EOS is a public blockchain that was released in 2018 that can run many popular applications. They aim to become the Windows of the blockchain world and have the capacity of a million TPS (transaction per second).
On the 8th of December, the Community of EOS voted to stop financing its top developer due to a lack of transparency. The progress of the chain has also suffered under him and the community is not happy with it.
When EOS started, there were able to raise $4.2 billion in funding, which makes them the highest ICO in history. After it went online, EOS had explosive growth in the first few months itself. Experts called the EOS public chain Blockchain 3.0 and also dubbed it the “Ethereum Killer”.
However, this excitement was short-lived as the blockchain fell to the 34th rank by 21st December itself. EOS has been on a decline ever since its short growth outburst and people blame the developer. All the work on the chain has been slow and low quality.
They have failed to deliver on the initial promises, including the cross-chain solution and their million TPS. Even with the largest funding of any chain, they lack the incentives and hackathons that even small-funded chains have.
EOS founder and core member Dan Larimer has said that they have a new vision and roadmap for the changes. After firing the developer, they are taking time to get the progress on track and deliver on their original ideas. To win the public back, they have also announced their upgrade schedule.