Analysis

EOS Community Revolts Against Brock Pierce’s Block.One, Won’t Pay 67M EOS

EOS and Block.One are again on the information. Is this one constructive or destructive, although? The EOS Network Foundation, a community-led group, voted to decouple from Block.One. The ENF alleges that Block.One is not working for the advantage of the community. The firm that created EOS won’t get the 67M EOS that they’d coming distributed over the following seven years. Even although the notorious Brock Pierce resigned from the corporate years in the past, this may also have an effect on his funds.

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 may’ve been the final straw. Just final month, Block.one announced that they had been promoting 45M EOS at a reduction to one in all Brock Pierce’s ventures.

“Today we’re happy to announce that we’ve got agreed to switch 45 million EOS tokens to Helios.

Led by Brock Pierce, Helios takes intention at serving the EOS group by way of a number of excessive ambitions, together with creating an EOS Venture Capital fund, facilitating the creation of institutional-grade EOS monetary merchandise, supporting the creation of infrastructure, tooling and documentation for builders, and organizing group occasions round training, networking, and use case improvement.”

A pseudonymous Twitter person that broke the information, analyzed it as follows:

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 cease this habits, “The EOS community worked as one big DAO. An excellent example of democracy through voting and DpoS.” Even although the ENF just isn’t a DAO, this is likely to be an excellent instance of how Decentralized Autonomous Organizations ought to work. However, ought to a decentralized protocol be really easy to regulate? Should the EOS Network Foundation have the ability to roll again a sensible contract identical to that?

In any case, in accordance with The Block, the corporate just isn’t but accountable for 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 desires to dam? 

EOSUSD price chart - TradingView

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 purpose was to “get hold of the EOS network’s intellectual property.” However, one in all Block.One’s facet tasks, an trade referred to as Bullish, owned the IP. And Block.One “wouldn’t publicly commit to getting the intellectual property back.” What did the corporate do as an alternative? They announced this:

“In addition to the just lately introduced Helios transaction, at this time we’re happy to announce our intentions to supply the next grants of vesting tokens which are supposed to be given over time, and topic 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 needed the IP, not tokens. So, they created this proposal, which was permitted. 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.”

The group spoke. They will roll again and block the 67M EOS that Block.One had coming. How does that put them concerning the EOS community’s mental property? Do they’ve any probability of getting that IP now?

Featured Image by Valentin Salja on Unsplash  | Charts by TradingView

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