Celebrating the 5th anniversary of the EOS network, the team behind the protocol highlighted the importance of the community as it reviewed the many challenges the protocol had to face in order to restore scalability.
Launched in 2018, EOS became known for its network performance and the largest initial coin offering (ICO) in history, raising more than $4 billion in a year-long fundraising process. Still, the project lived up to the hype and expectations, running into trouble with the SEC. In September 2021, the protocol also faced allegations of market manipulation, with research saying the ICO was driven by wash trading. Frustrated by the developments, the community formed the EOS Network Foundation (ENF) in an attempt to rebuild the project. Members of the EOS ecosystem expressed their distress with the project's developers and decided to scramble for control of the network because they felt they could no longer rely on Block.one.
According to ENF founder Yves La Rose, the resilience of the community has played a huge role in getting the platform back on track. He explained: “As we mark the 5th anniversary of the launch of the EOS network, I am inspired by the resilience of the community. We have endured a lot of uncertainty and stood up to corporate greed in order to protect our network.”
La Rose added that they have now become champions of FOSS and are now on the road to championing innovation. In 2023, the protocol has made positive progress, such as launching the EVM mainnet and receiving $60 million in investment. According to the team, the The platform continues to cater to 100 million transactions per day. EOS has proven to be one of the most reliable blockchain networks, with an uptime of more than 1,800 days since launch, the team said.
