EOS token holders decided to stop payments to Block.one, the company originally designed the network.
Representatives of the EOS blockchain platform community held a vote. As a result, Block.one will stop receiving regular financial contributions.
The issuance of 67 million EOS (~$233 million at the current exchange rate) that were scheduled to finance Block.one over the next six to seven years is now canceled. According to the community, the company’s corporate interests are no longer aligned with those of the blockchain project.
In 2018, Block.one conducted a successful ICO, collecting $4,2 billion to launch the EOS network. The company was set to receive 100 million EOS over the next 10 years as an economic incentive to develop the project. However, the EOS community was disappointed by Block.one’s commitment to the blockchain and its practical application.
Among the main disappointments are the social network Voice and the Bitcoin exchange Bullish, Block.one’s projects that do not run on EOS. The EOS community created the EOS Network Foundation in August 2021 to represent its interests. The organization was led by Yves La Rose, who formerly ran the EOS block producer EOS Nation.
The EOS Network Foundation was created because Block.one has failed EOS, so it’s important to find a new way to develop the project. First of all, community representatives tried to get Block.one to transfer the intellectual rights for EOS. The company alternatively offered to grant 30 million EOS to the EOS Network Foundation, but as a result, community representatives voted to stop funding Block.one itself.
“Through a super majority consensus, the EOS network has taken its future in its own hands,” said Yves La Rose after the vote.