Coindesk reports that four executives of the blockchain platform firm Block.one have resigned from the company to pursue their own blockchain start-up, StrongBlock, currently in stealth mode.
David Moss, Thomas Cox, Brian Abramson and Corey J. Lederer were the 2nd, 3rd, 4th and 5th employees to be hired by Block.one, and all were all in technical roles, with Moss as senior VP of technology operations, Cox as the VP of product, Abramson as VP of infrastructure, and Lederer as senior director of technology products.
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This is important because Block.one is the parent company that created the EOS blockchain platform and cryptocurrency EOS, and executed the most successful token offer ever in the history of crypto, raising USD4bn via a year-long token issue process that ended in early 2018. EOS majored on its novel governance model and claims that it could scale to handle millions of transactions per second.
Now imagine investing in a USD4bn IPO, and then four of its first five employees leave within months of the IPO completing! Some serious questions would be asked by investors as to what is going on. We wonder, for example, how much EOS token the four employees took with them? Often in token issues, a large proportion of tokens or coins is reserved for the ‘founders and employees’ – which they receive for free, the value imputed by the price paid by investors in the public token offer.
It might also useful to note the bad-mouthing that former senior employees indulge in once they have left – Moss, the most senior of the four departees, was recently quoted, according to Coindesk, as saying that EOS’s claim to be capable of processing “millions of transactions per second” is “a lot of hyperbole” because “there are physical limitations, like the speed of light”.
EOS has always been my favorite project but this is a very negative news in my opinion...
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