Tag: EOS

BitTrade Announces First-Ever Domestic Listing of EOS

by Blockchain News

BitTrade, a registered cryptocurrency exchange in Japan, announced today that it will commence the handling of EOS, a cryptocurrency used within the decentralized application platform, starting from September 13, 2023, at 15:00 JST. This marks the first-ever domestic handling of EOS in Japan.

EOS, known for its use in smart contracts and decentralized applications, is a cryptocurrency that can also be used for staking, purchasing NFTs, and as a payment method within games. As of August 14, 2023, the total issued amount of EOS stood at 1,099,658,214.

On August 30, 2023, the EOS Network Foundation announced that EOS has received whitelist approval from the Japan Virtual and Crypto Asset Exchange Association (JVCEA). This allows EOS to be traded against the Japanese yen on regulated exchanges, starting with BitTrade in mid-September.

The approval highlights EOS’s adherence to Japan’s rigorous digital token regulations, emphasizing its dedication to transparency and security. Yves La Rose, CEO of the EOS Network Foundation, expressed the significance of this milestone for EOS’s growth in Japan. The network’s expansion, including projects like Upland’s metaverse in Tokyo, showcases its increasing popularity in the region.

One of the notable features of EOS is its “burning mechanism.” This mechanism reduces the total number of circulating tokens, aiming to address concerns over token inflation and excessive dilution. Shiba Inu is another coin that employs a similar burning mechanism.

The burning process can potentially influence the token’s price, and users are advised to understand this mechanism thoroughly before trading. Detailed information about the burning method and its history can be found on the EOS Network Foundation’s official website.

However, BitTrade also cautioned potential traders that the start date and time might change without prior notice. The exchange highlighted that cryptocurrencies aren’t backed or guaranteed by any government; instead, they are digital data transacted online. Users are encouraged to be aware of the risks in cryptocurrency trading, such as potential devaluation and the crucial need to protect their private keys.

BitTrade is a registered cryptocurrency exchange under the Financial Services Agency and the Kanto Local Finance Bureau. It is also a member of the Japan Cryptocurrency Trading Association.

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EOS Network Foundation Urges Community to Reject $22 Million Block.one Settlement

by Blockchain News

In a current class action lawsuit in the United States, the EOS Network Foundation (ENF) has openly pushed the EOS community to reject the proposed settlement with Block.one, the business that created the EOS blockchain. On August 8, 2023, the information was published on the ENF’s official Twitter account.

The EOS Network Foundation is a group with the mission of using decentralization to plan a coordinated future for the EOS Network as an agent of good in the world.

Details of the Settlement

The proposed settlement pertains to the ongoing class action against Block.one, and details can be found at the settlement website. The settlement amount is $22 million, a figure that the ENF has criticized as being inadequate.

According to the ENF’s statement, “The proposed settlement amount of $22 million represents a tiny fraction of the $4 billion that Block.one raised from the community in its ICO sale and the $1 billion that Block.one promised to invest in the EOS Network and community, but failed to do.”

ENF’s Stance

The ENF has expressed strong dissatisfaction with the terms of the settlement, stating that it does not adequately compensate community members for losses suffered due to Block.one’s “misrepresentations and bad acts.” Furthermore, the ENF emphasizes that the settlement would bar class members’ rights to seek fair and just resolution to their claims in the future.

The ENF’s statement further reads: “$22 million is too small a price for Block.one to pay to avoid having to be held to account for their bad acts in the future.”

Call to Action

The ENF is urging community members to opt out of the settlement, sending a message to Block.one and the court that the settlement is inadequate. The deadline to opt out is August 29, 2023. Failure to opt out by this date may result in automatic inclusion in the class, impairing future rights to bring a claim against Block.one.

EOS community members who wish to opt out of the settlement can do so by completing the web-form located at this link.

What Happend Before The Call

The ENF’s call to reject the settlement comes in the context of ongoing legal disputes with Block.one.

Block.one is being sued by the ENF for “failing to follow through on its $1B commitment,” according to an announcement made by ENF founder and CEO Yves La Rose on July 25. 

