Revelations by Early Execs of Block.one after their exit. Things aren’t going as expected for the Peter Thiel backed crypto firm Block.one that has significantly contributed firm for EOS environment.
Notably, the parent company behind the blockchain software architecture and the dApps environment provider EOS has seen the exit of its four early executives.
EOS, a protocol which also has a cryptocurrency of the same name which has a market capitalization of more than $5 Billion today, competes with the technology behind two of the big cryptocurrencies in the crypto-sphere, namely Bitcoin and Ethereum.
The four former employees at Block.one had significant roles in the technical part of the firm. When Moss was the senior vice president of technology operations, Cox was the vice president of product. Abramson was the vice president of infrastructure and Lederer was the senior director of technology products.
The executives were in the firm about a year, Moss and Cox had joined IN August and Abramson and Lederer had joined in September. Software developers Jon Eric-Cook and Michael S. Mason, the contractors had begun their remote work on EOS in the spring.
Abramson, Lederer, Cook, and Mason had left Block.one and EOS when the LinkedIn profile was checked. of these former employees. Moss had already quit by May, barely a month before Block.one published the EOS main network.
EOS launched four test networks in a time period of 9 months totally. In September and December last year the first two test networks launched. The next two in January and May of this year respectively. The main network went live in June and an open-source software platform also released around the same time.
There is one important thing to observe here. Revelations by Early Execs of Block.one after their exit. When EOS’ block producer representatives invited to talk on Huobi Pro’s interactive video sessions which it broadcasts on its Youtube channel, there went on a heated argument among the block producers over the issues, which clearly shows the existence of lack of governance in EOS.
Let us also look at some of the other controversies that ESO had:
- Seven EOS addresses were halted from being able to make transactions by a set of top block producers unanimously. This backed up by EOS911 initiative as their justification. Initially, ECAF arbitrator was reluctant to admit this issue but later went on to publicly state that in fact this decision was endorsed because the halted addresses seemed to be malicious. This was a controversial move.
- Later on, ECAF stated that it wanted to rule out another 27 addresses claiming them to be fraudulent. There was no clear explanation by them this time, however, they said they will publish a full report later on. Later another ECAF order surfaced that turned out to be fake. This has left the top block producers about the legitimacy or the authenticity of the ECAF orders. Further, block producers of EOS New York claimed that they will stop complying with the ECAF. This leaves us with clear information about lack of repository around the EOS. Also the absence of a communication channel in the EOS system. However new CTO of EOS had promised some convincing changes in their system along with the project developer Block.one.
But now since some of the senior executives have exited from Block.one, the questions that arise now are how will these controversies be addressed? Are these the “unaddressed needs” that the early executives hinted at before quitting?
WHAT IS THE STAND OF MULTICOIN CAPITAL?
For a significant amount of time, Multicoin capital has been with both ethereum and EOS. Revelations by Early Execs of Block.one after their exit. The managing partner at Multicoin Capital, Kyle Samani is well aware of the controversies around EOS. Conversely, he has something else to say. He is quite undeterred over his confidence in EOS. Every starting system struggles at least once. Despite its significant association with Etherium and EOS, Multicoin supports EOS more because of the features that EOS possess. This includes interoperability, low transaction fees, scalability and much more.
Further updates about the exit of early executives, their new start-up are all awaited.