Share:
  • The EOS community has come together to stop ongoing payments to Block.one.
  • EOS members believe that Block.one has done little to support the blockchain network.
  • Block.one will no longer receive 67 million EOS tokens in the next six to seven years.

The EOS community has decided to halt ongoing payments to the company behind the blockchain’s network, Block.one. Through a super-majority consensus, the community claims that the firm is no longer acting in the network’s best interests.

EOS begins a new era

Block.one released the software for the EOS blockchain in 2018, running on delegated proof-of-stake by the top 21 producers, voted in by token holders. However, these 21 block producers could be voted out of power by token holders despite having combined control over the network. Block.one was originally set to receive 100 million EOS, worth roughly $375 million over ten years, about 10% of its total supply in return for supporting the blockchain.

However, the EOS community has been disappointed by the firm’s commitment toward the blockchain, providing few use-cases for it, according to the EOS network Foundation (ENF). 

La Rose, who formerly ran the EOS block producer, was appointed as the leader of the ENF and expressed his plans for the network in November. He stated that EOS had been let down by Block.one and the network needed another path to move forward. 

The ENF had been in discussions with Block.one, with the aim of getting hold of the EOS network’s intellectual property. However, the ENF was dissatisfied with the result, therefore the network’s block producers came together to halt ongoing payments to Block.one.

Around 67 million EOS tokens that were set to be distributed over the next six to seven years to Block.one will be stopped, as EOS claimed that the firm is no longer acting in the blockchain’s best interest.

The ENF stated that the EOS network has taken its future into its own hands by voting to fire Block.one, beginning a new era for the blockchain.

EOS price at risk of 53% decline

EOS price is on the edge of further losses as the token dropped below the symmetrical triangle’s lower boundary in late November on the daily chart. The prevailing chart pattern suggests a 60% decline from the downside trend line of the triangle toward $1.62.

The first line of defense for EOS is at the 78.6% Fibonacci retracement level at $3.05, then at the December 6 low at $2.81. An increase in selling pressure may see the token retest the December 4 low as support at $2.40 before reaching the bearish target.

EOSUSDT

EOS/USDT daily chart

If the bulls manage to reverse the period of underperformance, the first obstacle will appear at the 61.8% Fibonacci retracement level at $3.57, then at the 21-day Simple Moving Average (SMA) at $3.82. Bigger aspirations will target the 50% retracement level at $3.93.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Worldcoin Price Prediction: Is WLD done with uptrend after 77% rally?

Worldcoin Price Prediction: Is WLD done with uptrend after 77% rally?

Worldcoin (WLD) price has paused its uptrend as it currently trades at $1.57. This move comes after the altcoin rallied a whopping 77% in just three days, between September 13 and 16. As WLD hovers aimlessly, investors need to be patient to catch the next volatile move. 

More Worldcoin News

Ethereum whales prepare ahead of futures Ethereum ETF approval on October 2

Ethereum whales prepare ahead of futures Ethereum ETF approval on October 2

Ethereum (ETH) price is likely going to witness a massive spike in volatility soon due to the circumstances surrounding the approval of the token’s futures Exchange-Traded Fund (ETF). According to Twitter users, the ETF is likely going to be approved on October 2. 

More Ethereum News

Ripple Price Forecast: Declining network growth and underwater XRP holders suggest more downside for XRP price

Ripple Price Forecast: Declining network growth and underwater XRP holders suggest more downside for XRP price

Ripple (XRP) price shows a lack of buying pressure after its win against the US Securities and Exchange Commission (SEC) on July 13. Since then, the remittance token has been on a downtrend. Considering Ripple’s current position, a further decline would not be surprising.

More Ripple News

Chainlink Price Prediction: LINK bears set to wipe 25% gains

Chainlink Price Prediction: LINK bears set to wipe 25% gains

Chainlink price shows an exhaustion of the bullish momentum as it approaches a key reversal zone. This development could see LINK trigger a steep correction that could undo recent gains.

More Chainlink News

Bitcoin: BTC downside likely after 20-week EMA culls bulls

Bitcoin: BTC downside likely after 20-week EMA culls bulls

Bitcoin (BTC) bearish price fractal, as discussed in a previous article, is underway, but the lack of volatility is causing ambiguity and doubt. Regardless, BTC might see a bit of an upside before the long-term bearish scenario plays out.

Read full analysis

BTC

ETH

XRP