top Wall Street banks lose $100B

  • Markets
120

Ethereum price reaches lowest level relative to Bitcoin in 5 months

  • Markets
121

Bitcoin dominance nears 50% as research hails ‘bullish’ narrative flip

  • Markets
122

4 signs the Bitcoin price rally could top out at $26K for now

  • Markets
123

Lark Davis on fighting social media storms, and why he’s an ETH bull: Hall of Flame

  • Markets
124

Why is Ethereum (ETH) price down today?

  • Markets
125

US bank bloodbath: Bitcoin hits $23.7K as BTC price analyst calls SVB dip ‘bear trap’

  • Markets
126

Dogecoin hits 4-month lows vs. Bitcoin — 50% DOGE price rebound now in play

  • Markets
127

Bitcoin price spikes to ‘$26K’ in USDC terms — How high can the BTC short squeeze go?

  • Markets
128

Fed starts ‘stealth QE’ — 5 things to know in Bitcoin this week

  • Markets
129

Why is XRP price up today?

  • Markets
130

Why is Ethereum (ETH) price up today?

  • Markets
131

Bitcoin battles $20K as trader calls bank chaos ‘2008 all over again’

  • Markets
132

Cathie Wood’s ARK ignores Silvergate, buys Coinbase stock for 6th straight month

  • Markets
133

Ethereum price action and derivatives data confirm bears are currently in control

  • Markets
134

$920B is the number to watch now that crypto’s trillion-dollar total market cap is gone

  • Markets
135

Warning sign for ETH price? Ethereum volume profile is down 90% since March 2020

  • Markets
136

Bitcoin keeps liquidating longs as BTC price action gives up $22K support

  • Markets
137

Bitcoin price levels to watch as trader says ‘lights out’ below $21.6K

  • Markets
138

Bitcoin price would retest $25K without Silvergate saga — analysis

  • Markets
139

Bitcoin price faces ‘last stand’ as weekly close threatens $22K retest

  • Markets
140

Ethereum eyes 25% correction in March, but ETH price bulls have a silver lining

  • Markets
141

Bitcoin price stumbles amid investors’ aversion to risk assets, but there is a silver lining

  • Markets
142

Ethereum price resistance at $1,750 could reflect traders’ anxiety over the Shanghai upgrade

  • Markets
143

Fears over Silvergate, $8B hole at FTX, senators seek Binance’s numbers: Hodler’s Digest, Feb. 26 – March 4

  • Markets
144

$3M OKX airdrop, 1-hour due diligence on 3AC, Binance AI — Asia Express

  • Markets
145

Bitcoin’s least volatile month ever? BTC price ends February up 0.03%

  • Markets
146

Bitcoin on-chain data highlights key similarities between the 2019 and 2023 BTC price rally

  • Markets
147

Bitcoin ‘millionaires’ increased 140% as BTC price crossed $20K — data

  • Markets
148

Here’s why STX, CFX, SSV, AGIX and GRT are the top performing assets in February

  • Markets
149

Bitcoin may only need 4 weeks to hit $30K as key monthly close looms

  • Markets
150

SBF’s new charges, Shapella’s fork date and emojis as financial advice: Hodler’s Digest, Feb. 19-25

  • Markets
151

THETA, LIDO, KLAY and EGLD flash bullish signs as Bitcoin recaptures $23K

  • Markets
152

Bitcoin price eyes $24K retest as US dollar dives into monthly close

  • Markets
153

BTC whale population shrinks to early 2020 levels — 5 things to know in Bitcoin this week

  • Markets
154

How Fantom and Optimism’s DeFi and DApp development directly affects FTM and OP price action

  • Markets
155

Bitcoin price tumbles to 10-day lows as ‘Notorious B.I.D.’ keeps support at $22.5K

  • Markets
156

Bitcoin price stays under $24K as PCE data helps US dollar to near 7-week highs

  • Markets
157

Bitcoin regains $25K amid hope record China easing will boost BTC price

  • Markets
158

Why is Bitcoin price down today?

