The EOS Foundation could be the Final Catalyst for EOS Main-net Adoption.
Troubles come and troubles go, but one thing remains for sure in life, those who have the ability, to adopt to changing circumstances the fastest, are more often than not the winners. In this video we will be going over a recent article I read by Yves La Rose called “Introducing the Pillars of the EOS Foundation” and I will be giving you my opinion, on why I believe this could be the critical catalyst that takes the EOS main-net blockchain to the next level of adoption. The source link to the article will be in the description below, ok now let’s get started.
To summarize and paraphrase, the article first starts off with, following up on the previous post announcing the formation of the EOS Foundation, the EOS Block Producers have approved the creation of the eosio.grants account, signaling their initial support for the Foundation. Discussions with stakeholders are ongoing, and progress is being made quickly. The Foundation will be made up of two different groups of people. A core team responsible for the Foundation's day-to-day management and administrative operations (hereinafter referred to as "core"), as well as a board of advisors comprised of subject matter experts who can assist with knowledge gaps (hereinafter referred to as "board").
The Foundation's governance will not be the responsibility of the board. Instead, the board's role is to provide guidance and support to the core. Individuals chosen and appointed by me as the trusted executives will make up the Foundation core. Individuals with whom I would like to collaborate because they have demonstrated operational expertise in their respective fields and will perform the critical functions required to run a corporation. With the addition of new core members, the eosio.grants@active permissions will be updated.
The Foundation intends to register and operate as a non-profit, non-soliciting corporation in Canada, and will be subject to the requirements and reporting practices that come with that designation. All financial transactions will take place on-chain and will originate from the eosio.grants account. This amount of funding is comparable to a typical Series-A funding round. The Foundation has also asked the EOS Block Producers to reactivate the eosio.saving bucket, which was first mentioned in the EOS white paper.
This bucket was active at the start of the network, but it was later disabled due to a lack of agreement on the best way to use these assets. These funds will be distributed in a coordinated and supervised manner on behalf of EOS, within EOS, and for EOS over time. To maximize effectiveness, the board will be limited to seven members. After extensive discussions with stakeholders, the board was appointed and selected. These elite individuals have demonstrated exceptional business acumen, unparalleled data access, and a comprehensive understanding of EOS, all of which will be required when providing advice to the core.
This board will be in charge of reviewing the core's grant and sponsorship proposals, as well as providing it with critical feedback and overall direction. Although the Foundation core retains final decision-making and on-chain authority, the board will serve as an overarching oversight function to ensure external stakeholder accountability. The Foundation will be a gateway for funding blockchain technology projects that meet the needs of the EOS ecosystem, based on tried-and-true models.
Core infrastructure, improved developer tooling and UX, security, education and technical knowledge, and ecosystem growth are just a few of the key areas. Through a suite of products and initiatives, the Foundation will equally focus on funding core components and technology that will enable far-reaching community building projects in the blockchain space. The Foundation will work to understand the ecosystem's basic needs and seek out great projects that address those needs by allowing others to build on their progress. EOS has lacked a knowledgeable, well-funded, and well-coordinated voice to champion its best and brightest, and the Foundation will make this a priority right away.
Just my opinion, but I think this is a massive step in the right direction, there are arguably many advantages that EOS main net has over its nearest competitors, but I would say off the top of my head the most significant advantage it has, is its ability to be adoptable, both in the realm of coding, as well as in the realm of human organization. And the EOS foundation will certainly showcase this ability in particularly. Arguably one of the biggest criticisms of EOS main-net in the last three years, was that. EOS is not a legitimate blockchain because it is centralized, yet over the past three years alone how many community fights, disagreements, and change of direction, have we had. Certainly, to many for me to count, yet if we were truly as centralized as our detractors claimed that we were, clear direction and leadership, have always been a part of the benefits of centralization.
In fact, I would say with the clarity of hindsight, it's pretty clear that one of our biggest weaknesses, was the opposite, in some ways, we were to decentralize, to the point that there was no clear direction and leadership of the various EOS main-net communities. Now with the future development of the Eden on EOS community and more recently the EOS foundation, this is now pushing EOS main-net in the right direction of organize leadership, with clear cut, and in focus leaders. This is important, mainly because this we'll limit our detractor’s ability to come amongst us and cultivate chaos and confusion, by pretending to be longstanding community members.
The big takeaway for me in this article was, and I quote “The Foundation intends to register and operate as a non-profit, non-soliciting corporation in Canada, and will be subject to the requirements and reporting practices that come with that designation. All financial transactions will take place on-chain and will originate from the eosio.grants account. This amount of funding is comparable to a typical Series-A funding round.”
Well, there you have it, in typical Yves La Rose fashion, never one to do things in half measures, he's already moved forward with a legitimate business structure for the foundation, which is critical if this is to succeed, but also quite impressive considering the time he has had to work with. To my mind this cements for me, that the EOS foundation has the right man for the job.
With the startup of Block-One’s new crypto exchange Bullish on EOS, followed by Daniel Larimer’s innovative election process of Eden on EOS, and now with this new creation of Yves La Rose’s EOS Foundation. Even if you are the most vehement EOS naysayer, it's becoming impossible to deny that EOS is moving in the right direction, and starting to approach the point of critical mass.
To all EOS holders, greater adoption is coming.