On Jan. 10, leading pro-EOS YouTuber Colin Talks Crypto announced he had sold all his holdings following the revelation earlier that day that Dan Larimer had resigned his position as CTO of Block.one, the company that made the software powering the EOS blockchain.
In fact, Larimer has been gone since the end of the year.
EOS, as of this writing, is the 16th-largest blockchain by market capitalization, according to CoinGecko, right after the privacy coin Monero and right above decentralized finance (DeFi) protocol Aave. Its market capitalization took a major hit following the Larimer news, losing about a billion dollars in a day.
Hopes for EOS have in many ways hinged on the actions of Block.one, the company that successfully completed a yearlong initial coin offering (ICO) that raised a record-setting $4 billion. These days, however, Block.one is more explicitly about driving value to its stash of 140,000 BTC (and counting) than its considerable EOS position.
To be fair, Block.one never really promised to do more than provide the underlying software for EOS, and it has continued to do so.
In fact, as EOS has become clogged in recent years, Block.one has released a new way for users to pay for transactions as they go (rather than the original approach of staking EOS for a percentage of network resources), which sounds a lot like Ethereum’s approach with gas.
Winding back the clock, Block.one launched EOS in a unique way, probably the most hands-off approach of any significant blockchain since Bitcoin. It wrote the code for the software that runs EOS and then it just published it, so that anyone who wanted to kick it off could do so.
As it had given supporters considerable warning around doing this, though, by the time the code was released there was already a global coalition in place running hours-long calls over Google Hangouts to plot the launch of the chain so that one and only one would be viewed as the EOS blockchain.
After fits and starts, the global launch…