EOS made the news last year after Dan Larimer quit it’s mother company, Block.One, which was far from amicable. Block.One was said to have alienated the EOS community and Larimer alike, leading to the split. The present value of EOS is $1.31 USD, achieving a market cap of $1,289,107,009 USD. By 2025, the price of EOS is predicted to reach an average of $6.01. EOS, once touted as the Ethereum Killer on its launch, lost momentum and faded into relative anonymity. With its scalable and faster blockchain technology based around smart-contracts, EOSIO quickly became the go-to for dApps. The community itself remained hopeful, for a comeback, which is becoming a reality in 2022. The “Mandel” upgrade from Larimer gives ENF effective control over the EOS codebase – and thus the network’s power seat.
DAO takes action against BLOCK.ONE, value plummets after Larimer Tweets
Larimer said he left Block.One as of Dec. 31, 2020. The Virginia-based technologist announced his boycott of Twitter yesterday, saying its “censorship has gotten out of control,” This resulted in a 30% drop in the price of EOS within 18 hours. After leaving Block.One – EOS’ ex-mother company, Larimer has been stepping up his technical contributions to the software he spearheaded in 2017. For its part, the EOS Network Foundation (ENF) – now the ecosystem’s de facto shot caller – will subsidize Larimer’s development work through grants via its native EOS.
The first step is to completely sever ties with Block.One. Zack Gall, ENF’s director of communications, said the company that conducted EOS’s $4 billion token sale in 2017 had long since shifted its focus and funding – and even its vested EOS tokens – to the crypto exchange Bullish, which is preparing to go public through a special purpose acquisition company (SPAC). Block.One, or B1, destroyed the EOS ecosystem, Gall said in an interview. “B1 essentially transferred their assets to a new company, which feels like the ultimate rug,” he said over Telegram, referring to “rug pull,” a crypto colloquialism for being deceived by project leadership.
Last year, Block.One’s relationship with the EOS community culminated in the crypto-governance equivalent of “you’re fired.” Stakeholders voted for a multiyear vesting period to end Block.One’s EOS token grants worth $250 million. Backers of EOS had had enough of a once-pivotal codebase caretaker with commitment issues. Gall said, “The network came together to take back their unvested EOS, which was their only asset they had jurisdiction over.” This was probably the first and only time that a DAO (decentralized autonomous organization) has taken action against a corporation.”
ENF to take control of EOS codebase with Mandel Fork
Larimer, a serial blockchain entrepreneur, plans to integrate DAOs and social media platforms into future EOS tooling, according to Gall. In his opinion, some of those plans are only possible with the hefty contributions Larimer, Block.One’s former chief technology officer, is now set to provide.
It is a conundrum that ENF faces because EOS gave its corporation the boot without reclaiming that intellectual property. EOS.io is still among Block.One’s most prominent assets. More importantly, it manages the EOS GitHub repository, which hasn’t changed in eight months, an eternity in cryptocurrency.
Gall said the upcoming Mandel hard fork and Larimer’s contributions will change that. As part of the agreement, ENF will take over operational control of the codebase – which the network funds with a $100 million “inflation drip.”
Larimer will receive 200,000 tokens for his work. ֵENF hopes all of this will lead to a renaissance for EOS – or whatever it might become next.
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.
