EOS Community Argues That Block.One Failed To Make Good with Its Promise; Wants to Take Back the Tokens Issued Worth $196M


A particular group advocating for the encompassing EOS community is reportedly in the effort of “taking back” the tokens issued by the EOS Network Foundation (ENF) to the founding team of Block.One worth $196 million, or 45 million EOS tokens.

The group argues that Block.One failed to live up to its initial promises, thus, the need for a comprehensive discussion regarding its preferred market share in EOS. As per the recent reports, the CEO of Block.One Brendan Blumer is set to meet with the ENF to discuss just that.

When EOS was being built, Block.One, the development team behind it, allocated 10% of the network’s total supply for itself for the next decade. And that is precisely what the EOS community is striving to reportedly take back as the heat between the two organizations continues to escalate.

Back then, the 10% allocation Block.One imposed for itself was seen as warranted as it successfully raised an initial coin offering (ICO) worth $4 billion, which kickstarted the whole project itself. Even with the promise of becoming an “Ethereum Killer,” mainly due to its advertised lower fees and much faster transaction speeds, EOS failed to generate any reasonable adoption to keep it in the radar. As bad as that may already sound, EOS’ misfortunes are just beginning.

Later, Dan Larimer, the technology head of Block.One, announced his departure from the project, causing another major blow to the network, which is now struggling to keep up with its competitors, let alone the titan of the particular sector, Ethereum. While the team behind it constantly worked to keep EOS afloat despite waves and waves of poor token performances, a network reboot was inevitable. The community behind it agreed, thus, the birth of ENF under the leadership of Yves La Rose.

This November, however, Block.One reemerged and stated its plans to transfer its share of the EOS tokens to Helios, a separate firm owned by Block.One co-founder Brock Pierce. Understandably, ENF disagreed with this move and later argued that the token lump sum Block.One deems it’s responsible for does not belong to it in the first place because it failed to make good with its initial promises for the project. As of press time, the two parties are still in a stalemate as both disagree with each other’s claims.

To resolve this particular issue, experts believe that the ENF could attempt to fork the original EOS software code to alter the initial token assignments. That being said, how ENF could precisely delete Block.One’s imposed token share remains unclear.


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