The waters do not stand still in the altcoin project EOS. The EOS Network Foundation wants to take away approximately $196 million worth of B1’s earned tokens. cryptocoin.com We have compiled the details for you, let’s examine the subject together…
- A new discussion has emerged in the EOS community regarding B1’s share in the EOS token supply.
- The community-backed EOS Network Foundation (ENF) has raised concerns about the 45 million tokens B1 controls.
- ENF CEO Yves La Rose said the community could try to remove B1’s vesting code.
A group representing the EOS community wants to delete the earned tokens held by Block.
The waters do not settle in the altcoin project EOS: The Foundation goes to war against B1!
The ongoing battle between the EOS Network Foundation and the project’s founding team, Block.one (B1), has taken a new direction. There is now a fierce debate in the EOS community over B1’s vested share in the EOS token supply. B1 CEO Brendan Blumer and co-founder Brock Pierce reportedly met with the EOS Network Foundation (ENF) to discuss a discussion on B1’s earned EOS tokens.
In networking, B1 has allocated 10% of the 1 billion total supply of EOS over a 10-year period. Currently, out of a share of 100 million tokens, B1 has access to around 45 million tokens. B1, the development team behind EOS, raised $4 billion in its 2017-18 ICO with the promise of creating a better and faster alternative to Ethereum. Subsequently, EOS failed to find any reasonable type of adoption.
When Dan Larimer leaves, it deals a huge blow to the possibility of the network being an “Ethereum killer”
When B1 tech lead Dan Larimer left, it dealt a major blow to the prospects of the altcoin project being an “Ethereum killer.” Cryptocurrency has been declining since then in terms of price and overall market cap. Then bad network growth also disturbed the community. Led by Yves La Rose, a community-supported group, the EOS Network Foundation (ENF), was created in August 2021 and a new roadmap for the EOS ecosystem was announced.
In a speech to the EOS community, La Rose accused B1 executives of “negligence and fraud” and said the community plans to move Blockchain away from B1’s centralized control. In November, B1 said it had entered into an agreement to transfer ownership of 45 million EOS tokens (worth $196 million) to Helios, owned by B1 co-founder Brock Pierce. In response, ENF expressed disapproval, claiming that the tokens did not belong to B1 in the first place, as it did not fulfill its “social contract” to support the network.
La Rose: Altcoin network can remove vesting code
Commenting on the ongoing negotiations with B1, La Rose said:
The essence of the dispute, and the reason why there are negotiations, is that B1 believes that the tokens they are selling (still deserved) belong to them. Whereas by consensus the network believes the opposite as it exists, these tokens do not belong to B1.
“The network can remove the vesting code, and the network believes it is their right to do so,” La Rose wrote. It is not surprising that B1 disagrees with ENF’s claims. B1 co-founder Brock Pierce said the $45 million tokens will be used to grow the EOS ecosystem. Pierce on Twitter, He said B1 has several “plans in place”, including the potential launch of an EOS-affiliated exchange-traded fund (ETF). In this Twitter thread, Pierce highlighted:
I don’t think EOS would benefit from authoritarian control over account balances that would undermine ownership rights, and I think the ecosystem needs to focus on collaborating together to be successful.
As a result, ENF may attempt to fork the EOS software code.
The community does not appear to be convinced of B1’s stated financial reasons. The idea didn’t resonate with many community members who just wanted B1 to get out of the way. Such members supported the idea of a protocol-level takeover. “Just delete them. There is no good compromise for EOS,” wrote an anonymous member. Another member called B1 a scam, saying it was “contrary to their publicly stated commitments.”
As a result, ENF, with the support of the community, may attempt to fork the software code of altcoin project EOS to replace the original token allocation. Otherwise, it is still unclear how ENF can leverage B1’s token allocation unless Genesis controls the smart contract used for the token distribution. Instead, the two sides are more likely to reach a mutually beneficial compromise before a drastic move is made.
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