Home What do we blame Dan Larimer, the founder of EOS?

What do we blame Dan Larimer, the founder of EOS?

Cryptos

7 min read

In this crazy industry that is blockchain, we are often quickly excited by the arrival of a new player. Very often, the latter is full of ambitions and very often we think that he will make his contribution.

Of course, not all blockchain projects give us so much hope. Only a few, the strongest, and the most daring.

When a project arouses in us so much hope for technology, we tend to turn to the side of the entrepreneur. We know that the personality and the development team have a big impact on the success or failure of the project.

Dan Larimer is one of those entrepreneurs we watch because he has been very active in the cryptosphere. He has created many projects and not the least. However, he is also known for moving from one project to another without trying to develop them any further. It’s this part of him that is heavily criticized by the community…

We decided to write an article about him because Dan Larimer has become a major actor over time. His projects have had significant repercussions, and some have achieved undeniable success.

Here is a small portrait of this notorious blockchain entrepreneur.

A keen interest in blockchain

Dan Larimer was born in 1986 in Colorado and currently resides in Virginia. He graduated in 2003 with a degree in computer engineering. He immediately launched his first company, which failed. He then decided to follow in his father's footsteps and work as a programmer in the robotics industry. He was employed by Torc Robotics and Raytheon, two companies specializing in defense and robotics.

He claimed to have discovered Bitcoin in 2009, just one year after its creation by Satoshi Nakamoto. He said he had been in contact with him (or the group) on Bitcointalk. At that time, Bitcoin was not known and only a few people knew about its existence.

This is where it starts for him.

The Creation of BitShares

He quit his job and created BitShare with Charles Hoskinson (the co-founder of Ethereum and Cardano ) in 2015.

BitShares operated on an innovative algorithm at the time (DPos) which made it possible to manage hundreds of transactions per second. You could create Dapps there and the platform was available as open source. Not satisfied with the project, Dan Larimer developed Graphene, an open source blockchain implementation.

Written in C++, this token can process thousands of transactions in one second, and allows the proper functioning of the system of the virtual exchange platform like BitShare.

With the creation of DPoS and Graphene, Larimer is actually laying the foundation for his future discoveries and creations. After two years at BitShare, he embarked on a new project.

Cryptonomex

After leaving Bitshare, he founded Cryptonomex, in partnership with his father. A visionary, he saw the potential of blockchain. Cryptonomex was then a start-up that “provides software development services to meet the growing demand for high-performance, custom blockchains and related technologies.” Together they created OpenLedger, a blockchain technology capable of processing more than 100 transactions per second.

Eager to go even further, after the creation of this new code, Larimer embarked on new projects. Yes, again, and it's actually his trademark to be a serial entrepreneur.

Steem and the STEEM token

In 2016, a year after founding Cryptonomex, and with the aim of bridging the gap between social networks and blockchain, Larimer launched Steem, a social blockchain that would also use DPoS and Graphene. This is perhaps Dan Larimer's best-known project. Steem allows anyone experienced in the world of cryptocurrencies to create DApps and be rewarded for their efforts. This blockchain boasts significant advantages, such as extremely fast transaction processing times (less than 3 seconds). Furthermore, the blockchain is designed to reward those who contribute to the smooth operation of the network by sharing content, developing applications, or holding the blockchain's native token.

The native token of the blockchain is STEEM which was created with the help of financier Ned Scott. The STEEM can then be used to purchase Steem Power, or be exchanged on exchange platforms.

This is where Dan Larimer decided to push his concept and this is how he launched Steemit. It's a kind of writing platform like Medium or Reddit. Users can post, share and comment on other posts.

This is where it differs from other social networks we know, as it establishes a reward system for users of this network, paying them in Steem Power (SP). As a decentralized application (DApp), the network is powered by Steem.

And the more SP token you hold, the higher your voting influence on steemit.

The platform then experienced real success, until its hacking on July 14, 2016, with the theft of more than 85 STEEM, out of a total of 000 hacked accounts. This gave the project bad press and the price of the STEEM token collapsed.

However, Steemit is still considered a success. This was innovative and the idea of being paid for one's writing was very appreciated by the community. Even today, many people use Steemit to share their ideas and some even earn handsome amounts of money.

Dan Larimer didn't stop there.

Block.one

In 2017, Dan Larimer left his position as Chief Technology Officer of Steem and embarked on one of its best-known and most important projects: block.one . With his new partner, Brenden Blumer, a tech entrepreneur, he launched into the development of a new blockchain.

Dan is the one developing the blockchain technology, and Brenden handles the management side of the project. Block.one is a parent company and holding company for new projects.

New software and open source products on the blockchain are being developed. A new open source blockchain platform, EOS.io, is created, allowing the hosting of decentralized applications. Issuer of EOS cryptocurrencies, and initially intended to replace Ethereum, it is presented as an “Ethereum Killer”.

In 2018, it ranked 17th among the most valuable crypto in terms of market capitalization. It indeed has many advantages, such as the rapid creation of Smart Contracts, and rapid blockchain, and more easily than with Ethereum in particular.

EOS

In 2018, the EOS blockchain raised over $4 billion during its ICO . The project attracted many investors due to its potential, including processing millions of transactions per second (TPS) and eliminating transaction fees on the network.

This ambition generated significant investor interest. EOS represented the largest ICO in history and enabled Block.one to move forward with the development of EOS.IO and the EOS blockchain, while simultaneously accumulating substantial Bitcoin reserves. Since 2018, Block.one has adopted a hands-off approach to EOS, providing the necessary software to launch the project but leaving its development in the hands of its community. In fact, many projects are built on EOS, such as the metaverse game Upland, for example.

—> You can read our article to find out how to buy an apartment in the Upland metaverse.

Guess what? Dan Larimer leaves Block.one after 3 years…

Final word on Dan Larimer, an instability that will pay?

After three years with Block.one, Dan Larimer is indeed leaving the project. His involvement with Block.one lasted longer than with previous projects. He was quickly criticized for his "instability" and his inability to successfully complete projects over the long term.

If we look at his journey, we can say that indeed, Dan moves from one project to another. But his role in each of these projects is unequivocal, since he is the one developing new blockchains. No one can deny dan's enormous contribution to blockchain and crypto. Among all these contributions, we owe him in particular DPoS, graphene and the DAO concept. Today he remains one of the biggest cryptographers on the market.

In March 2021, he created Clarion OS, a kind of “peer to peer” messaging, decentralized and based on the blockchain. Hoping to make Clarion OS a major competitor to standard platforms, such as Twitter, Youtube and Facebook, Clarion OS is in a way the continuation of Steemit…

So much for Dan Larimer's painting. We can also say that he is only 35 years old and that perhaps he will stay on a project for a long time from now on. Blockchain projects take time to come to fruition and perhaps more difficult than in other sectors.

What we know is that the longer we stay refining a project, the more we can improve it. It's a bit like Ethereum, it's hard and long-term work that has allowed it to develop and continue to constantly improve.

Maybe Dan Larimer doesn't have the same way of thinking about things?

Read other articles about other crypto personalities :

Discover the portrait of Vitalik Buterin
Learn moreopinion on current DeFi from the founder of Ethereum
Understanding the journey of Changpeng Zhao, the founder of Binance

Note: No financial advice is given in this or any other article on zonebitcoin. This is information of which you are the sole judge and master. Be responsible with your investments and only invest as much as you are willing to lose.

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