  • Markets
159

Ethereum derivatives data suggests $1,700 might not remain a resistance level for long

  • Markets
160

Bitcoin sees fresh $25K rejection as pre-Wall Street volatility returns

  • Markets
161

'Stupid money' Ether investor loses over $2M in six months — 3 lessons to learn

  • Markets
162

Bitcoin price continues to fall, but derivatives data hints at a short-term rally to $25K

  • Markets
163

Bitcoin bears attempt to pin BTC price under $23K ahead of this month’s options expiry

  • Markets
164

A ‘snap back’ to $20K? 5 things to know in Bitcoin this week

  • Markets
165

Bitcoin must leverage $1T central bank liquidity to beat sellers — Research

  • Markets
166

Bitcoin can hit $40K before BTC price sees ‘harsh correction’ — Analyst

  • Markets
167

Bitcoin Lightning Network growth is organic, coming from real-world adoption

  • Markets
168

Bitcoin bulls aim to hold this week’s BTC gains leading into Friday’s $675M options expiry

  • Markets
169

Bitcoin metric prints ‘mother of all BTC bullish signals’ for 4th time ever

  • Markets
170

China’s only public blockchain, Conflux, sees CFX price skyrocket 1,300% in 2023

  • Markets
171

Polygon ecosystem development and upcoming zkEVM launch add to MATIC’s bullish momentum

  • Markets
172

BTC price cools on latest US data as Bitcoin liquidates $80M in shorts

  • Markets
173

Bitcoin levels to watch as BTC price rejects at key $25K trendline

  • Markets
174

First weekly death cross ever — 5 things to know in Bitcoin this week

  • Markets
175

Bitcoin eyeing ‘next big move’ which could see $19K retest — analyst

  • Markets
176

ApeCoin leads in NFT and metaverse market share, but are APE’s hefty staking rewards sustainable?

  • Markets
177

Bitcoin flirts with bid liquidity as BTC price nears new 3-week lows

  • Markets
178

Ethereum price prints ‘death cross’ after losing 13% versus Bitcoin from 2023 peak

  • Markets
179

Bitcoin price derivatives look a bit overheated, but data suggests bears are outnumbered

  • Markets
180

Bitcoin price rally to $25K followed by total crypto market cap retest of the $1.13T resistance

  • Markets
181

NFT marketplace tokens soar in 2023, and Blurs recent airdrop may extend the trend

  • Markets
182

Bitcoin price targets range from $19K to $25K as CPI day dawns

  • Markets
183

Bitcoin bulls aim to hold this weeks BTC gains leading into Fridays $675M options expiry

  • Markets
184

Tether market cap nears $70B as SEC crypto crackdown hurts stablecoin rivals

  • Markets
185

MATIC, HBAR, LDO and BIT gather strength as Bitcoin price rebounds

  • Markets
186

Bitcoiner Simon Dixon on bankruptcies and Elon Musk: Hall of Flame

  • Markets
187

3 reasons why Binances BNB token risks sliding further by March

  • Markets
188

Ethereum on-chain data suggests ETH sell pressure could be a non-event after the Shanghai upgrade

  • Markets
189

SEC enforcement action creates a silver lining for GMX, Lido (LDO) and Maker (MKR) price

  • Markets
190

Ethereums $1.5K support weakens as ETH traders turn slightly bearish

  • Markets
191

Bitcoin price eyes $22K rebound with BTC market structure not yet broken

  • Markets
192

Bitcoin price clings to $22K as investors digest the recent SEC actions and CPI report

  • Markets
193

Why is Bitcoin price up today?

  • Markets
194

Krakens staking down, FTX post-bankruptcy hell and Binance news: Hodlers Digest, Feb. 5-11

  • Markets
  • Markets

Whatever happened to EOS? Community shoots for unlikely comeback

1 month ago30 mins

Whatever happened to EOS? After the biggest ICO in history, the former top 10 token now languishes around number 53. But the community has since taken back control and is determined to restore the smart contract platform to its former glory.

If you’re a newcomer to the crypto industry, you may not even be familiar with The Biggest ICO in History, which launched EOS.

EOS began in June 2018 with great fanfare, an active community and strong tech. Led by Dan Larimer, of Steemit and Bitshares fame, there was a palpable area of excitement with the introduction of new tech, including the delegated proof-of-stake (DPoS) system and EOS Worker Proposals to fund projects that grew the ecosystem.

