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1. The Core of the Controversy
This face-to-face meeting can be seen as the latest attempt by the EOS Network Foundation and EOS Network block producers to reach a settlement with Block.one. The core controversy at this meeting is: Block.one owns a large amount of EOS, but should this part of EOS continue to be owned by Block.one?
As we all know, during the creation period, Block.one held a large amount of EOS tokens on the grounds of supporting the development of the EOS.IO blockchain. Later, some outsiders questioned that the huge amount of funds raised by Block.one was not necessary for the development of the blockchain. , Block.one did not explain the whereabouts of the funds. Currently Block.one has accumulated about 30 million EOS. Many people in the community, including block producers, believe that this portion of EOS tokens in the future should not and cannot belong to Block.one.
This issue is very important to the development of the EOS ecosystem, because the EOS community is not satisfied with what Block.one has done.
Yves said:
This is where we disagree with Block.one and why we are negotiating. Block.one believes that these tokens belong to them, but this is contrary to the consensus of the current EOS network ecology. We believe that these tokens do not belong to Block.one.
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2. Brock Pierce uses shares to buy45 million EOS
The important message in the following passage is: Block.one is attempting to trade EOS tokens that have not been vested or are being vested. Block.one has agreed totransfertransferto Helios, Brock Pierce also responded in a tweet: The ownership of these tokens will be unlocked within 7 years.
This was later confirmed by Brock Pierce himself in another tweet:
Many speculate that Brock Pierce attended the meeting to discuss the feasibility of Helios launching an EOS ETF. However, according to people familiar with the matter inside Block.one, they suspect that a larger transaction was initiated before this meeting, which may include Brock Pierce exchanging some or all of his Block.one shares for unvested EOS.
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3. Experience that can be used for reference
In the future, we may be able to summarize a better and more transparent model from Telos’ practical experience:
On November 9, the blockchain platform Telos raised $8 million, led by ConsenSys and Polygon investor John Lilic. The funding was provided by a group of five prominent crypto investors,they agree to$1 priceBuy 1.7% of the total Telos token supplyfirst level title
4. Negotiations are still ongoing
Protracted fights or disagreements do no one in the EOS community any good. If Block.one still insists that they have ownership of the remaining 70 million EOS (even if they have sold half of it to Helios), it will be very difficult for the EOS Network Foundation to accept these terms, as this will expose the EOS ecosystem to a huge sell-off pressure.
This is quite normal because when organizations pay their employees in EOS, their employees usually convert at least some of it to fiat to pay the bills, and they definitely have to convert it to fiat to pay their taxes.
What is clear is that all parties to this divide ultimately share the same ambitions.
Determining whether Block.one does have legal ownership of the unvested EOS, or whether the community has control over it, will be a difficult task. Therefore, a compromise seems to be the preferred option, and we believe that the discussion is still ongoing. However, if a compromise cannot be reached, both sides appear ready to step in, with Helios caught in the middle.
So far it looks like Brock Pierce made financial sacrifices in this deal. Therefore, his intentions seem to be good, and if this is the case, this could be a huge boost for the entire EOS ecosystem.
Yves said today:
This chapter needs to be closed for good if one wants to reach an agreement somehow, that's why it's so difficult...we're not just reaching an agreement over these tokens, we're reaching a deal that takes the past into account and makes us peaceful future agreement.
The dispute does represent an intensification of the power struggle at the heart of EOS. On the one hand, Yves and the EOS Network Foundation established themselves as the leaders of the EOS community with actions. On the other hand, many actions of Block.one show that they care more about safeguarding the interests of shareholders than ecological users. Both tokens are very active in the EOS ecosystem, but are moving in different directions.
Together with Pomelo and Eden, the EOS Network Foundation has injected new optimism into the community on EOS. However, the emergence of Helios, which received 8 million EOS ($39 million) from Block.one, aroused suspicion.
Many pointed out that Block.one has yet to live up to its commitment to support Pomelo. Block.one has broken its trust many times before, and the EOS community no longer trusts Block.one.
fraudfraud", calling on the EOS community to break away from Block.one. The performance of Block.one is indeed unsatisfactory.BullishLicensed in Gibraltar, they say they will continue to work on the blockchain, but this means little to the EOS ecosystem.
One thing is clear: the tug-of-war over EOS has done little to its value. At the time of writing, EOS is down more than 12% on the day, partly because other cryptocurrencies, including Bitcoin, are also in decline. No matter what Block.one says, past promises and doubts have weighed heavily on EOS. For the existing EOS community and those who care about EOS, the existence of Block.one seems to be a serious drag.
At present, Brendan Blumer, Brock Pierce and Yves La Rose have not yet reached the final result. We will continue to pay attention to the EOS ecology. We will bring you the latest progress and look forward to EOS getting better and better.
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