LONDON (Bywire News) – The EOS Network has had a busy and eventful year, with a number of major developments both on and off the blockchain.
Founder Daniel Larimer has been active in pushing for a rebrand and a “Mandel” hard fork, a move that would give the EOS Network Foundation (ENF) effective control of the codebase. At the same time, Block.one is facing legal action from the ENF for $4.1 billion in damages, while BlockFi has agreed to pay $100 million to the U.S. Securities and Exchange Commission (SEC) and multiple state securities regulators to settle ongoing investigations.
In terms of blockchain developments, Larimer has released “Fractally,” a new social application built on EOS that he claims to have solved with a “fractal governance” system. The EOS network also experienced a 273% increase in total value locked (TVL) in February, and the ENF has completed the first stage of its planned technical improvement of the EOSIO core software.
In other news, eight US lawmakers or their immediate families have also traded cryptocurrencies, including EOS, over the past year, with bitcoin being the most popular, while a federal judge has dismissed a lawsuit accusing the world’s largest cryptocurrency exchange, Binance, of violating U.S. securities laws by selling unregistered tokens.
As the EOS Network continues to evolve and mature, it will be interesting to see what the future holds for this vibrant blockchain ecosystem.
January 3 – Crypto News
Dan Larimer, the founder of EOS, has promised a killer app for the network this year, saying he’s polishing up on the whitepaper and will be publishing it in the coming weeks. Larimer’s New Year’s resolution is to deploy the killer application that will make EOS the platform for viral community DAO creation, growth, and engagement. If anyone can revive EOS, then it’s Larimer. He has also been pushing for a rebrand, suggesting he would want the project to change its name.
January 19 – Bywire (Everything EOS YouTube Report)
In a recent YouTube discussion hosted by Everything EOS, Yves La Rose and Dan Larimer discussed the relationship between their two entities, the ENF and ClarionOS. They both believe that having multiple teams working on different competing ideas and seeing which one will win is the best way forward for the EOS network. The feedback process is key in order for the network to be able to reach consensus and create proposals that work. There may be some tension between teams as they work in parallel, but they all have the same ultimate goal of making EOS better.
January 20 – CoinDesk
Dan Larimer, the original developer of the EOS network, is coming back to the project after a “Mandel” hard fork is adopted in the second quarter. This will give the ENF effective control of the codebase, and Larimer will be paid 200,000 tokens for his work. This will help the EOS community to reassert itself, as well as help to potentially rename the project.
January 30 – Crypto Potato
Dan Larimer, co-founder of BitShares, Steem, and the EOS network, has announced Fractally, a new project designed to become the “DAO of DAOs”. The platform will combine a decentralized exchange, a social media platform, a high-performance smart contracts network, and decentralized governance processes, while building on the lessons learned from Larimer’s previous projects. It will also integrate the principles of decentralized governance outlined in Larimer’s book “More Equal Animals – the Subtle Art of True Democracy”. The project has hired Violet.garden founder John Williamson to help with the launch of a well-governed social media platform on the EOS network.
February 10 – CoinDesk
The ENF is considering legal action against Block.one, seeking $4.1 billion in damages due to broken promises and failed expectations. They have enlisted a Canadian law firm to investigate Block.one’s actions and pledges to the EOS community and investors to determine whether legal proceedings are available. They are also attempting to take control of the EOS blockchain protocol with fresh investment from venture capital firms in order to guide expansion of the project.
February 12 – Decrypt
BlockFi, a crypto lending platform, has agreed to pay $100 million to the SEC and multiple state securities regulators to settle ongoing investigations. The company will also discontinue new high-yield accounts for most U.S. residents. The SEC alleged that these BlockFi Interest Accounts, which can deliver yields in the range of 5 to 10%, are unregistered securities. Other crypto lenders are also facing scrutiny from state and federal regulators. In 2019, the SEC fined Block.one $24 million for its role in staging the EOS initial coin offering and in 2020, messaging app Telegram paid an $18.5 million fine and refunded investors $1.2 billion over its aborted TON token launch.
February 13 – CoinTelegraph
The development of EOS has been hindered by the same issues that have prevented mainstream adoption of decentralized applications (DApps): expensive accounts, expensive storage, and limited fee-less options. Despite this, Dan Larimer is attempting to release “Fractally,” a new social application built on EOS that he claims to have solved with a “fractal governance” system. While the efficacy of this system remains to be seen, its success could be pivotal in establishing EOS as a viable platform for mainstream social applications.
