Having been snubbed for years by Block.one, the ENF community decided to proceed legally against the original developer. The EOS blockchain has been underperforming for the past four years, and the community was quick to point towards Block.one, the developer of this project. The community and the newly established EOS Network Foundation believe that Block.one has not kept its promises towards the EOS network and its users. To strengthen this ongoing lawsuit, the ENF is seeking the help of the community in gathering evidence against Block.one.
The EOS project was launched in 2016 by Dan Larimer and Brenden Blumer amidst huge expectations. So much so that the project managed to sell 20% of its entire circulation in just five days accumulating over $185 million. The yearly accumulation for EOS in 2017 was $4 billion when the coin made a jump from $1.20 to $ 5.48. The coin, however, was met with a steep crash hitting way below the $1 mark. Except for one or two occasions, the coin has not made any significant move in the market.
However, the EOS coin is now making a comeback with a CEO elected by the community. Now, EOS could reach its full potential under new leadership and is also expected to break several barriers to reach $20 by 2024. This rally would receive a significant push from the ongoing lawsuit against Block.one. The lawsuit has been filed against Block.one on the grounds of not keeping the promises to the “community and individual users”. Click here to know more about why some crypto experts view EOS positively, especially if it wins against Block.one.
EOS CEO Yves La Rose recently posted a tweet that asked for community support to gather evidence. The ENF is moving to strengthen the case as the negotiations between the two parties did not help achieve an amicable solution. Reportedly, Block.one walked away from the negotiations organised by the ENF. Now, the lawsuit from EOS will demand $4.1 billion from Block.one to compensate for the harm caused to the community. This amount would be used for future projects on the EOS network to preserve the relevance of the tokens on the market.
The announcement also carried some guidelines to be observed during evidence collection. As per the guidelines, anyone wishing to contribute must adhere to their privacy. Moreover, the content provided will naturally give the ENF the power to research, comment and publish it. Apart from these, there are some common instructions like non-defamatory language, short content, etc.
The introduction of Web 3.0, which is primarily decentralised, would result in the collapse of various technologies and networks that are presently considered crucial. EOS, on the other hand, has several characteristics that might help it endure. EOS is well-funded and backed by a strong team. EOS aspires to be the most popular platform for developing and hosting DApps. This is the most rapidly expanding segment of the Blockchain ecosystem. EOS was created with DApp developers in mind.