A group representing the EOS community wants to get back their tokens issued by Block.one, claiming that the team did not keep its promise.
EOS Network Foundation goes to war with Block.one
The ongoing battle between the EOS Network Foundation (ENF) and the founding team of Block.one (B1) has taken a new turn. The EOS community is currently discussing the preferred market share of B1 in the EOS range.
It is reported that B1 CEO Brendan Blumer and co-founder Brock Pierce met with ENF to discuss the dispute over the EOS issued by B1.
At the time the network was founded, B1 allocated 10% of the total supply of 1 billion EOS over a period of 10 years. B1 currently has access to around 45 million tokens out of 100 million tokens.
B1, the development team behind EOS, raised $ 4 billion in their 2017-2018 ICO offering with the promise of creating a better, faster alternative to Ethereum. After that, EOS was unable to find an appropriate form of adoption. When B1’s chief technology officer Dan Larimer left, there were many troubles in the network’s prospect of becoming the network’s “Ethereum destroyer”. Since then, EOS has steadily declined in value and total market capitalization. After years of a barely growing network and poor EOS performance, the community and block producers (EOS network validators) decided to revitalize the project.
EOS daily frame price chart | Source: Tradingview
Under the leadership of Yves La Rose, a community-supported ENF team was formed 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 separate the blockchain from the centralized control of B1.
In November, B1 announced that it had signed an agreement to transfer ownership of 45 million EOS tokens ($ 196 million) to Helios, a company owned by B1 co-founder Brock Pierce. In response, ENF expressed its rejection and stated that EOS did not belong in B1 at all, as it had not fulfilled the “social contract” in support of its network.
Regarding the ongoing negotiations with B1, La Rose said the consensus is that the EOS, held by B1, does not belong to them. In a tweet he said:
“The main point of the dispute, and the reason for the ongoing negotiations, is that B1 believes that the EOS they are selling (still controversial) is theirs, while the consensus network believes that the EOS is not theirs. .
– EOS Bull (@EOSBull) November 15, 2021
La Rose added that “the network may be removing the distribution code and believing it is authorized to do so.”
Unsurprisingly, B1 disagrees with ENF’s claims. B1 co-founder Brock Pierce said 45 million tokens will be used to expand the EOS ecosystem. On Twitter, Pierce called B1 has several “plans in the works” including the potential of an EOS-linked Exchange Traded Fund (ETF).
The community does not seem to be convinced of B1’s stated financial motives. This idea did not go through with many community members who simply wanted category B1. Such members have supported the idea of a takeover at the protocol level. “Just delete them. There is no good compromise for EOS, ”wrote an anonymous user. Another member called B1 a fraudster and that it was “in breach of publicly disclosed commitments”.
Therefore, with the support of the community, ENF can attempt to fork the EOS software code to change the initial token assignment. Otherwise, it remains unclear how ENF can delete B1’s token assignment unless it controls the smart contract used to provide the native token. Instead, it is more likely that the two sides will come to a mutually beneficial compromise before taking drastic action.
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