BM's Dream Building and Abandonment: The Rise and Fall Truths of BTS, Steem, and EOS
Introduction BM (Daniel Larimer) as an important figure in the blockchain field.
The three major projects (BTS, Steem, EOS) have all experienced great success followed by decline, with BM stepping away at critical moments.
The main theme of the article: Exploring BM's dream building and abandonment model.
1. BitShares (BTS): The First Dream of Decentralized Trading
Project Birth: Launched in 2013, proposing decentralized exchange + DPOS consensus.
Early Glory: Rapid transaction confirmation, top ten in market value.
Problems Arise:
Frequent changes to the technological route, community division.
Lack of sustained commercialization push.
BM Leaves: Exited in early 2015, turned to Steem.
2. Steem: The Disillusionment of the Blockchain Content Incentive Empire
Project Birth: Founded in 2016 with Ned Scott, focusing on content incentives.
Early Glory: Explosive user growth, successful Upvote monetization model.
Problems Arise:
Token distribution is extremely centralized.
Severe inflation, decline in content quality.
Promised SMT (Smart Media Token) development missed deadlines.
BM Leaves: Exited Steemit at the end of 2017, turned to EOS.
Subsequent Conflict: Steem was eventually acquired by Justin Sun, leading to community rebellion.
3. EOS: The Most Expensive Failure
Project Birth: Launched in 2017, managed by Block.one, claiming to build a blockchain operating system.
Early Glory: Raised over $4 billion, the largest ICO in history.
Problems Arise:
Performance and stability below expectations.
DApp ecosystem development is limited, high cost of resource leasing.
Node interests become factionalized, governance fails.
BM Leaves: Resigned as CTO at the end of 2019, faded out of Block.one.
Subsequent EOS: Price plummets, project ecosystem gradually shrinks.
Summary: The Two Sides of Genius and Abandonment
BM's technical talent is undeniable (important contributions such as DPOS, on-chain governance, etc.).
However, he is severely lacking in operations and sustainable ecosystem building.
Extremely invested in the early stages of creation, but once faced with complex real-world issues, he quickly exits.
What is left are three unfinished kingdoms and a community in disarray.