“The most controversial blockchain developer” is back in the news. The EOS Network Foundation voted to decouple from Block.One. They allege that the company is no longer working in the best interest of the network. This affects Block.One’s finances. The company that created EOS will not get the 67M EOS that they were entitled to over the next seven years.
What should BrockPierce do with Block. One?
This may have been the last straw for Block.One. Just a few months ago, Block.One announced that they were selling over $45 million dollars worth of EOS at a significant discount to one of Brock Pierce’s ventures.
“Today we are pleased to announce that we have agreed to transfer 45 million EOS tokens to Helios.
Led by Brock Pierce, Helios takes aim at serving the EOS community through several high ambitions, including creating an EOS Venture Capital fund, facilitating the creation of institutional-grade EOS financial products, supporting the creation of infrastructure, tooling and documentation for developers, and organizing community events around education, networking, and use case development.”
One of Brock Pierce’s ventures
Block.One went into a deal to sell their vested EOS tokens at a discount to their previous associate Brock Pierce. The EOS community worked together as one big DAO, with an excellent example of democracy through voting and DPoS. But, should a decentralized protocol be so easy to control? Should the EOS Network Foundation be able to roll back a smart contract just like that?
According to The Block, Block.one did not own the 45M EOS they promised Brock Pierce and they have never received them yet. “Eight million of the tokens were already vested and controlled by Block.one while 37 million are still vesting (meaning they haven’t been released by the network yet).” This transaction may be what the EOS Network Foundation is attempting to block.
What was the purpose of the EOS Network Foundation?
The ENF had been negotiating with Block.One over its EOS network, with the goal of acquiring Block.One’s intellectual property. However, one of Block.One’s side projects own the intellectual property. And Block.One wouldn’t publicly commit to giving it up. Instead, it announced that it would:
“In addition to the recently announced Helios transaction, today we are pleased to announce our intentions to offer the following grants of vesting tokens that are intended to be given over time, and subject to our token availability:
EOS Network Foundation – 30m EOS
Pomelo – 1m EOS
EdenOS – 1m EOS”
EOS Network Foundation
How did the ENF Network Foundation react? They wanted the IP, not tokens. So, they created this proposal, which was approved. The ENF director, Yves La Rose, took to Twitter to declare victory.
“Through a super majority consensus, the EOS network has taken its future in its own hands. 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.”
Yves La Rose (@EosNFoundation) December 8, 2021
When it comes to EOS and the intellectual property of the EOS network, the community has spoken. They will roll back the contract and block the 67M EOS that Block.One had to come. Where does that put them regarding the EOS network’s intellectual property? Does the ENF have any chance of getting that IP now?
Featured photo source pexels.com
