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Cardano CEO Shares “Too Big Too Fast” Insight on EOS CTO Departure

As CTO of Block.one, the software company responsible for developing EOS, Dan Larimer quit his place.

Yesterday on Saturday, January 10, Larimer made the announcement on Hive, saying that he doesn’t know what he wants to do next. He did say that he remains committed to his goal of providing solutions for the free market.

“I am leaning toward building more censorship resistant technologies. I have come to believe that you cannot provide “liberty as a service” and therefore I will focus my attention on creating tools that people can use to secure their own freedom.”

After its year-long ICO had raised a staggering $4 billion, EOS hit the headlines in 2018, making it the largest ICO in crypto-currency history. A record it still holds some three years later.

Block.one billed EOS as a “Ethereum killer,” and also presented developers with dApps, smart contracts, and an entire platform to expand on. But in that it ran Delegated Proof of Stake (dPoS), a protocol Larimer had created, it differed from Ethereum.

Over time, the idea failed to achieve any significant traction, for one reason or another. In April 2018, when it reached $23, the EOS all-time high was achieved. But since then, with no indication of recapturing past glories, the price has been stuck in the descending channel. EOS is reportedly 30 percent down for the day, to $2.71. Just Bitcoin SV, at -32 percent, has recorded a larger decline today out of the top 100.

Regarding his reasons for leaving, Larimer’s comment did not go into detail. IOHK CEO Charles Hoskinson talked candidly about his view on the matter in his latest AMA.

Hoskinson addressed the issue by saying that while there is an aspect of competition in the space of cryptocurrencies, under the banner of “belief in the power of cryptocurrencies,” everyone still unites. Hoskinson said the trouble with EOS, cutting to the chase, is that the big money ICO had created a situation in which they got too big too soon. “EOS, I think Dan was around for four [years]. he certainly put a lot of work into it. It’s a big community, big ecosystem. The problem is they raised too much money, and that’s what ended up defining the project.

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