On November 8, the EOS community decided to end ongoing payments to BlockOne, the company behind the project. The decision came after ongoing community debate about BlockOne’s reliability, which found the company was obstructing a centralized network.
ENF vs BlockOne
The conflict between the EOS Network Foundation (ENF) and BlockOne has escalated in recent weeks. ENF said BlockOne has defaulted on its commitments to the network and has repeatedly broken promises. The decline in network activity had a big impact on the EOS token, which was one of the worst assets in 2021, and fell from 7th to 51st on Coinmarketcap.
At the time of writing, EOS is still down more than 6% in the last 24 hours and is trading at $ 3.2.
EOS price since the beginning of the year. Source: TradingView
The community has decided to block the 67M EOS ($ 250M) transaction, which will be distributed over the next 5 years. This applies not only to the BlockOne team, but also to Brock Pierce, co-founder of Tether and BlockOne.
“By all accounts, the EOS network made a future of its own by voting to remove Block.one from the list and stop issuing tokens. This marks the beginning of a new era for EOS and underlines the power of the blockchain, which allows the community to defend itself against companies that harm their interests, ”said Yves La Rose, founder of ENF.
La Rose recently made it clear that EOS can no longer rely on BlockOne, accusing the company of breaking promises and supporting the network.
“EOS is Block.one, Block.one is a scam; So EOS is a scam, ”he said.
The division between the two is only a matter, sooner or later, as the community strongly believes that from now on, the new organization can run the EOS network.
Repairing the EOS network
On November 15, following the failure of negotiations between ENF and BlockOne, the community was concerned about BlockOne’s involvement in the EOS ecosystem, so they wanted to remove the 45 million tokens owned by the company.
“The network can remove the entitlement code, and the network thinks it has the right to do so,” La Rose said.
The 45 million tokens, about $ 210 million at the time, were BlockOne’s attempt to revive the EOS network. The company agreed to transform 45 million EOS into Helium, a decentralized protocol for Internet of Things (IoT) devices.
However, this move has not been clearly received by the EOS community. La Rose added that BlockOne is more interested in self-interest than contributing anything meaningful to the EOS network.