EOS Community Revolts Against Brock Pierce’s Block.One, Won’t Pay 67M EOS

EOS, Block.One and other news outlets are now back. This one is positive, or negative. Block.One’s decoupling was approved by The EOS Network Foundation. ENF claims Block.One has stopped working in the best interest of its network. EOS founders will not be able to receive the 67M EOS distributed in the following seven years. The financial situation of Brock Pierce, the notorious Brock Pierce, will be affected even though he quit the company many years ago.

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Brock Pierce and Block.One: What does the Present have to do with Brock Pierce?

This might’ve been the last straw. This was just last month. Block.oneAnnouced that they were selling 45M EOS at a 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.”

An anonymous Twitter user broke the news and analyzed it in these words:

He says that “Block.One went in to a deal to sell their vested EOS tokens for a discount to their previous associate Brock Pierce!” And that, to stop this behavior, “The EOS community worked as one big DAO. An excellent example of democracy through voting and DpoS.” Even though the ENF is not a DAO, this might be a good example of how Decentralized Autonomous Organizations should work. But, is it possible to manage a decentralized protocol so easily? The EOS Network Foundation should be allowed to rollback smart contracts similar to this.

According to The BlockThe company has not taken control of the 45M EOS promised by Brock Pierce. “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).” Is this transaction what the EOS Network Foundation wants to block? 

EOSUSD price chart - TradingView

EOS price chart at Coinbase. Source: EOS/USD tradingview.com| Source: EOS/USD on TradingView.com

What did The EOS Network Foundation want?

Block.One was the ENF’s partner in negotiations. According to The Block, their goal was to “get hold of the EOS network’s intellectual property.” However, one of Block.One’s side projects, an exchange called Bullish, owned the IP. And Block.One “wouldn’t publicly commit to getting the intellectual property back.” What did the company do instead? They This was announced:

“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”

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How did EOS Network Foundation respond? They desired the IP and not tokens. They created This is the proposalThe approval was given. Yves La Rose (director of ENF) took to Twitter and declared victory.

“EOS has established its own future through supermajority consensus. It is the beginning of a new age. EOS and highlights the power of the blockchain to enable a community to stand up against corporate interests that don’t align with theirs.”

It was the community that spoke. They’ll roll back and stop the Block.One 67M M EOS. How does that put them regarding the EOS network’s intellectual property? Are they likely to get that IP?

Valentin Salja featured image on Unsplash Charts By TradingView| Charts by TradingView

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