On January 31, 2023, U.S. court rejected Block.one’s $27.5 million settlement offer to main plaintiff Crypto Assets Opportunity. The $22 million settlement that is now being sought relates to a different class-action case that has been ongoing for some time.

La Rose has been outspoken about the difficulties the EOS community is experiencing as a result of Block.one allegedly not honoring its investment pledges. In May 2023, he initially advocated for a class-action lawsuit against Block.one, claiming that the firm had broken its pledge to give EOSIO developers $1 billion from the EOS initial coin offering (ICO) which Block.one raised $4.1 billion in 2018.

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EOS EVM Mainnet Launch Improves Interoperability Between EOS and Ethereum

by Blockchain News

The EOS Network Foundation (ENF) has announced the beta launch of the EOS EVM mainnet, a significant milestone towards bridging the gap between two major blockchain ecosystems, Ethereum and EOS. The EOS EVM mainnet emulates Ethereum’s Virtual Machine (EVM) and enables developers to deploy decentralized applications (DApps) written in Solidity, the programming language used by the vast majority of web3 developers.

The ENF team has identified Ethereum’s scalability issues as a challenge for mass-scale DApp deployment, which is why they have launched the EOS EVM mainnet. The team aims to leverage the performance of the EOS Network to address this challenge, while also combining the resources of the Ethereum community. According to Yves La Rose, founder and CEO of the EOS Network Foundation, the launch of EOS EVM paves the way for an interoperable future. He emphasizes that EOS EVM is a significant milestone that represents the network’s commitment to a multi-chain future.

La Rose adds that the EOS EVM mainnet offers developers access to lower fees and faster transactions of the EOS network. This is an important development as the Ethereum network is expecting more adoption after the most recent Shapella upgrade. To keep up with this adoption, projects have been prioritizing the implementation of EVM compatibility within their networks. For example, Astar Network recently launched smart contracts that support two virtual machines, including EVM and the WebAssembly Virtual Machine. This allows for the creation of new multichain applications within their network.

In addition, Polygon’s zkEVM, a zero-knowledge rollup scaling solution, released its beta version on March 27. This technology mimics the transaction execution environment of the Ethereum mainnet, allowing DApps to scale with higher performance. With more and more blockchain projects prioritizing EVM compatibility, it’s clear that the future of interoperability between different blockchains will rely heavily on this technology.

In conclusion, the launch of EOS EVM mainnet is a significant step towards improving interoperability between EOS and Ethereum. By combining the resources of the Ethereum community with the performance of the EOS Network, developers can deploy Solidity-based DApps on a high-performance platform with lower fees and faster transactions. As other projects like Astar Network and Polygon also prioritize EVM compatibility, it’s clear that this technology is becoming an important part of the blockchain ecosystem.

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EOS Network Foundation reveals plans to pursue a $4.1B lawsuit against Block.one

by Cointelegraph

In a new chapter of the EOS community versus creators saga, the EOS Network Foundation’s (ENF) founder and “community-elected CEO” Yves La Rose revealed that they are preparing for a legal “war” against EOS creators Block.one.

According to La Rose, they are reviewing any potential legal action “to seek $4.1B in damages.” Currently, the EOS leader mentioned that a Canadian law firm is working with them to explore what legal action they can take against the original developers of EOS.

In a blog post, the foundation announced that many members of the EOS community are very dissatisfied with Block.one.

“Block.one has not kept its word regarding past promises and that both the community and individual EOS users have been harmed as a result.”

Last year, the foundation announced that they have gone through negotiations with Block.one to find common ground. Both parties engaged in discussions in an attempt to settle the issues in a fair manner. However, ENF notes that Block.one walked away from the negotiations. As a result, the block producers of EOS deemed it necessary to freeze the vesting for future EOS token earnings for Block.one.

Related: New research claims 21 accounts pumped the $4.4B EOS ICO with wash trades

Back in 2018, Block.one conducted an initial coin offering of EOS tokens (EOS), selling 900 million tokens for more than $4 billion, the biggest ICO held during that time. However, since then, many have been disappointed by the direction that the company took.

A few months back, La Rose described EOS as a failure. Citing the market capitalization and the decrease in value, he said that it’s a terrible financial and time investment. He also said that the community lost key developers and turned away from blockchain development and shifted towards asset management.