Block.one, the company behind EOS, raised an astonishing massive $4.1 billion over 12 months.

And then… nothing much happened. The community waited and waited for the promises to be fulfilled.

Douglas Horn, CEO of Goodblock
Douglas Horn, CEO of Goodblock. (Supplied)

“I was very disappointed when little or none of those ideas came to fruition,” Douglas Horn, CEO of Goodblock, tells Magazine. “To be honest, I would say Block.one did a deceitful ICO, whether that was planned from the beginning or not. That’s my personal assessment.”

The exact reasons EOS didn’t go anywhere are disputed, but development dried up, and the community often felt left out. Some say they volunteered to take on the development of new projects but weren’t supported — or even told to halt work by Block.one, as their efforts encroached on developments of its own. In other cases, micro-grants were given on the proviso that no other funding could be used. Typically, those micro-grants were not enough and those mini-projects also ran out of runway. 

Also read: Journeys in Blockchain — William Quigley of WAX

There are some success stories, with WAX and Alien Worlds the exceptions that prove the rule, but otherwise, it was a moribund ecosystem. In the interim, Block.one came to an agreement with the SEC to pay a fine of $24 million in order to avert any suspicion that the token was a security (an agreement that has subsequently been overturned and which may cause significant new problems for Block.one). 

Timeline of a takeover
Timeline of a takeover. (EOS Network Foundation)

Two white elephants

Despite the many promises, Block.one basically stopped developing the base tech, then termed EOSIO, and diverted its focus to two vanity projects: the $150 million Voice decentralized social media platform that has since transformed into an unimpressive NFT marketplace; and Bullish, an exchange that ostensibly used the ICO money to provide liquidity. Trade volumes are around $200,000 a day for its BTC/USDC pair. 

(Block.one, former chief technology officer Larimer and CEO Brendan Blumer were contacted for comment.)

So in 2021, the community started fighting back with the formation of the EOS Network Foundation. Enter Yves La Rose, CEO of EOS Nation, an original block producer, into the fray. Block producers in EOS provide the tech to validate nodes, with the top 21 receiving a fee for maintaining the network.

La Rose is not without his critics, with some of those in the original Block.one brigade calling him a bully. On the other side, the newly energized EOS community sees him as a bit of a hero. And since history is written by the victors, it looks as though La Rose is going to emerge as the latter.

Bullish
Bullish exchange is still in operation. (Twitter)

Who is Yves La Rose?

Yves La Rose, CEO of ENF
Yves La Rose, CEO of ENF. (Supplied)

La Rose is a self-confessed nerd who started tinkering with his own computers when he was only six years old. Years later, he read the Bitcoin white paper and became a miner. But this didn’t last very long. He could see there was very little scope for lone miners, and he didn’t want to join a mining pool.

By 2016/2017, he could see a resurgence that offered more choices. ICOs were starting to become popular and CryptoKitties famously log-jammed the Ethereum blockchain. La Rose also became aware of Larimer and was seriously impressed with his crypto record and the new tech he was building for EOS. 

“I chose EOS early on,” says La Rose. “And I made the leap into blockchain full time, forming EOS Nation back in January 2018 prior to the launch of the mainnet. And we waited.” 

He was not the only block producer to find out that while ICO promises are easy, execution is hard.

EOS upgrade
EOS upgrades to Antelope in 2022 (Twitter)

‘None of those ideas came to fruition’

Horn, previously the architect of Telos, is now the CEO of Goodblock, which provides foundational Web3 tools. Like La Rose, he was attracted by the potential of the tech offered by EOS – by DPoS, the governance systems and the planned worker proposals. He, too, grew disillusioned and co-founded the Telos Blockchain in direct response to the absence of any perceptible activity by Block.one on the EOSIO code. 

“In my personal opinion, I think the whole Block.one fiasco was an absolute fraud,” Horn says. 

Of course, any lawyers reading this should take this as an exaggerated expression of opinion, rather than a criminal accusation, but it does show the depth of frustration that led him to draft the Telos white paper. 

“Instead of waiting for them to fulfill their promises, I started to build – and I was also very outspoken in my views,” says Horn. He pushed for a roadmap from Block.one and when it was not forthcoming, he built his own for Telos.

