• The EOS community has shown great dissatisfaction over the direction that Block.one has taken in the last couple of years.
• The community has elected new leaders with the newly community-elected CEO Yves La Rose, holding a virtue conference in which he called EOS, as it stands, a failure.

There has been a major development in the EOS network that could have detrimental consequences in the days to come. For now, it seems that EOS has broken free with the community taking control of the network. With a show of resilience, the community has shown its dissatisfaction with the direction that former developer Block.one has taken in recent times by taking control. EOS will now forge ahead with a newly launched community organization and newly elected leadership.

Related: EOS selected as the best blockchain worldwide in the latest China rankings

Yves La Rose, the “community-elected CEO” of the new EOS Foundation in a virtual conference stated;

There’s no sugar-coating it, EOS, as it stands, is a failure. The last three years or so have been nothing but dwindling in terms of market cap and in terms of token value. When we look at EOS compared to the rest of other cryptos, especially in satoshi levels, EOS has been a terrible investment. It’s 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, as it stands, is a failure.

In 2018 Block.one sold 900 million EOS tokens for proceeds of over $4 billion in an initial coin offering (ICO), the largest in the world at the time. EOS holders saw great promise in the network and the network was regarded by many as an Ethereum killer. But now, this landmark has been questioned by a recent report.

Read More: Report shows EOS ICO was marred with wash-trading from 21 accounts

Additionally, the SEC came after the company. It only recently settled with the SEC over allegations of selling unregistered securities, a deal that in itself has stalled according to recent court proceedings.

But earlier in the year, there was a positive development as the company pumped $10 billion into a new cryptocurrency exchange subsidiary a development that saw EOS rally.

Read More: EOS jumps by 50% following Block.one’s $10B investment in crypto exchange

In terms of network development, although this has seemingly been stable, La Rose notes that Block.one has lost all key developers and swayed away from the blockchain development. La Rose noted;

Another thing to note, in terms of the roadmap is that we can no longer rely on Block.one to support and guide EOSIO development. They have lost all key developers and have pivoted away from being a blockchain development company towards being an asset management company.