EOS Founder's New Crypto Concept Leaves Fans Scratching Their Heads

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By Maud Guon Nov 30, 2018
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EOS Founder Daniel Larimer, aka ByteMaster (BM), dropped a bomb in an EOS Telegram chat group November 28 when he proposed developing a new crypto side project.

Daniel Larimer, CTO of blockchain startup Block.one and serial entrepreneur, having successfully launched crypto projects like BitShares and Steemit, has now turned his hand to something new.

A Jaw-Dropping Token Concept

Larimer’s new project would involve launching a token, which he described as “immutable, non-programmable and limited to a currency role,” raising eyebrows in the EOS Telegram group.

The EOS Founder claims he has come up with “privacy and infinite scalability” solutions, empowering every user to run a full node without the use of a zk-SNARK. The new project can apparently reach 10 million TPS with no fees required and no RAM/disk issues.

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As Larimer put it, the project is likely to be launched in 2019 without an ICO. The token would have no wallet and would not need to be bulletproof.

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The new token could “work as common currency between Mars and Earth,” according to Mr Larimer. He said that his mission is to pursue “free market solutions for liberty.”

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A “What If” Proposition

These propositions, however, were completely hypothetical, proposed in a dialogue full of “what if” preconditions.

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Daniel Larimer also emphasized that the new project was nothing but an idea.

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Yet when asked if the whole thing was a joke, he replied, “Maybe...maybe not.” He also responded to another netizen, claiming, “What if I’m 99.9% certain of viability” and making things look a bit murkier.

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What If the Concept Materializes?

The question that remains is will EOS get dumped if Daniel Larimer makes his concepts a reality?

When asked if EOS will end up like BitShares, Larimer made it clear that he would not leave EOSIO or Block.one. As he put it, “In the process of working on EOSIO security and scalability, I stumbled upon a new set of tradeoffs for a potential crypto token and I have merely been exploring whether there is a market for those tradeoffs. EOSIO is the future of blockchain and each day our team at Block.one is making it faster, more secure, more scalable and more flexible.”

“My job at B1 is to innovate, [while] B1’s job is to make EOSIO great,” he added.

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A Farce or a Feasible New Plan?

EOS has proven itself as a blockbuster in the year. The price of the token even surged to around $22 before the EOS MainNet Launch on June 9—more than seven times the current price of EOS, according to CoinMarketCap.

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Yet after the MainNet launch, EOS has been involved in a series of blunders. The EOS Founder once considered removing and replacing the EOS constitution. He even left the “EOS RAM” Telegram group on July 11.

EOS has been faulted for its centralization issue and its voting system, with 21 block producers. In addition, the token has seen a sharp increase in EOS RAM prices and CPU resources.

This time, Larimer’s move seems to make sense.

Daniel Larimer caused a great fuss in the EOS Telegram group and had to confirm that he is not leaving Block.one. Perhaps his equivocations were a way of protecting himself while he’s still sounding out the response from the crypto market.

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