On December 8, the EOS community voted to halt payments to Block.one, the corporation behind the initiative.
The decision follows ongoing community discussions about Block.one’s dependability, with some claiming the firm has afflicted the network with centralization.
Block.one vs. ENF
The rivalry between the EOS Network Foundation (ENF) and Block.one has erupted in recent weeks. According to the ENF, Block.one has deviated from the network’s interests and failed to deliver on pledges. The drop in network activity has harmed the EOS token falling from seventh to 44th place in the crypto market. The EOS token is one of the worst-performing assets in 2021.
The community voted to halt the distribution of 67 million EOS (about $250 million) over the next five years. This has an impact not only on the Block.one staff but also on Brock Pierce. Pierce is a co-founder of both Tether and Block.one.
Yves La Rose, founder of ENF, said EOS network has taken control of its fate by a supermajority vote. They decided to terminate Block.one and halt vesting tokens to them. This marks the beginning of a new age for EOS. Also, it shows how blockchain technology allows a community to stand up against corporate interests that conflict with their own.
La Rose recently stated that EOS could no longer rely on Block.one. This is because it fails to follow its promises and lacks network support. He explained that EOS is Block.one, and Block.one is fraudulent, so EOS is fraudulent. The split between the two companies came sooner rather than later. Since the community believes a new company is better equipped to administer the EOS network in the future.
Resurrect the EOS Network
Following the failure of negotiations between the ENF and BlockOne on November 15, the community became concerned about BlockOne’s stake in the EOS ecosystem. This concern extended to the of requesting the deletion of 45 million vested tokens held by the firm.
La Rose added that the network might remove the vesting code. He included that the network feels they have the legal authority to do so.
BlockOne’s attempt to resurrect the EOS network using 45 million EOS coins was funded by 45 million EOS tokens. At the time, the EOS coins were worth roughly $210 million. The company decided to move the 45 million EOS tokens to Helium. Helium is a decentralized protocol for Internet of Things (IoT) devices.
This change, however, was not well received by the EOS community. La Rose went on to say that BlockOne is more concerned with its interests than with contributing meaningfully to the EOS network.