The lead investor in the fund was B1, which committed $50 million, alongside Richard Li’s Pacific Century Group, Tyler and Cameron Winklevoss’ firm and Animoca Brands founder Yat Siu.
EOS Network Participants Should Consider Legal Action Against Block.one: EOS Foundation CEO
EOS Network Foundation’s founder said the other option is a hard fork to exclude EOS tokens held by B1.
Block.one Exits Silvergate Stake, Says Portfolio Firm Has No Exposure
The Peter Thiel-backed company made a contrarian bet on Silvergate last November when its exposure to FTX’s collapse first became known.
EOS Community Revolts Against Brock Pierce’s Block.One, Won’t Pay 67M EOS
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 community ramps up battle for organization control against former developer Block.one
It appears EOS holders are extremely dissatisfied with the direction the network has headed.
New research claims 21 accounts pumped the $4.4B EOS ICO with wash trades
New research asserts that EOS and ETH were wash-traded on exchanges to manipulate prices during EOS’s multi-billion dollar ICO.
Derivatives data shows pro traders turning bullish on EOS price
Retail traders turned their backs on EOS, but derivatives data shows pro traders maintaining a bullish perspective for the short-term.
Crypto world largely silent as little-known exchange announces plans to go public
The public offering announcement comes less than two months after Bullish launched with $10 billion in capitalization.
Block.one free to focus on $10B crypto business after lawsuit settlements
With legal troubles seemingly behind the company, Block.one could set its sights on finally making a significant dent in the crypto and blockchain space.
Block.one secures funding for $10B EOS-based crypto exchange platform
The EOS-based Bullish Global crypto exchange platform is expected to go live later in the year.
Dan Larimer’s Departure Brings EOS Disappointments to the Fore
Every company is eyeing bitcoin, including the one that launched EOS.
CTO Dan Larimer Announces Departure From EOS Builder Block.One
Dan Larimer has left Block.one, the company that raised $4 billion to build the software behind the EOS blockchain.
Block.one Debuts Big-Business Version of EOSIO Blockchain
Block.one has released “EOSIO for Business,” an enterprise-focused version of its software.
Google Cloud Does Not Intend to Take EOS Rewards as a Block Producer
Following news of yesterday’s partnership with Block.one, Google Cloud says it is not getting into EOS for the tokens.
Brock Pierce Served Court Papers for Fraud Lawsuit at His Own Presidential Campaign Rally
U.S. presidential candidate and crypto entrepreneur Brock Pierce was legally served during his campaign rally in New York on Monday.
Judge Worries Plaintiffs’ Lawyers Trying to Line Their Pockets in Block.one ICO Lawsuit
The district judge criticized a class-action lawsuit brought against Block.one for appearing to be an attempt to earn high legal fees.
NASDAQ-Listed MicroStrategy, Wary of Looming Dollar Inflation, Turns to Bitcoin and Gold
“If you have large dollar values and you’re hoping for any kind of return on them, that’s faded,” said CEO Michael Saylor. “Gold, silver, and bitcoin are showing strength.”
Block.one Will Now Vote for EOS Candidates, But Wants Their Locations First
Block.one has issued its own set of criteria to use when voting for EOS block producers, perhaps controversially including where they are based.
Block.one Failed to Decentralize EOS, Argues New Securities Fraud Lawsuit
The plaintiffs – a crypto fund and an individual investor – are seeking compensatory damages from Block.one and other defendants.
Block.one Plans to Start Voting on EOS, the Blockchain It Birthed
Block.one says the time is right for it to take an active role in the EOS community voting for block producers.