Dan Larimer is a well-known figure among the cryptocurrency investment community during the 2017 – 2020 period. This is because he is not only one of the leading individuals in the community, but also the founder of numerous outstanding projects that bring value to users. Therefore, it’s important to understand who Dan Larimer is and the legacy he has left in the crypto world. Join us on 247btc.net as we delve deeper into his story and his contributions in the following article.
Who is Dan Larimer?
Daniel Larimer is a well-known entrepreneur and skilled programmer in the field of cryptocurrency. His achievements not only contributed to the development of the cryptocurrency market, but also laid the foundation for a decentralized crypto community by pioneering new concepts and technologies.
In addition to his real name, Dan is also known as Datherman, a pseudonym he uses on the social media platform, Steemit. Under this moniker, Dan has introduced the first DAO-related proposals to the community, and reportedly left numerous comments advocating against violence and discussing political issues.
Dan Larimer was born in Colorado and raised in Virginia (USA). He graduated from Virginia Tech with a degree in engineering and subsequently worked for various private companies specializing in automation and mechanical engineering. During his tenure, Mr. Larimer was exposed to the first cryptocurrency in the market, Bitcoin. In the early days of his Bitcoin exposure, he had little knowledge about cryptocurrencies and was enlightened by Satoshi Nakamoto through various forum exchanges.
The professional trajectory of Dan Larimer
Although initially believing that his exchanges with Satoshi were centered around business ideas, Dan later realized that they were simply pure exchanges between two developers. Nonetheless, through these exchanges, Dan gained an understanding of what the market would require to develop in the future. As a result, in 2013, Dan officially left his corporate career to start his own venture in the cryptocurrency market, with his first venture being Bitshares.
During that time, Dan posted his idea about a decentralized autonomous organization (DAO) on Bitcoin Let’s Talk, an online article, to verify his theories. The article received positive responses that supported Dan’s idea. Afterwards, he met with Charles Hoskinson, the founder of Ethereum and Cardano, and they jointly developed Bitshares.
At this juncture, Dan has assumed the role of a technical lead and has taken responsibility for developing all the features of Bitshares, while Charles has been assigned tasks related to business and marketing. The motivation behind Dan’s creation of this platform is rooted in his dissatisfaction with the interruptions observed in Bitcoin and fiat transactions due to third-party interference. In light of this, Bitshares employs the DPoS mechanism to facilitate faster transaction times.
In 2014, when the value of Bitcoin significantly decreased, the amount of money required to sustain Bitshares’ operations also decreased proportionally. During this period, Dan gained knowledge of fundraising and deployed funds in a judicious manner. As a result, not only did Bitshares survive the market slump, but it also achieved the release of a new version named BitShares 2.0. This upgraded version was developed on the Graphene blockchain to tackle scalability issues. Nevertheless, this improvement failed to appease the market and business stakeholders, which led to Dan’s departure from the project shortly after in order to shift focus to another venture.
Upon leaving Bitshares, Dan returned to his homeland and partnered with his father to establish Cryptonomex – a software development company that specializes in catering to blockchain-related needs. Cryptonomex’s flagship product is the Open Ledger, a blockchain mechanism capable of processing 100,000 transactions per second. The company operates on a similar model to Bitshares, with Dan taking on responsibilities concerning technology, coding, and development, while his father handles business-related duties.
Following the stable launch of Cryptonomex, Dan went ahead to develop steemit alongside Ned Scott. Steemit is a social media platform that utilizes the DPoS consensus mechanism. To provide a clear picture, steemit operates similarly to Reddit, albeit with a unique feature of rewarding users who interact with the platform.
Despite being equipped with a varied range of fascinating features, this platform is notorious predominantly for the 85,000 USD hacking incident. To elaborate, in late 2016, over 250 user accounts were stolen, and the estimated damage caused could be attributed to the aforementioned sum of STEEM tokens. The repercussions of this occurrence lasted for a considerable period of 3 years, and it wasn’t until the conclusion of 2019 that the impact of this crisis subsided and the value of the STEEM token was restored.
Block.one and EOS Network
In 2017, Dan resigned from steemit to focus on the development of Block.one alongside Brendan Blumer. Together, they established Block.one as a provider of open-source software outsourcing services, facilitating the creation of new blockchains by developers. The standout product of Block.one is the EOS Network, which provides developers with an environment and necessary tools to create decentralized applications. Compared to other blockchains of the same era, EOS Network shines in all aspects, from its toolkit to its excellent customer support and service.
As a result, EOS Network aimed to surpass Ethereum by pushing its transaction processing capability to millions of transactions per second. This led to its successful first ICO, which saw over USD 4 billion worth of investment in 2018. Subsequently, however, the platform was accused of securities fraud by the SEC and was subjected to a fine of USD 24 million.
After three years of being involved with EOS, Dan Larimer unexpectedly declared his departure from the project, causing a significant stir in the public eye for a while. In order to reassure users, Dan shared on the Twitter platform that he wanted to pursue a new direction, which led to his decision to depart from the EOS Network. In January 2022, Dan returned to the EOS Network with a new mindset and an upgrade named Mandle. This upgrade holds promise to revive the EOS Network.
Presented above are fascinating insights into the life and career of Dan Larimer, a highly skilled and ambitious developer. Through these details, we at 247btc.net hope to provide users with a comprehensive overview of Larimer’s achievements. Thanks to his unwavering dedication and contributions to the field, Dan Larimer has now attained a place among the top 50 richest individuals in the cryptocurrency market, with a total net worth nearing $1 billion USD.
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