EOS Communtiy Halts Ongoing Payments As BlockOne Negotiations Fail

The EOS community halts ongoing payments worth $250 million since the negotiations with BlockOne and ENF failed so let’s find out more in today’s EOS news.

The EOS community halts ongoing payments to BlockOne which is the company behind the project. The decision came after a long debate with the community over the reliability of bLockOne, saying that the company plagued the network with centralization. The conflict between the EOS Network Foundation and BlockOne started heating up in the past few weeks. The ENF said that BLockOne is further away from the network’s interest and that it is failing to deliver on the made promises. The decline in network activity caused serious harm to the EOS token as it became one of the worst-performing assets in 2021 from the 7^th spot in the crypto market to the 44^th.

The community decided to block a transaction of 67 million EOS which was set to be distributed in the next five years. This affects the entire BlockOne team but also Brock Pierce as the co-founder of Tether and BlockOne. The founder of ENF Yves La Rose said:

“Through a super-majority consensus, the EOS network has taken its future in its own hands by voting to fire Block.one and stop vesting tokens to them. 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.”

La Rose made it clear that the EOS can’t rely on BlockOne anymore and stated that the company is failing to keep up with the promised made and also lacks support for the network. Since EOS is Block.one and Block.One is fraudulent, it makes EOS fraudulent as well he said. The separation between both parties came much sooner than later as the community believes a whole new entity is better suited to run the network from now on.

After negotiations between the two entities failed, the community was concerned about the shares in the EOS system to a point where they want to delete 45 million vested tokens that are held by BlockOne. The 45 million EOS tokens of around $210 million was an attempt by BlockOne to revive the EOS network. The company agreed to transfer 45M EOS to Helium as a decentralized protocol for the Internet of Things devices. However, the move was not welcomed by the EOS community because according to La Rose, BlockOne cares more about the interest rather than bringing something meaningful to the EOS network.