In the latest episode of the CryptoPotato podcast, Yves La Rose, CEO of the EOS Network Foundation, shared deep insights into EOS’s development, technical advances, and challenges.
Here are some highlights of the conversation that you can find in the following video:
- La Rose explains the massive EOS ICO, which raised more than $4 billion. What happened to that money?
- What prompted him to lead the EOS Foundation and move away from Block.one?
- Does EOS have a chance to compete with blockchain like Ethereum?
- What is the next trend that will lead to the big boom in cryptocurrencies?
EOS $4 billion fundraising
La Rose’s foray into the world of cryptocurrencies began around 2010. He was initially a behavioral economist for the Canadian federal government, but his early passion for technology led him to Bitcoin. However, he stopped short of cryptocurrencies, anticipating the centralization of mining power. His return in 2017 marked his association with EOS.
Looking back on the early days of EOS, La Rose highlighted the unprecedented fundraising efforts, with EOS raising more than $4.1 billion.
He acknowledged the success but also pointed out unfulfilled commitments by Block.one, the entity behind the project. The EOS community had high expectations based on promises of reinvestment in the ecosystem, which were not fulfilled. Addressing this, La Rose explained how society has leveraged blockchain technology to take back power from corporate entities. This led to the EOS Network Foundation funding in 2021.
“Already the most performing blockchain”
Delving deeper into the technical side, La Rose touched on the EVM (Ethereum Virtual Machine) compatibility of the EOS network, bridging the gap between different chains.
“EVM is that layer… where you get the power of EOS in the backend as an engine without necessarily incurring the costs that Ethereum does,” he explained.
Furthermore, he highlighted an upcoming hard fork aimed at “instant finality,” reducing the final time between chains to just a few seconds. Combined with working toward infinite scalability, this will allow many instances to communicate without trust, eliminating third-party bridges. La Rose stated excitedly,
“EOS is already the highest performing blockchain. The dream of 1 million transactions per second is now possible.”
Challenges and the road ahead
While EOS boasts a strong technical foundation, La Rose acknowledged the need to catch up with marketing and branding.
Token price volatility also poses challenges, affecting an organization’s budget. However, reactions to EOS at conferences are mixed. Some look at it because of prior perceptions, while others see huge potential. La Rose remains optimistic about EOS’s ability to move up the rankings.
For those eager to delve deeper into the plans and vision of the EOS Network Foundation, Full podcast episode Offers a wealth of knowledge.
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