Horn is renowned for his outspoken views but they are echoed across the community. However, some players prefer not to be named for fear of attracting blowback.

Read also


Features

Crypto Indexers Scramble to Win Over Hesitant Investors


Features

Is the Metaverse really turning out like ‘Snow Crash’?

La Rose sees the problem coming from the fact that the ICO was just too damn big and Block.one promised too much.

“There were a lot of expectations in the EOS community and I don’t think Block.one had the skills to actually fill those shoes. Then we suffered one failed promise after the other. By the second anniversary, it was obvious they were not going to deliver anything on the code or for the community,” says La Rose.

“It was then that the ecosystem started hemorrhaging developers and community members. We tried to fill the gaps but without funding it was impossible. Other chains were popping up all the time and they secured funding and, more importantly, they set up foundations.”

Rhett Oudkerk Pool, CEO Zaisan
Rhett Oudkerk Pool, CEO Zaisan. (Supplied)

Rhett Oudkerk Pool, another original block producer with EOS Amsterdam and subsequently Europechain and Zaisan, also sees the massive success of the ICO as part of its downfall. 

“They claimed they were tied up in legal wrangles with the SEC, and that sort of made sense. They said they were tied up in investigations and, as a result could not do anything. But then, if someone in the community wanted to create a worker proposal system, Block.one said they were already working on it. They’d say don’t worry, we’ll do it. So the community would stop but Block.one never did anything and so they doubly killed initiative,” says Oudkerk Pool.

La Rose resigned from EOS Nation to form the EOS Network Foundation (ENF) in August 2021. From the get-go, La Rose knew that all layer ones need a funded Foundation which would work to nurture the ecosystem, foster new development and oversee continued governance. Without Block.one at the helm, the ecosystem needed direction and leadership.

EOS community steps up

Daniel Keyes, CEO EOS nation
Daniel Keyes, CEO of EOS Nation. (Supplied)

Daniel Keyes took over as CEO of EOS Nation after La Rose left, and he’s also CEO of the community crowdfunding platform Pomelo, which was built after the velvet EOS revolution and helps fund projects on the network.

“We had the community but no funding. We had a lot of broken hearts, and the community just left because they had to survive,” he says, looking back.

“Yves left EOS Nation to try and save the network. It was a lofty goal at that stage and there were several failed attempts,” says Keyes.

Aaron Cox, CEO of Greymass, another EOS block producer, says, “There was development happening in isolation but one of the biggest problems was this behemoth in the corner that just stamped over everyone’s efforts. We needed to stick together.”

Decentralization takes on centralization

La Rose’s road to resignation took some time. He was originally drawn to the EOS white paper and, in particular, the worker proposal system it outlined but which never launched. La Rose says he tried a number of times to launch it and would get the backing of the community before Block.one essentially killed the proposals off.

“There were veiled threats from Block.one,” says La Rose. 

The second EOS conference was held in Rio in September 2020 and was a very grassroots affair. Again, La Rose and the other block producers worked hard to create a worker proposal system (WPS) and gained the backing of some 40-plus signatories. This was also canceled by Block.one.

“At this stage, we knew we could not work with Block.one again,” says La Rose. “Everything that had been promised could just be words, but GitHub did not lie.”

Marshaling the community against Block.one was difficult because of the intrinsic nature of decentralization. Momentum would be gathered but then lost as people drifted away after unsuccessful attempts to wrestle back control.

In June 2021, La Rose stepped down from EOS Nation. He’d given the past 40-odd months to EOS and he didn’t want to bow out. He also knew EOS needed a foundation, and he could not be both a block producer and a stakeholder in a foundation.

He began planning and talking to the other block producers about what they wanted and what the newly formed ENF would look like.

“At the end of the day this part was easy. Everyone knew something had to happen. Making it happen was a lot harder.”

Oudkerk Pool remembers with happiness how La Rose persuaded 15 out of the 21 block producers to join together to stop the staking contract – basically diverting revenue from Block.one back to the community. This was a watershed moment as it stopped Block.one from receiving funding from the community – and it was only possible to change the contract with the agreement of 15 block producers.

