EOS is presently the fourth-largest cryptocurrency, based on market capitalization. When it was first created, it quickly became one of the most anticipated crypto projects that the market had ever seen, raising $4 billion during their ICO. With all of the hype and expectations, investors wondered what the company would do with the new capital.
At this point, the Block.one project has not shown much progress, at least in the eyes of the investors. There has been no consumer applications or protocol upgrades. In fact, nothing of any real value has been revealed, according to the company’s Telegram group.
CEO Brendan Blumer of Block.one urged investors to be patient with the world, addressing these concerns in his own Telegram post. The mantra of his entire post can easily be summed up with “Great things take time,” he writes. He continues, explaining,
“[P]arallel 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.”
There’s been plenty of community-generated hype, to which Blumer added,
“The truth is, the EOS community’s justified excitement has led to unrealistic expectations to simultaneously deliver protocol upgrades, introduce revolutionary new mainstream consumer applications, and take responsibility for optimal decentralized governance. 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.”
Blumer was quite to point out that he could have kept quiet about the plans that he has for EOS, considering the dissatisfaction from the community about his pace. However, he boldly said,
“It would be easy for me to just go quiet until we release our next product, but communicating consistently with hundreds of thousands of people, while juggling the responsibility of corporate executives is an enormous task that can sometimes feel like trying to satisfy an impossible set of constraints. Remember, money doesn’t immediately solve all problems, and healthy growth of culture and Human Resources takes time and patience, but in the end, it will increase the chances that B1 develops in a way that the community is rewarded, and proud of.”
Understanding that the community may not be happy with the lack of progression or even his own words, Blumer concluded,
“I’ve come 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.”
Between this post and a bullish trend that is going through the crypto market at the moment, EOS is presently available at $3.59, though it has dropped a mere 0.57% in the last 24 hours.