EOS community stops distributing 67 million tokens ($250 million) to Block.One

The EOS community has decided to stop ongoing payments to BlockOne – the company behind the project. This decision was made following ongoing debates in the community about the reliability of BlockOne, stating that the company has hindered the network from centralizing.

ENF vs. BlockOne

The conflict between the EOS Network Foundation (ENF) and BlockOne has been heating up over the past few weeks. ENF said BlockOne failed to fulfill its responsibility to the network and repeatedly broke promises. The decline in network activity took a severe toll on the EOS token, which was one of the worst performing assets in 2021, sliding from 7th to 51st on Coinmarketcap.

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

Many organizations have recently made it clear that EOS can no longer rely on BlockOne, accusing the company of not delivering on promises and of lacking support for the network. The separation between the two is only a matter of sooner or later as the community strongly believes that a new entity is suitable 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 stake in the EOS ecosystem, to the point that they wanted to delete 45 million tokens held by the company.

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

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

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