{"id":9531,"date":"2022-03-03T08:01:22","date_gmt":"2022-03-03T08:01:22","guid":{"rendered":"http:\/\/egrowonline.com\/?p=9531"},"modified":"2022-03-03T08:01:22","modified_gmt":"2022-03-03T08:01:22","slug":"the-curious-case-of-block-one-the-company-behind-the-4-billion-ico","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=9531","title":{"rendered":"The Curious Case of Block.One, The Company Behind the $4 Billion ICO"},"content":{"rendered":"


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Why Block.One which raised $4 Billion in ICO is now in a problem<\/h2>\n

Block.one held an initial coin offering (ICO) of EOS tokens (EOS) in 2018, releasing 900 million tokens for approximately\u00a0$4 billion, making it the largest ICO. Unfortunately, many people have been disillusioned with the company\u2019s trajectory since then.<\/p>\n

Yves La Rose, the EOS Network Foundation\u2019s (ENF) founder, disclosed that they are gearing up\u00a0for legal action against EOS founders Block.one in a major milestone of the EOS ecosystem\u00a0against creator\u2019s tale. Concerns were made\u00a0about\u00a0whether\u00a0ENF will carry out its warning, if\u00a0they even\u00a0have a case, or if ENF has a morally relevant authority to do so. However, if and when\u00a0they do, would that be\u00a0the best solution, considering B1\u2019s experience with corporate lawsuits and the fact that it has perhaps one of the strongest defense attorneys in the industry?<\/p>\n

The EOS Network\u00a0Foundation reported in a blog that several individuals of the EOS community are unhappy with Block.one.<\/p>\n

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\u201cBlock.one has not kept its word regarding past promises and that both the community and individual EOS users have been harmed as a result.\u201d<\/em><\/p>\n<\/blockquote>\n

The Foundation had previously\u00a0publicized\u00a0that it has been in talks with Block.one to identify a mutual understanding. Each party was involved\u00a0in conversations in an effort to obtain a fair resolution. Block.one, on the other hand, has decided to walk away from the talks, according to ENF. Consequently, the EOS block producers determined that tenure for future EOS token revenues for Block.one should be frozen.<\/p>\n

La Rose called EOS a failed experiment a few months back. He stated it\u2019s a bad monetary investment, highlighting the market cap and price reduction. He also claimed that the community had lost important developers and had switched its major\u00a0focus area largely\u00a0from blockchain innovation to asset management.<\/p>\n

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The token sale was successful due to a barrage of marketing, enthusiasm, and velocity that pushed the price of EOS higher. Unfortunately, marketing and advertising began to decline soon after. B1 shifted its focus to forming a private firm and broadening its geographic reach. They claimed that a robust B1 would contribute to an enhanced\u00a0EOS, but this never happened. Instead, the exact reverse has happened\u2014unfulfilled promises, including the extravagant debut of Voice.com, followed by further unkept promises. Touted as a game-changing social networking service that would be developed on the EOS blockchain and reward EOS token holders, it was instead created on a private blockchain.<\/p>\n

La Rose commented:<\/p>\n

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\u201cWe have been disappointed with Block.one\u2019s reaction to our attempts to negotiate a solution following its failure to fulfill its commitments. As a result, we are exploring all possibilities to reach a resolution of this outstanding issue by other means.\u201d<\/p>\n<\/blockquote>\n

People became interested in EOS because of B1\u2019s claims to create the community\u00a0and setting needed for the ecosystem to thrive. It\u2019s safe to argue that EOS would have been in a stronger place today if they had accomplished so. It\u2019s a viewpoint shared by a large number of people within the community. Negative thoughts about EOS significantly influence sentiment today, as evidenced by media and the\u00a0internet. The ENF claims that individuals who already have put so much money and effort into EOS have been significantly damaged due to B1\u2019s failure to implement.<\/p>\n

The manner in which B1 interacted with the EOS community has so far not helped matters. When discussing\u00a0negotiations with the ENF and Brock Pierce, they have repeatedly and deliberately\u00a0missed the chance to establish a fair and reasonable arrangement. They never interacted with\u00a0the community, hardly attended\u00a0to it, and turned\u00a0down each request for a remark or an engagement.<\/p>\n

This carelessness sparked outrage in the community, prompting Block Producers to terminate\u00a0B1\u2019s EOS token vesting timeline.<\/p>\n

Ever since, the EOS community commenced on mapping\u00a0its path ahead with a slew of new policies, financing, and rebrands, along with the\u00a0takeover of EOSIO creation and implementation, new venture capitalists, providing funds for a myriad of task forces, acknowledgment\u00a0grants, and newfound motivation. Gradually, all of the promises made by B1 are now being fulfilled as the EOS community regains command of its destiny.<\/p>\n

Catch all the breaking news, and Don\u2019t forget to like the story!<\/em><\/p>\n

Image credits:<\/em> Dan Freeman<\/a>.<\/p>\n

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Why Block.One which raised $4 Billion in ICO is now in a problem Block.one held an initial coin offering (ICO) of EOS tokens (EOS) in 2018, releasing 900 million tokens for approximately\u00a0$4 billion, making it the largest ICO. Unfortunately, many people have been disillusioned with the company\u2019s trajectory since then. Yves La Rose, the EOS […]<\/p>\n","protected":false},"author":1,"featured_media":9532,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[39],"tags":[1065,5805,1541,20,5804,838],"class_list":["post-9531","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ico","tag-billion","tag-blockone","tag-case","tag-company","tag-curious","tag-ico"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/03\/7rEmNIeHNFOBfZZtUMQerOZIGGH3-39c3nv1.jpeg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/9531","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9531"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/9531\/revisions"}],"predecessor-version":[{"id":9533,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/9531\/revisions\/9533"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/9532"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9531"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}