The EOS community has stopped distributing 67 million tokens ($ 250 million) to Block.One

On November 8th, the EOS community decided to stop making ongoing payments to BlockOne – the company behind the project. That decision was made after ongoing debate in the community about the reliability of BlockOne, which found that the company was hampering a centralized network.

ENF vs. BlockOne

The conflict between the EOS Network Foundation (ENF) and BlockOne has worsened in recent weeks. ENF said BlockOne has failed to meet its responsibilities to the network and has repeatedly broken promises. The decline in network activity took a heavy toll on the EOS token, which was among the worst performing assets in 2021, and dropped from 7th to 51st on Coinmarketcap.

At the time of writing, EOS is still down more than 6% in the past 24 hours and is trading at $ 3.2.

EOS YTD price. Source: TradingView

The community has decided to block an EOS 67 million – $ 250 million – transaction that will be distributed over the next 5 years. This not only affects the BlockOne team, but also Brock Pierce, co-founder of Tether and BlockOne.

“By majority consensus, the EOS network has taken its own future by voting to remove Block.one from the list and stop issuing tokens. This marks the beginning of a new era for EOS and underscores the power of the blockchain, which enables the community to defend itself against companies that harm their interests, ”said Yves La Rose, founder of ENF.

La Rose recently made it clear that EOS can no longer rely on BlockOne, accusing the company of failing to keep promises and failing to support the network.

“EOS is Block.one, Block.one is a fraud; So EOS is a scam, ”he said.

The separation between the two is only a matter of sooner or later as the community firmly believes that a new entity is fit to run the EOS network from now on.

EOS network recovery effort

On November 15, after negotiations between ENF and BlockOne failed, the community was concerned about BlockOne’s involvement in the EOS ecosystem, so they wanted to delete 45 million tokens owned by the company.

“The network can remove the vesting code and the network believes it is authorized to do so,” said La Rose.

45 million tokens, around $ 210 million at the time, was BlockOne’s attempt to revive the EOS network. The company has agreed to convert 45 million EOS to Helium, a decentralized protocol for Internet of Things (IoT) devices.

However, this step was not clearly perceived by the EOS community. La Rose added that BlockOne is more interested in its own interests than contributing anything meaningful to the EOS network.

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