February 15 – CNBC
Eight lawmakers or their immediate families have traded cryptocurrencies over the past year, with bets ranging from about $1,000 to as high as $100,000, a CNBC analysis found. Seven Republicans and one Democrat, Rep. Marie Newman of Illinois, reported a transaction. Bitcoin was the most popular crypto, with trades totaling an estimated $229,000, followed by ether with $40,000 and dogecoin with $32,000. Members of Congress also invested in some less well-known cryptos such as Cardano, Stellar, Celo, Chainlink, Basic Attention Token, and EOS. Ranking member Sen. Pat Toomey (R-PA) has defended existing laws that mandate financial disclosures and explicitly bar Congress from insider trading. Rep. Mike Waltz (R-FL) has said he believes crypto to be beneficial for consumers and is in favor of limiting congressional stock trading. Rep. Mark Green (R-TN) had the most active crypto trading, with 16 transactions of about $1,000 to $15,000 each.
February 22 – Bywire / Fractally White Paper Twosday Reveal (Larimer)
“I fundamentally oppose [legal action by the @EosNFoundation ] because the entire point of the system is to create an alternative means of reaching consensus. By going back to the legal system you admit, we don’t have the tools, we’re not going to cooperate” – @bytemaster7 #EOS
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Fractally is a framework for the next generation of DAOs which utilizes the RESPECT token for contributions like attending meetings, engagement, funding, recruitment, and collaboration. The whitepaper provides further details.
March 2 – Hackernoon
Block.one raised $4 billion in an ICO for EOS tokens, however they failed to meet the expectations of the EOS community. The ENF is now exploring legal action against Block.one as they have refused to negotiate a resolution. The community has taken back control of their destiny and is now fulfilling the promises made by Block.one, with the help of new policies, financing, and venture capitalists.
March 7 – Ethereum World News
The EOS network experienced a 273% increase in total value locked (TVL) in February, with EOS REX and DeFiBox being the two major contributors. Development activity on EOS is also consistent, though it is still outshone by its competitors such as Ethereum, which has higher TVL. EOS needs some captivating unique selling points to gain background.
March 15 – The Paypers
Ukraine’s Ministry of Digital Transformation has launched the official website for Aid For Ukraine, an initiative that raises funds from the crypto community for the benefit of Ukraine’s military and humanitarian needs. Users can donate to existing wallets of Ministry in BTC, ETH, USDT (TRC-20), DOT, SOL, DOGE, XMR, ICX, EOS, and NEO. The initiative is working with FTX to convert crypto funds received into fiat and send the donations to the National Bank of Ukraine. The funds will be used to help the Armed Forces of Ukraine and Ukrainian civilians in need of humanitarian aid.
March 28 – Crypto Potato
Brock Pierce revealed he traded all his Block.one shares for EOS tokens, pushing the asset’s price up by 20%. This came after weeks of market stagnation and was likely due to Pierce’s strong conviction in EOS’s potential rebound this year. EOS has since surged to a multi-month high above $3, although it is still a few points down from erasing its losses for the year.
March 30 – Yahoo Finance (via ENF)
The ENF has completed the first stage of its planned technical improvement of the EOSIO core software, divided into four main “Blue Papers”. ENF partnered with Object Computing, Inc. (OCI) to develop the Transaction Lifecycle overhaul outlined in the API+ papers, which aims to provide several major quality of life improvements for node endpoint API users. OCI has previously been instrumental in the development of EOSIO as part of their engagement with Block.one and has experience with blockchain projects like Emanate, AirTM, and StrongBlock.
March 31 – Bywire/US News
A federal judge dismissed a lawsuit accusing Binance, the world’s largest cryptocurrency exchange, of violating U.S. securities laws by selling unregistered tokens, including EOS. The investors claimed the exchange failed to register as an exchange or broker-dealer, but the judge ruled that the statute of limitations had expired and that domestic securities laws did not apply. Binance and its lawyers did not comment on the ruling.
Part II coming soon.
(Research by Michael O’Sullivan. Writing by Natalia Siler and Michael O’Sullivan, editing by Michael O’Sullivan)
