EOS Plummets After Block.one CTO Dan Larimer Resigns

Key Takeaways

• Dan Larimer founded Block.one, the technology company behind the EOS network. He also built out the blockchain-based social media platforms Steemit and Voice.
• The former CTO cited personal projects as his reason for leaving the company.
• Based on Twitter activity and recent social media events, it’s believed that Larimer will double down on his interest in censorship-resistant media.

Dan Larimer announced his resignation as chief technology officer (CTO) of the crypto company, Block.one. The company is responsible for building an alleged “Ethereum killer” and earned over $4 billion during an ICO promising the same.

Larimer: “All Good Things Must Come to an End”

In a brief blog post, the Block.one CTO thanked his colleagues and announced that he would be leaving the company to turn to build more censorship-resistant technologies. He said:

“I have come to believe that you cannot provide ‘liberty as a service’ and therefore I will focus my attention on creating tools that people can use to secure their own freedom.”

Larimer has been with the company since 2017. At that time, the company raised a whopping $4 billion for an initial coin offering (ICO) to launch the EOS network. It was heralded as an improved version of Ethereum, with faster throughput and lower fees amidst a clogged ETH ecosystem.

Despite its ambitions, these promises never materialized. EOS has become known for its centralization concerns, cost of use for developers, and collusion between block producers.

Larimer also helped found one of the first-ever crypto exchanges, Bitshares, with Charles Hoskinson in 2013.

After EOS and Bitshares, Larimer’s legacy also includes two blockchain-based social media platforms: Steemit and Voice. Steemit has since been acquired by Justin Sun of Tron, and Voice has yet to gain significant traction.

Still, Larimer has alluded to his continued interest in blockchain-based social media platforms. His Twitter activity has suggested much of the same, criticizing the recent ban of President Trump.

The announcement has shaken EOS bag holders, dropping the token’s price by 13.9% in the last 24 hours. It’s currently trading at $3.12, according to CoinGecko.

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