EOS, the 4th-largest cryptocurrency by market capitalization as well as a blockchain protocol and platform for the development of decentralized applications (dapps), was once one of the most highly anticipated crypto projects in the industry, as the team behind EOS raised over $4 billion in their ICO.
The project generated a lot of hype, and people had big expectations as to what EOS would build with their $4 billion. However, to much dismay, EOS has not yet met the high expectations of many people in the crypto industry.
They have not released any groundbreaking mainstream consumer applications, protocol upgrades, or anything of real substantial value, according to various people on social media and EOS’s Telegram group.
Block.one CEO: “Great Things Take Time”
Blumer’s Telegram statement to the EOS community was a long and detailed post, beginning with the reminder that “Great things take time.” He goes on to explain that when working on a complex project, slow and steady wins the race.
“Great things take time; parallel teams need to be built to deliver new products without sacrificing the progress of existing business units, and that means hiring new people which comes with time limitations that can’t always be shortcut with capital.”
Delving deeper into his community’s concerns, Blumer stated that there has been a lot of generated hype in the community about decentralized applications, upgrades, optimal decentralized governance, and other things.
He then added:
“As we continue to grow, I as CEO, will not foster short-sighted hype designed to solely satisfy unsustainable expectations. Further and most importantly, I am not supportive of rushing unpolished products out the door for purely commercial reasons.”
Enhancing the EOS Community
Moreover, Blumer said that he could have simply kept quiet about developments and advancements underway to avoid community disappointment when things didn’t happen as quickly as people liked. But in the spirit of transparency, Blumer continues to share updates, reminding them that throwing money at a project can’t make it progress any faster.
Concluding his message to the EOS community, Blumer said:
“I’ve come to accept that regardless of my determination and work ethic, I will not satisfy everyone, but whether you support me or not, you have my commitment that I’ll continue to test the boundaries of myself and the B1 team to deliver as much positive change and restoration of freedoms as possible; Dan too.”
Do you agree with Blumer that EOS is polishing developments instead of rushing through them? Or is the team not allocating money and resources properly to spur and increase development? Let us know what you think in the comment section below.