Read also


Features

Crypto in the Philippines: Necessity is the mother of adoption


Features

The crypto effect: Trading altcoins at the edge of addiction

First you get the money, then you get the power

“The initial idea was that we could use this money to work on the software. And La Rose used that money to reward struggling block producers who had been working away with no funds. He asked for blue papers to outline what would happen next and we were given the role of writing the Core+ Blue Paper, an overview document to replace the white paper – but there were seven documents altogether that covered the wallets, the yield etc,” says Oudkerk Pool. 

“Our own role was to do a commercial outreach and we took an EOS roadshow all over Europe and Dubai,” says Oudkerk Pool.

Other coalitions were forming, in particular over the software. Horn was instrumental here. 

“I knew we needed a roadmap and a plan. I stepped up to the plate and soon we had four block producers looking at the code – the Antelope Coalition was formed to replace the now stagnant EOSIO platform. We were now in the driving seat,” says Horn. “We had our Jerry Maguire moment where we (Telos) said we were in – and Yves said yes.”

EOS, block producer UX, WAX and Telos joined forces to run the Antelope Coalition, a new group to build and maintain the EOS source code on GitHub. The team renamed EOSIO to Antelope at this stage, forking the code permanently. A number of key technologies were identified and work began on Inter Blockchain Communication (IBC) and implementation of the Ethereum Virtual Machine (EVM), which went live mid-April.

You heard the news – London baby! Which of the 35 neighborhoods are you going to be focusing on? To motivate you, we sent Miles through an AI portal to sightsee 🧐 pic.twitter.com/dSOCzsU1EH

— Upland (@UplandMe) April 24, 2023

Wax and Upland fly the flag for EOS

Not everything on EOS had stalled and a couple of well-known projects successfully built their own ecosystems.

Lukas Sliwka, CTO of WAX
Lukas Sliwka, CTO of WAX. (Supplied)

Lukas Sliwka, chief technology officer of WAX, spent the second half of 2018 building his blockchain team, hiring the right people and then running different POCs before essentially choosing EOSIO and launching the WAX blockchain in 2019. WAX, or WorldWide Asset eXchange, is a gaming and NFT platform. 

According to Sliwka, WAX is one of the most successful blockchains in the sector and, during the bull run in 2020/2021, averaged between 25 and 28 million transactions per day.

Sliwka says the project deliberately distanced itself from EOS. “WAX is probably one of the best-kept secrets in the blockchain world as a result,” he says. 

“We basically took on the maintenance and protocol development ourselves – that is, until the Antelope Coalition was formed,” he says.

Also read: William Shatner tokenizes his favorite memories on the WAX blockchain

“We already had our own blockchain protocol team, so we could hit the ground running. For example, as good as the Antelope stack is, there were issues on scaling – which is a key learning point from WAX,” he says. 

“We saw our own blockchain grow by 50,000 to 70,000 accounts a day and that takes some serious scaling resources. I put my hand up from the start on scaling – and also inter blockchain connection.”

Upland.me, a metaverse property game following along the lines of the board game Monopoly, was also sitting on the sidelines, building its community. It actually did receive some of the funding from Block.one, in the form of the Finlab EOS VC Fund, which amounted to $18 million and allowed them to build without having to wait.

Co-founder Dirk Leuth says the coalition was exciting but there were teething troubles. 

EOS independence day

La Rose sees one benefit to the delays of actually kick-starting the blockchain – that it allowed the ENF to learn from the mistakes of other layer ones, which came later. It also allowed him to try and work with EOS founder Larimer which ultimately failed.

A spokesperson for ENF said although Larimer continued to be an active member of the community through March 2022, his last contribution was when he shipped EOSIO/Mandel 3.0 at the end of January 2022.

There is some chat that Larimer was pushed out, but the mainstream conversations seem to indicate that the founder was still following the Block.one line, which was inconsistent with the new ENF policies.

As La Rose says: “Fool me once that’s on you, fool me twice and that’s on me. We opted for EOS independence. With the Antelope Coalition, we rebranded the core code stack and we now maintain, grow and develop it. We hard-forked in September 2022 and that was the final nail in the coffin for Block.one.

“That’s what we call EOS independence.”

