EOSIO co-founder and CTO resigns and EOS price quickly decreases

EOS.IO is one of the most popular blockchainBlockchain is a type of database storing an immutable set of data, verifiable to anyone with access to it —through... protocols, and its native cryptocurrencyA digital currency running on a blockchain and built with cryptography. Contrary to central-bank issued currency, cryptocurrency issuance rules are... More, EOS, is currently the 16^th by market capitalization. Daniel Larimer is the architect behind its initial development: he’s a co-founder of BlockA collection of cryptocurrency transactions. Every few minutes (or seconds, depending on the blockchain) one miner or validator verifies the... More.one (the firm behind the protocol) and he was its Chief Technology Officer (CTO) until this year. EOS price is saying goodbye to him since the announcement of his resignation was made public today.

Larimer served as Block.one CTO since 2017, even before the alpha version of EOS.IO was launched to the public. He’s been leading these years the EOS development, and his departure come as a surprise for many people. Nor he or Block.one explains clearly why he’s leaving now, but they’re apparently on good terms.

According to his post in the blockchain social network Voice, he’ll continue working around the decentralized world.

“I will continue on my mission to create a free market, voluntary solutions for securing life, liberty, property, and justice for all. I do not know exactly what is next, but I am leaning toward building more censorship-resistant technologies. 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”.

Indeed, he also abandoned Twitter recently because of the censorship. For his part, Brendam Blumer, CEO of Block.one, said they were grateful for Larimer’s contributions to the platform and he’s looking forward “to seeing what he will do next”.

As for EOS price, it has lost 18%+ since the announcement, as indicated in CoinMarketCap. This is a story that has seemingly managed to worry the EOS.IO community.

EOS price and performance

EOS didn’t have a particularly good 2020, contrary to other altcoins in the market. Its higher value and market capitalization were around February with around $5.4 per token and $5b in capitalization. Since then, it has only gone down, and it’s even further from its last ATH of $22.8 per token in 2018.

By now, it’s being traded at around $3 per token, and Larimer’s departure hasn’t helped. At the end of the day, it’s showing some slow signs of recovering, though. It doesn’t seem like EOS price will explode very soon as Bitcoin and Ethereum prices have, but at least it can sustain itself.

Besides, last month EOS succeeded to import some important DeFi projects into its blockchain, thanks to the new Eosfinex exchange. In this way, its users will be able to access platforms and tokens like Uniswap, Band Protocol, Compound, Synthetix, DAI, Yearn.Finance, Augur, Aave, and Chainlink inside EOS.

Featured Image by Steve Buissinne / Pixabay

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