EOS Community Revolts Against Brock Pierce’s Block.One, Won’t Pay 67M EOS
December 10 2021 - 6:02AM
NEWSBTC
EOS and Block.One are back on the news. Is this one positive or
negative, though? The EOS Network Foundation, a community-led
organization, voted to decouple from Block.One. The ENF alleges
that Block.One is no longer working for the benefit of the network.
The company that created EOS will not get the 67M EOS that they had
coming distributed over the next seven years. Even though the
infamous Brock Pierce resigned from the company years ago, this
will also affect his finances. Related Reading | Peter Thiel and
Bitmain Invest in Block.one to Support EOS Ecosystem In The
Present, What Does Brock Pierce Have To Do With Block.One? This
might’ve been the last straw. Just last month, Block.one announced
that they were selling 45M EOS at a discount to one of Brock
Pierce’s ventures. “Today we are pleased to announce that we have
agreed to transfer 45 million EOS tokens to Helios. Led by Brock
Pierce, Helios takes aim at serving the EOS community through
several high ambitions, including creating an EOS Venture Capital
fund, facilitating the creation of institutional-grade EOS
financial products, supporting the creation of infrastructure,
tooling and documentation for developers, and organizing community
events around education, networking, and use case development.” A
pseudonymous Twitter user that broke the news, analyzed it as
follows: 8.The #EOS community worked as one big DAO A excellent
example of democracy through voting and DpoS The community is now
well organized and in possession of hundreds of millions Watch out
for #EOS with the foundation and @EosNFoundation taking the lead —
PrrplFrog (@PrrplFrog) December 8, 2021 He says that “Block.One
went in to a deal to sell their vested EOS tokens for a discount to
their previous associate Brock Pierce!” And that, to stop this
behavior, “The EOS community worked as one big DAO. An excellent
example of democracy through voting and DpoS.” Even though the ENF
is not a DAO, this might be a good example of how Decentralized
Autonomous Organizations should work. However, should a
decentralized protocol be so easy to control? Should the EOS
Network Foundation be able to roll back a smart contract just like
that? In any case, according to The Block, the company is not yet
in control of the 45M EOS they promised Brock Pierce. “Eight
million of the tokens were already vested and controlled by
Block.one while 37 million are still vesting (meaning they haven’t
been released by the network yet).” Is this transaction what the
EOS Network Foundation wants to block? EOS price chart on
Coinbase | Source: EOS/USD on TradingView.com What Did The EOS
Network Foundation Want? The ENF was negotiating with Block.One.
According to The Block, their goal was to “get hold of the EOS
network’s intellectual property.” However, one of Block.One’s side
projects, an exchange called Bullish, owns the IP. And Block.One
“wouldn’t publicly commit to getting the intellectual property
back.” What did the company do instead? They announced this: “In
addition to the recently announced Helios transaction, today we are
pleased to announce our intentions to offer the following grants of
vesting tokens that are intended to be given over time, and subject
to our token availability: EOS Network Foundation – 30m EOS Pomelo
– 1m EOS EdenOS – 1m EOS” Related Reading | Cardano CEO Shares “Too
Big Too Fast” Insight on EOS CTO Departure How did the EOS Network
Foundation react? They wanted the IP, not tokens. So, they created
this proposal, which was approved. The ENF director, Yves La Rose,
took to Twitter to declare victory. “Through a super majority
consensus, the EOS network has taken its future in its own hands.
This begins a new era for EOS and highlights the power of the
blockchain to enable a community to stand up against corporate
interests that don’t align with theirs.” Through a super majority
consensus, the EOS network has taken its future in its own hands.
This begins a new era for #EOS and highlights the power of the
blockchain to enable a community to stand up against corporate
interests that don’t align with theirs. https://t.co/8l62MBG67C —
Yves La Rose (@EosNFoundation) December 8, 2021 The community
spoke. They will roll back the contract and block the 67M EOS that
Block.One had coming. Where does that put them regarding the EOS
network’s intellectual property? Does the ENF have any chance of
getting that IP now? Featured Image by Valentin Salja on Unsplash |
Charts by TradingView
EOS (COIN:EOSUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
EOS (COIN:EOSUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024