A key component in the new EOS ecosystem is that there are formal, well-oiled mechanisms on how to access funding – either through Pomelo or the direct grant framework from ENF, which can reach up to $200,000. The EVM was launched in mid-April with a focus on gaming. A sizable tranche of funding – a $20 million fund – is allocated to this sector out of a total of $65 million.

ENV (V stands for Ventures) is the new $100 million-plus funding vehicle also set up by La Rose. It is a for-equity venture which is owned and operated by the ENF DAO.

No one denies there were many mistakes along the way. For Horn, it was the delays, which means they’re only getting up to full speed now. 

Keyes is in agreement. “We are in catchup mode now. But we’re in a good position now to attract Web3 builders out there.”

The future of EOS

Aaron Cox, CEO of Greymass
Aaron Cox, CEO of Greymass. (Supplied)

Cox is also optimistic. “I think the presence of our independent consensus mechanisms is the best outcome for our family of blockchains. We have this vibrant ecosystem of chains that exist today and there will be new chains dreamt up next year. We have momentum now.”

Sliwka says he’s also excited about the possibilities. “What gets me excited is the fact that we, as a coalition, are going to solve these problems so we can all benefit. That is what Yves has done – he transformed the ecosystem into something that was originally promised.

When asked about what was the most important element in the EOS revival – tech, funding or community, the community gets the biggest vote from the interviewees. Although Cox reasonably points out that the ecosystem really needs all three to be a success.

Yves la Rose has really stepped up in a David versus Goliath battle. At times he has been hampered by the vision of a truly decentralized blockchain, at other times, that has been the strength. But he pays tribute to everyone else involved.

“I may be the guy on camera for the revival but without the hundreds of people working daily on this project, it would not have happened. It’s a humbling experience to be part of this movement,” he says.

Subscribe

The most engaging reads in blockchain. Delivered once a
week.

Subscribe to Magazine by Cointelegraph Newsletter.
Jillian Godsil

Jillian Godsil

Jillian Godsil is an award winning journalist, broadcaster and author. She changed electoral laws in Ireland with a constitutional challenge in Ireland’s Supreme Court in 2014, she’s a former European Parliamentary Candidate, and is an advocate for diversity, women in blockchain and the homeless.

Tagged: comeback community eos for happened, markets shoots unlikely whatever

Post navigation

Previous: Bitcoin price jumps in the wake of First Republic Bank price crash
Next: Circle CEO warns of active and accelerating de-dollarization

Related News

Bitcoin on-chain and options data hint at a decisive move in BTC price

ad_crybiz8 mins ago 0

Bitcoin wicks down to $26.5K, but trader eyes chance for ‘bullish surprise’

ad_crybiz8 hours ago 0

Bitcoin reclaims $28K, and charts suggest ARB, XRP, EOS and AAVE could follow

ad_crybiz1 day ago 0

Categories

  • Bitcoin
  • Crypto
  • Markets
  • NFT

Recent Posts

  • Bitcoin on-chain and options data hint at a decisive move in BTC price
  • Crypto​.com joins ranks of licensed payment institutions in Singapore
  • Bitcoin wicks down to $26.5K, but trader eyes chance for ‘bullish surprise’
  • Cryptocurrency markets’ low volatility: A curse or an opportunity?
  • Multichain team cannot locate CEO, halts service for affected chains

Bitcoin Crypto Markets NFT

About Us

Welcome to our AllCrypto.biz portal, your one-stop destination for the latest news, analysis, and insights from the world of cryptocurrency. As the crypto industry continues to evolve at a breakneck pace, it can be challenging to keep up with the latest trends and developments.

Most Read

Markets
Bitcoin on-chain and options data hint at a decisive move in BTC price
Bitcoin’s volatility has dropped to historically low levels thanks to macroeconomic uncertainty and low market liquidity. However, on-chain and options market data allude to incoming volatility in June. The Bitcoin Volatility Index, which measures the daily fluctuations in Bitcoin’s (BTC) price, shows that the 30-day volatility in Bitcoin’s price was 1.52%, which is less than half of...
AllCrypto.biz. All Rights Reserved 2023. Powered By AllCrypto.
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
  • About
  • Cookies Policy