EOS turns 5, celebrates the community’s effort to rebuild

Marking the 5th anniversary of the EOS Network, the team behind the protocol emphasized the significance of the community as they reflected on the numerous obstacles they had to overcome to revive the scalability protocol.

Launched in 2018, the EOS was renowned for its network’s speed and for having the biggest initial coin offering (ICO) ever, raising more than $4 billion during the one-year fundraising campaign. However, the project failed to meet the high expectations and encountered issues with the United States Securities and Exchange Commission.

In September of 2021, the protocol was accused of market manipulation, with evidence suggesting that the ICO had been artificially inflated with wash trades. Dismayed by the situation, the community established the EOS Network Foundation (ENF) in an effort to revive the project.

The members of the EOS community voiced their discontent with the project’s creators and decided to strive for control of the network as they felt they could not depend on Block.one anymore.

The EOS Network Foundation has announced its intention to pursue a legal action of $4.1 billion against Block.one.

Yves La Rose, the founder of ENF, noted that the tenacity of the community was instrumental in restoring the platform. He commented:

La Rose stated that they have become champions of free and open-source software and are now promoting innovation. In the year 2023, the protocol has made considerable progress such as the release of its EVM mainnet and the acquisition of a $60 million investment.

The team has reported that the platform still provides service for 100 million transactions daily. They further stated that EOS has demonstrated its dependability as a blockchain network, having had over 1,800 days of continuous operation since its inception.

What has become of EOS? The community is aiming for an improbable revival.

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