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‘Fraudulent Propoganda’: Co-Founder of China’s Blockchain Uber Slams EOS

Joseph Young
A Chinese crypto tycoon and ride-hailing founder has called out crypto project EOS. | Siource: Shutterstock

By CCN: Weixing Chen, the founder and CEO of Kuaidi Dache, a Chinese taxi-hailing application, has expressed his concerns about crypto assets like EOS in a statement published on Weibo that prioritize scalability.

A rough translation of his statement read:

EOS is a good example. I have always said that there is no problem in trying [new] technology. The problem is the fraudulent propaganda such as ‘Million TPS” and ‘Next Generation Operating System’.

CnLedger, a trusted crypto news source based in China, confirmed to CCN that the Weibo account is, in fact, Chen’s and that he is well known in China’s venture capital space as an anti-EOS figure.


Why Chen May Be Anti-EOS

EOS, currently valued at $5.8 billion, is the largest initial coin offering (ICO) in the history of the crypto market. It raised $4 billion in May 2018 without a live product.

The mainnet of the EOS blockchain protocol launched in June 2018 with 21 “block producers,” individuals that are responsible for producing blocks on the EOS blockchain network that contain transaction and smart contract data.

Read the full story on CCN.com.