Block.one has funded more than 100 innovative businesses, including Bullish – which is building the Bullish exchange – as well as Voice,a social platform where empowered communities create and share content. Block.one is also the creator of EOS, an open-source blockchain software that provides developers and businesses with the tools to build the infrastructure of tomorrow. EOS is a decentralized platform used to develop, host, and run business applications, or dApps. Headed by Dan Larimer, EOS launched In June 2018 after an initial coin offering that raised $4.1 billion in crypto for Block.one. Block.one also became one of the first organizations to face DAO action for it’s inability to meet the expectations it set for the EOS community.
EOS Mainnet Development hindered by New York State Department of Financial Services
Block.one claims it remains dedicated to building on EOS mainnet, but it cannot do so at present for three reasons:
- the New York State Department of Financial Services does not permit EOS, amongst other tokens, to be traded in New York state;
- the proprietary file storage system requires buy-in from major block producers that the team cannot guarantee;
- Block.one’s NFT protocol, built on top of SimpleAsset, requires to be released and widely adopted on mainnet in order for them to guarantee that their creators would always earn their royalties. “The current honor system has already been undermined by a growing black market.”
Block.one claims that solving these issues are not possible by the launch time, so the team plans to start “by decentralizing our chain and allowing exporting to EOS as a failsafe to our NFTs, while we work towards enabling full migration to mainnet.”
Then they added that they do not “have an end in sight yet,” saying that “after more than 18 months of close engagement with regulators, we do not have an end in sight yet. The change of administrations has introduced further uncertainty. Recent actions by the SEC indicate a long road ahead.”
Block.one shifts focus to Bullish Crypto Exchange Platform, alienates EOS Community
Bullish is a blockchain based cryptocurrency exchange platform. At the time of the launch, the Bullish exchange’s offering was comprised of bitcoin, ether, EOS tokens and USD coins. The exchange said it will broaden the digital assets it can offer in the future. Some of its most prominent investors include PayPal co-founder Peter Thiel, hedge fund managers Alan Howard and Louis Bacon, and Hong Kong tycoon Richard Li.
Bullish is slated to go public on the New York Stock Exchange through a merger with special purpose acquisition company Far Peak Acquisition Corp. in a transaction that will value the combined company at about $9 billion. As a result of Block.one’s negligence towards the development of EOS and continuous efforts toward the development of Bullish, Dan Larimer, the CTO behind the project, left the organization in one of crypto’s most infamous rifts.
EOS Foundation CEO, La Rose once said that he and everyone else in the community had become casualties of a venture that profited off their work and left them with nothing. “Block.one knowingly misrepresented their capabilities,” the 39-year-old Canadian entrepreneur said in the meeting. “And this amounts to negligence and fraud.”
Block.one also launched a limited version of its social media platform, Voice in July after releasing its beta version back in February 2020. However, it received mixed reviews from its first users, some of which complained of early access delays and other platform design shortcomings.
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
