A new tweet from EOS confirms that the project’s long-awaited rebranding process will begin today. Following the announcement, the altcoin rose to the top of the green board.
Altcoin project plans to hard fork EOS Blockchain on September 21
EOS announced earlier today that it has begun the long-awaited rebranding process. The relevant statement came from Twitter with a 15.5-hour countdown.
On August 15, the foundation’s CEO, Yves La Rose, made a suggestion that the EOS redesign will go live “this week.” Thus began the buying frenzy that took EOS to the top of the green board. According to CoinGecko, EOS is currently up more than 20% over the last 24 hours. As a result, it has made it the best performing altcoin in this time period.
cryptocoin.comAs you follow, EOS is currently trading above $1.50. It rallied up to $1.85 today.
A brief history of EOS
The altcoin project broke a record ICO by raising billions of dollars in 2017. However, he received a harsh reaction for not fulfilling his promises. Additionally, the EOS price failed to reach the 2018 ATH level even in the 2021 bull. It also lagged behind other Tier 1 Blockchains. Despite having well-known sponsors like PayPal co-founder Peter Thiel, EOS has struggled internally due to a conflict between blockchain developer Block.one and the nonprofit EOS Foundation.
The EOS Foundation worked under La Rose’s management to end relationships with Block.one. Following the EOS ICO, La Rose announced in February that it would take legal action against Block.one, which the Foundation described as “negligence and fraud”. Additionally, the EOS community decided to stop issuing earned EOS tokens in late 2021 citing Block.one not meeting its obligations to EOS.
EOS will return to the market as a new altcoin
EOS is now poised to cut all ties with Block.one, starting a “new chapter” in the evolution of Blockchain. The foundation will rebrand itself to a new name, leaving the below-average development period it attributes to Block.one. Additionally, the EOS Foundation plans to hard fork the EOS software on September 21. This is a necessary step to remove Block.one and associated businesses as project owners. In a tweetstorm Monday, La Rose announced the renaming and hardfork:
This represents the result of a difficult journey from a codebase owned by a toxic entity to a fully decentralized and open source project.
Viewers won’t be able to see what kind of brand and image EOS will adopt until this afternoon. EOS hopes it will take a lot of work to stand out, as other future Tier 1 blockchains like Aptos have recently caught the attention of the market. The Tier 1 Blockchain space in 2022 is much more competitive than when EOS started in 2017.
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