Early in 2017,BM(Dan Larimer),the blockchain genius founder who has successfully developed BTS(BitShares) and STEEM, chose to start a business for the third time. EOS was born under the expectations of “Blockchain 3.0” and “Ethereum Killer”.
On June 26, 2017,EOS started a 340-day ICO crowdfunding.
On June 1, 2018,EOS crowdfunding ended, raising a total of $4.1 billion, making it the largest ICO financing in the world.
As the parent company of EOS, Block.one made various commitments during the crowdfunding period to ensure that EOS will surpass Ethereum and become a super low-level public chain carrying a large number of commercial-grade applications.
In return for supporting the EOS network, Block.one would receive 100 million EOS tokens within 10 years according to the network release rules.
EOS has grown rapidly,and Block.one maintained a positive image and made various commitments to gain community support at this time.
On June 15, 2018,the EOS mainnet vote rate exceeded 15% and the mainnet was officially online.
In the three years, from July 2018 to 2021,there has been little support for the EOS ecosystem, resulting in a large loss of developers and users, and withering the ecosystem.
However,Block.one, the parent company, is indifferent to the ecosystem while holding $4.1 billion in crowdfunding, but chose to hold 140,000 BTC.On the other hand, it cost $75 million to repurchase Galaxy Digital’s equity,$30 million to purchase the domain name of Voice , $27.5 million to settle the lawsuit and splurged on announcing the establishment of Bullish,the decentralized exchange.It can be said that Block.one’s past investments have all failed and the Voice and Bullish that have attracted much attention have not yet been on track.
Block.one is like an evil dragon occupying treasures in the Western world.On the one hand, more and more wealth is accumulated around the evil dragon of Block.one.On the other hand, the EOS ecosystem is gradually withering.
In January 2021,due to conflicts with Brendan Blumer,the CEO of Block.one and internal struggles within Block.one, BM(Dan Larimer) who is the EOS founder announced his departure from Block.one.
In August 2021,with the support of various stakeholders such as BPS, EOS community, token holders, etc., Yves La Rose who has been deeply involved in the EOS ecosystem for many years officially established the EOS Network Foundation and represented the community to initiate several negotiations with Block.one which required Block.one to stop acting indiscriminately and be responsible for the EOS ecosystem.
Recommended by everyone, the Dragon Slayer EOS Network Foundation appeared, faced the evil dragon Block.one, and bravely negotiated with Block.one on behalf of the community.
On December 8, 2021, Block.one didn’t officially respond to the negotiation. A total of 17 master BPS and 8 backup BPS of the EOS network agreed to implement the proposal of “Stop ongoing payments to Block.one”and the EOS ecosystem fired the parent company Block.one, and started the new and independent development.
Negotiations failed and the Dragon Slayer,EOS Network Foundation sanctioned the evil Dragon,Block.one.
But this is far from sufficient.
Block.one holds the $4.1 billion which was obtained by the EOS crowdfunding.This part of the funds should belong to the EOS ecosystem, and Block.one should not and will not be able to retreat.
On February 10, 2022, the EOS Network Foundation took legal action:Block.one is demanding the return of $4.1 billion to enable the EOS ecosystem.
The EOS Network Foundation has hired a leading Canadian law firm to hold accountable for Block.one’s past actions and broken promises against the EOS community and investors, and review all possible legal resources including but not limited to initiate formal legal proceedings against Block.one.
The announcement that the EOS Network Foundation would take legal action against Block.one not only represents the voice of the EOS community and conforms to the best interests of the EOS ecosystem, but also is an important symbol of EOS completely split and independently developed from Block.one.
As the investigation progresses, the EOS Network Foundation will update the latest developments to the community. Looking forward to the 4 billion DAO coming!