• BlockOne makes an attempt to resurrect the EOS network by transferring $210 million to Helios

  • This year, EOS has been one of the worst-performing crypto-assets. However, in order to foster network growth, BlockOne has devised a new strategy, which comes in the midst of scathing attacks on the company.

    To say that “BlockOne’s relationship with EOS has been fraught with controversy” is an understatement. As a result of the ongoing community backlash, EOS has dropped out of the top ten cryptocurrencies by market cap and is now ranked 44th. However, Blockne, the blockchain company responsible for its creation, has a plan that involves transferring 45 million EOS tokens to Helios.

    Is Blockne’s plan to save EOS a little too late?

    According to the announcement, BlockOne has agreed to transfer 45 million EOS (approximately $209 million) on November 8th after considering many ways to leverage its token holdings to foster the network’s growth.

    The company also stated that it is now considering a series of transactions in order to “empower the EOS network” and target new participants while exploring new opportunities, launching new decentralized governance initiatives, and increasing the liquidity of EOS-powered projects.

    Helios, which is led by former actor and crypto enthusiast Brock Pierce, has plans to revitalize the network. While it is too early to tell whether the latest move will restore community trust, Helios promises to have a few plans in the works.

    For starters, the organization intends to launch an EOS Venture Capital fund. It also intends to aid in the development of EOS-based institutional-grade financial products.

    Its roadmap also includes support for the development of necessary infrastructure, tooling, and documentation for EOS developers. In addition, the platform will organize community events centered on raising awareness, networking, and expanding viability.

    Conflict between BlockOne and the EOS Community

    Allegations that the EOS project is plagued by centralization have resulted in a significant decrease in network activity. EOS was the world’s seventh-largest blockchain by market value around this time last year. A lot has changed since then.

    BlockOne’s decision to transfer millions of dollars comes less than a week after Yves La Rose, Founder of the EOS Network Foundation, chastised the former developer for abandoning his desire to contribute to the EOS ecosystem. La Rose didn’t mince words when he declared that “EOS is a failure,” referring to the token’s dwindling market cap and value.

    What's your reaction?