Key Takeaways
A brand new tweet from the EOS Foundation implies the challenge’s long-await rebrand will happen later in the present day.
In respose, the EOS token has rallied greater than 24% over the previous 24 hours.
The community-led protocol Antelope is because of hardfork the EOSIO codebase on September 21.
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The EOS Foundation additionally plans to hardfork the EOS blockchain on September 21.
EOS Prepares to Rebrand
The EOS blockchain is rebranding.
An early Wednesday tweet from the EOS Network Foundation has revealed that its long-awaited EOS rebrand is imminent. “Who is ready for the EOSIO rebrand? 15.5 hours… Tick Tock,” learn a Wednesday tweet, implying that the muse’s rebrand would go dwell in the present day at round 16:00 UTC.
The basis’s CEO Yves La Rose hinted that the EOS rebrand would launch “this week” on August 15, nevertheless it was solely after EOS Network Foundation’s tweet that the market entered an EOS shopping for frenzy. EOS has jumped over 24% because it was posted, making it one of the best-performing crypto tokens of the previous 24 hours, in response to CoinGecko.
EOS famously raised a record-breaking $4 billion by means of its preliminary coin providing in 2017 however confronted criticism after failing to dwell as much as its guarantees. The EOS token has additionally underperformed these of different Layer 1 blockchains and has by no means damaged its 2018 all-time excessive value. Although EOS has attracted outstanding backers corresponding to PayPal co-founder Peter Thiel, an inside wrestle between the blockchain’s developer Block.one and the non-profit EOS Foundation has weighed on the challenge.
Under La Rose’s management, the EOS Foundation has labored to sever ties with Block.one. In February, La Rose introduced the Foundation would search authorized recourse towards Block.one for what it referred to as “negligence and fraud” following the EOS ICO. The EOS neighborhood additionally voted to cease issuing vested EOS tokens to Block.one in late 2021, claiming that the corporate had did not ship on its guarantees for EOS.
Now, the EOS Foundation is gearing as much as fully reduce ties with Block.one, coming into what La Rose has referred to as a “new chapter” within the blockchain’s improvement. The basis will rebrand EOS below a brand new title to distance itself from the interval of lacklustre improvement that it blames on Block.one. Additionally, the EOS Foundation plans to hardfork the blockchain’s current EOSIO codebase on September 21, a needed step to switch challenge possession away from Block.one and its affiliated firms. “This marks the end of a turbulent journey from a codebase controlled by a toxic entity to a truly decentralized and open source project,” mentioned La Rose in a Monday tweet storm explaining the rebrand and hardfork.
Onlookers must wait till later this afternoon to see what variety of model and picture EOS will transition to. However, with different upcoming Layer 1 blockchains corresponding to Aptos gaining the market’s consideration in latest weeks, EOS can have its work reduce out if it desires to make an impression. Compared to when EOS launched in 2017, the Layer 1 blockchain house of 2022 has develop into considerably extra saturated.
Update: The EOS Network Foundation introduced Wednesday that the community-led protocol Antelope will fork and rebrand the EOSIO codebase. The hardfork is slated for September 21.
Disclosure: At the time of scripting this piece, the creator owned ETH and a number of other different cryptocurrencies.
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