Block.one is "out". How did the road to reinventing EOS start?

EOS, which has been in the blockchain world for a long time, came back to its followers after a long time, and it became a topic of discussion because of a community outcry against its parent company.

As of December 8, owners of the EOS.IO blockchain system (EOS) with 17 sectors and 8 backups have also been voted to secure distribution to EOS.IO parent companies in 6-7 years. Indeed, the 66 million EOS coins of B1) allow B1 to receive daily 27,400 EOS rewards thanks to the development of the network, but the number of contributors has decreased and contributed to the improvement of the insufficient network ecosystem.

The fuse in this case happened a month ago.

On November 8, B1 announced an exchange of 45 million EOS for Helios, a new device led by Brock Pierce to grow EOS venture capital and develop the company's EOS financial products. However, the community knows that another of the founders of Helios, Brock Pierce, is the founder of B1, which is "left and right".

Soon after, the EOS Network Foundation (ENF) consulted B1 as a representative of the community, but in the end, B1 refused to change the IP (E) technology from EOS.IO to EOS. community, making B1 vote "out". ".

EOS.IO founder Daniel Larimer (BM), who disagreed with B1, suddenly announced his return to a project that needed funding. He said it was time to update the EOS mode. Not only will EOS change its name, but it will also redefine a new vision and mission that will encourage community members to get involved and encourage investment.

Many changes have warmed the EOS community for a while. However, in the eyes of many users, EOS, which has been around for a long time, has become amazing. For EOS, there is a long way to go to rebrand and build trust.

Block.One has been "removed" by the EOS community.

EOS, long gone in the cryptocurrency world, is about to make a comeback.

On December 8, the owners of EOS.IO's 17 block generation masternodes and 8 backup nodes agreed to enter into the deal.Don't pay Block.one (the parent company that first participated in the development of the blockchain network, called B1) for 66 million EOS (worth around $ 250 million), initially slated for distribution over the next 6-7 years.

This means that the communities will vote for the B1, which has been absent for a long time, in the form of a DAO.

The EOS community voted not to split EOS into B1

The EOS Network Foundation (ENF) then explained the rationale in “Review and Summary of EOS Network Operational Guidelines December 8”.

The ENF said that last year B1 experienced a decline in the speed and quality of the release of the EOSIO code. Specifically, after EOS B1 ex-CTO developer Daniel Larimer (BM) and other key figures emerged from B1, B1 did not make other basic improvements, such as not using all types of connections. blockchain. The promise of "1 million businesses per second" has been kept, and the promise of over 1,000 DApps has not been kept.

The ENF noted that B1 not only disappointed the EOS community, but also affected all producers affecting the ecosystem around EOSIO.

The indignation of the community is not easy to understand. In the first financial round, B1 used EOS to secure funds of 150,000 BTC, while B1 also received 27,400 EOS in modern assets. This is equivalent to the numbers of the first 60 block generation nodes. But while new chains like Avalanche have invested hundreds of millions of dollars to support green development, the rich B1 have paid little to support green development. In the words of EOS users, "The money is in place and B1 won't do anything."

The long term fault ends up exploding with the fuse.On November 8, B1 established an EOS venture capital fund, developed enterprise-level EOS financial products, developed procedures, tools and information for developers, and participated in training, discussions and the implementation of community events.

The service for the EOS network caused a lot of dissatisfaction in the community. Knowing that 45 million EOS is worth over $ 150 million is no small feat. Helios, the recipient of this money, was the founder of Brock Pierce and owns two major emblems. One is the co-founder of Tether and the other is the co-founder of B1.

Seeing this, money has been equated with “left to right”, making communities very cautious. Soon after, the ENF entered into negotiations with B1 as a representative of the community, and the final request was that B1 provide 45 million EOS to Helios, then 30 million EOS for ENF and 1,000,000 EOS for eco-finance. I did it. 10,000 EOS will be provided for the Pomelo platform and 100 million EOS for the management of EdenOS. ENF also wants B1 to transfer the intellectual property (IP) of EOS.IO, including community funds and eos.io domain names, to the EOS community.

The “forced palace” of the community is bearing fruit. B1 announced on December 6 that it would provide EOS funding to several schools, but remained at the helm of the change in IP. Finally, EOS blocker makers just need to shut B1 without giving EOS a vote without cracking or standing.

B1's long-term “spend money and do nothing” situation is now over, but the EOS ecosystem is in dire need of a long-term plan for innovation.

EOS.IO developer shouts "reform" slogans

Daniel Larimer, founder of EOS.IO (formerly BM), also jumped right behind the chain of events.

On December 10, BM announced that it is working on a new company for contract payment and finality in 3 seconds and is currently preparing to raise funds. Among them, Payments Agreement is a payment tool that allows users to send tokens directly from a key without having to create an account, and 3s Finality can increase the final block confirmation from 3 minutes to 3 seconds.

It is believed that the new BM project could follow EOS or get ENF funding and developer EOS will be back.

It goes in the direction of the recognition of the request. On December 11, BM said it was time to change the EOS community. larger DAO.

Reorganization strategy type BM, EOS

His temporary remarks thrilled the EOS community, and even EOS, which hasn't budged for long, briefly raised its head in the aftermarket.

However, it's true that EOS rebranding doesn't just happen by shouting a word. In fact, there are no worms in the development of EOS, but there are limits to its use.

In the first fundraiser, the tagline for EOS was "Ethereum Killer". After major operations, EOS will be DApp's largest aggregation, but the most "critical" period is the large-scale launch of game consoles on the EOS network in the first half of 2018, later known as " Gaming Chain ". . After DeFi became popular, DeFi contracts quickly appeared on EOS, but mostly on the wave. EOS only loses its sound when the wave hits the NFT and the meta world.

Two years ago, EOS was slowly becoming an "Ethereum Killer" comedy. Despite the good performance of the network, the development of the ecosystem is weak and unsustainable. EOS has always gone through the new public channel.

Meanwhile, the EOS community is “kicking” B1, how will it be different?

Public opinion is not good before, and there are still a lot of users who do not trust EOS in the market.

Ultimately, EOS wants to re-enter the market and its first challenge is to create an ecosystem. Only when the green process builds a system and the fluid is complete, can it reverse the long-term weakness of EOS and restore user confidence.

ENF recognizes this and wants to create a free framework by modifying the B1 style of “bringing in the money and doing nothing”, with the financial platform of the EOS Pomelo ecosystem as the main carrier.

On December 1, Pomelo completed the first phase of the financial program, a total of 209 EOS green projects applied for funding, and 1,022 independent users started 5,796 leisure donations. . ENF also provided Pomelo with USD 500,000 from EOS for funding.

The ENF states that the Polkadot Web3 Foundation (W3F) is an educational goal, and the ENF will follow the W3F standard to provide a summary of activities that can fund an employee under the circumstances and lower the threshold for EOS improvements. the ecosystem will be. "The objective of finalizing the financial system is not only to improve investment, but also to provide support services to developers, organizations and individuals to support the rapid and prosperous development of the ecosystem. EOS.

A senior EOS executive told Honeycomb Financial that BM was not the savior of EOS, but was the leader in the fight for bloodshed for communities and that he also planned to fund new projects. “EOS is alive. It is a community effort. The most important thing is to develop ecological applications to bring them back to the vital vision. Confidence needs to be rebuilt.