Life is filled with ups and downs, very seldomly does things proceed exactly as one might expect it to, which is why perseverance is such an important principle, and those that persevere to the end often times proved to be the big winners in the game of life. This week we will be going over a recent article I read written by Yves La Rose, called “The Current State of EOS and Where We Go Next” and I will give you my opinion on why I believe the rejuvenation of the EOS main-net may be at hand, links to the source article will be below, OK now let's get started.
To summarize and paraphrase, this article first begins with, since the network's introduction in June 2018, we've seen additional Gen3 blockchains arise, each with their own cost, speed, and scale solutions that didn't exist when EOS was first launched. The EOS community took a huge step forward in the right direction with the formation of the EOS Network Foundation (ENF). EOS has lacked the ability to manage resources and the ability to invest in itself with the best interests of EOS token holders at the forefront of every decision until now. EOS now has the leadership and resources it needs to get back on track. It will take a massive amount of organized effort to get EOS where it needs to go. Early on, the ENF invested in EdenOnEOS, whose upcoming election on October 9 will provide EOS community members the chance to pitch their ideas and plans for producing value for EOS to other EdenOnEOS community members. Supporting this program will provide a financial incentive to the community's value makers while also assisting in the identification of those value creators.
I'll be paying close attention to the next election to assess the talent pool within, and I'm confident that some new leaders will emerge alongside others who are already well-known. Nurturing new ideas and initiatives is important for expanding the EOS ecosystem, but there are already many proven projects and businesses within the community whose work deserves to be recognized for their efforts in supporting EOS over the years despite the lack of network-wide support. When the ENF's Board of Advisors convened for the first time, everyone agreed that capital allocation within the EOS ecosystem was critical. In lieu of a formal application procedure, it was agreed that awarding Recognition Grants to these established projects and enterprises would serve as an early signal that the ENF is committed to supporting, empowering, and prioritizing the EOS community. The Board devised a set of objective criteria to help them make quick and efficient decisions on which initiatives should get these inaugural funds.
Regardless of their accomplishments, every initiative or business that is recognized will receive the same amount of funding. In the end, 34 projects were chosen, and each will receive a $100,000 donation as a "thank you" for everything they've done and will continue to do to promote the EOS ecosystem. Receiving a Recognition Grant does not exclude recipients from seeking for additional money through Pomelo once it is operational. The ENF will announce its largest wave of 11 Recognition Grants worth $1,100,000 in two weeks. More Recognition Grants will be awarded every two weeks until all 34 awardees have been announced, which will take eight weeks. We expect Pomelo to go live at some point within that span as the Recognition Grants continue to roll out. Pomelo will be used as the formal application procedure for anyone requesting financing from the EOS community and/or the ENF once it is up and running.
Because they were the only ones making money from the network, the community has historically held the block producers responsible for fixing any gaps. With Pomelo and other ENF funding opportunities in place, a fundamental paradigm change will occur, allowing anyone in the EOS ecosystem to work for the network itself. The block producers should no longer be considered the only ones who may contribute, because anyone will soon be able to propose any type of work and have a same chance of receiving financing as a block producer. Grant financing would be available for public commodities such as education, marketing, and even historical services and snapshot tools that have traditionally been provided by block producers.
Over the next three months, the ENF will devote resources to the development of its basic pillars, which will serve as a foundation for end users, whether they are developers, enterprises, individual users, or network investors. The EOS Network Foundation is only a month old, and with the EOS ecosystem trailing the competition, we must go at least twice as quickly as the competition if we want EOS to succeed. We are demonstrating our belief in the EOS community by our activities and willingness to invest in existing and future value producers. EOS is and will continue to be one of the major decentralized autonomous organizations (DAOs) in the blockchain ecosystem. The ENF has been rapidly scaling its own operations by augmenting its workforce with various strategic partners and contractors, in addition to its funding initiatives aimed toward the EOS community. Chinese PR firms, a Western PR firm, a branding agency, a legal firm, an accounting business, and a KYC compliance firm have already inked contracts with the ENF. These administrative operations on the backend are required early on since they enable and enhance everything that follows.
Each of these partners had to go through their own due diligence to ensure that they were the proper fit, that they understood the vision being put out, the narrative change that is taking place, and how they fit into the bigger picture. We are genuinely excited to see what EOS will be able to achieve when the puzzle parts fall into place. We'll keep working as hard and as quickly as we can to provide EOS the transformation and leadership it deserves. There has never been a more exciting time to be a part of the EOS community than now!
Just my opinion, this article is loaded with a lot of substantial developments in focuses, it's hard to pick just a few, but I would say particularly point one, of three that stands out the most for me, is that the EOS network foundation has an accurate assessment of the problems at hand, as much as it might sting to hear the truth stated for anyone that read the original article, the assessment is accurate and right on, unfortunately much of the early lead that EOS main-net had over its early competitors, has been squandered. We can argue over why exactly that happened and what was the main cause, but truthfully it is neither advisable or constructive to do so, it would be a pointless endeavor to pass blame and finger point. At the end of the day, it's about results, and the most important thing one must necessarily do if they wish to address issues, is to have an accurate assessment, from that assessment new plans can be laid out, and acted upon.
I believe the EOS network foundation has properly done that, which leads me to my next point, point number 2 that stood out the most for me was recognition of important pillars of the community that have been steadfast and loyal throughout all of the turbulent times, as a minor content creator myself I can tell you that it is not easy to continue to donate resources in the form of capital, knowledge, skill set, and most importantly time, it is especially difficult to do so when you don't see any tangible return on investment, EOS main-net has been exceptionally blessed, to have had a significant amount of loyal and steadfast supporters, who have been steadfast throughout the community, I am sure I don't have to name who they are, for community members that have been here for any length of time know their businesses and their names, and it's good to see these companies, projects and individuals receive recognition for their efforts, and a bit of monetary compensation. Congratulations to all the 34 projects that received recognition, I'm sure I do not only speak for myself when I say, the EOS main-net community thanks you for your years of service, your steadfastness and loyalty, kudos and congratulations.
Last but not least, the final point that stood out the most for me was, the legitimate business structure and framework that the EOS network foundation, is creating through partnerships with other legitimate businesses and companies that have the experience we need to leverage ourselves into the next stage of development, to quote “ The ENF has been rapidly scaling its own operations by augmenting its workforce with various strategic partners and contractors, in addition to its funding initiatives aimed toward the EOS community. Chinese PR firms, a Western PR firm, a branding agency, a legal firm, an accounting business, and a KYC compliance firm have already inked contracts with the ENF.” this is significant and I believe this will make significant strides towards addressing much of the negative public perception that exist about EOS main-net, I'm sure I don't have to tell experience market investors this, but when it comes to investment perception is key, you can quite arguably have the best technology, combine with the most skilled developers, and even have a significant head start over your nearest competitors. But it can still come to nothing, if your competition manages to tarnish your reputation, sound familiar? Whether true or not, is irrelevant, and the world of business it is a dog eat dog world with a winner take all mentality, and it's good that the (ENF) recognizes that reality for what it is, knowledge is half the battle, and with the funds properly being allocated in the right direction, combined with grassroot community efforts, like Eden-on-EOS, and the EOS-Bee’s, I believe it is only a matter of time before we get this perception problem under control.
To all EOS holders, the EOS golden age may be coming soon.