The Proof-of-Stake blockchain is set to expose its brand-new branding as the job transfers to distance itself from previous designer Block.one.
Key Takeaways
- A brand-new tweet from the EOS Foundation indicates the job's long-await rebrand will occur later on today.
- In respose, the EOS token has actually rallied more than 24% over the past 24 hours.
- The community-led procedure Antelope is because of hardfork the EOSIO codebase on September21
The EOS Foundation likewise prepares to hardfork the EOS blockchain on September21
EOS Prepares to Rebrand
The EOS blockchain is rebranding.
An early Wednesday tweet from the EOS Network Foundation has actually exposed that its long-awaited EOS rebrand impends. "Who is all set for the EOSIO rebrand? 15.5 hours ... Tick Tock," read a Wednesday tweet, indicating that the structure's rebrand would go live today at around 16: 00 UTC.
The structure's CEO Yves La Rose hinted that the EOS rebrand would release "today" on August 15, however it was just after EOS Network Foundation's tweet that the marketplace went into an EOS purchasing craze. EOS has actually leapt over 24% given that it was published, making it among the best-performing crypto tokens of the past 24 hours, according to CoinGecko
EOS notoriously raised a record-breaking $4 billion through its preliminary coin offering in 2017 however dealt with criticism after stopping working to measure up to its guarantees. The EOS token has likewise underperformed those of other Layer 1 blockchains and has actually never ever broken its 2018 all-time high rate. EOS has actually brought in popular backers such as PayPal co-founder Peter Thiel, an internal battle in between the blockchain's designer Block.one and the non-profit EOS Foundation has actually weighed on the job.
Under La Rose's management, the EOS Foundation has actually worked to sever ties with Block.one. In February, La Rose revealed the Foundation would look for legal option versus Block.one for what it called "carelessness and scams" following the EOS ICO. The EOS neighborhood likewise voted to stop releasing vested EOS tokens to Block.one in late 2021, declaring that the business had actually stopped working to provide on its guarantees for EOS.
Now, the EOS Foundation is preparing to entirely cut ties with Block.one, entering what La Rose has actually called a "brand-new chapter" in the blockchain's advancement. The structure will rebrand EOS under a brand-new name to distance itself from the duration of drab advancement that it blames on Block.one. Furthermore, the EOS Foundation prepares to hardfork the blockchain's existing EOSIO codebase on September 21, a required action to move job ownership far from Block.one and its associated business. "This marks completion of a rough journey from a codebase managed by a poisonous entity to a really decentralized and open source task," stated La Rose in a Monday tweet storm discussing the rebrand and hardfork.
Onlookers will need to wait up until later on this afternoon to see what sort of brand name and image EOS will shift to. With other upcoming Layer 1 blockchains such as Aptos getting the market's attention in current weeks, EOS will have its work cut out if it desires to make an effect. Compared to when EOS introduced in 2017, the Layer 1 blockchain area of 2022 has actually ended up being considerably more saturated.
Update: The EOS Network Foundation revealed Wednesday that the community-led procedure Antelope will fork and rebrand the EOSIO codebase. The hardfork is slated for September 21.
Disclosure: At the time of composing this piece, the author owned ETH and a number of other cryptocurrencies.
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