In a decisive move, the EOS community has opted to reject Block.one’s $22 million settlement offer, emphasizing the significant gap between the $4.1 billion raised during its Initial Coin Offering (ICO) and the unfulfilled commitments that led to a legal showdown. The EOS Network Foundation (ENF), spearheading the community’s efforts, remains steadfast in its pursuit of justice and the revitalization of the EOS ecosystem.

Back in 2018, EOS made headlines with its colossal $4.1 billion ICO, becoming one of the largest and most talked-about ICOs in history. The ICO promised to provide ample resources for building and scaling the world’s most extensive blockchain network. However, the EOS community soon realized that the vast majority of the raised capital did not flow back into the ecosystem but instead went to Block.one, the private entity behind the token sale.

Yves La Rose, Founder and CEO of the EOS Network Foundation, explained, “The EOS community did not benefit much from the $4.1 billion raise because that capital went to the private entity that conducted the token sale (Block.one) rather than back into the EOS ecosystem. Only a small fraction of that capital ended up being deployed to the benefit of the EOS community.”

Contrary to the promises made during the ICO, Block.one invested the bulk of the raised capital in Bitcoin, shareholder buybacks, and unrelated for-profit ventures, neglecting the EOS community’s interests. Although EOS initially exhibited strong software development efforts that were ahead of their time, the ecosystem’s growth suffered due to a lack of capital injection and a shift in focus towards other ventures, such as Bullish, a centralized exchange.

Over time, EOS witnessed a decline in code production and code quality, leading to discontent among developers. Block.one’s attempt to sell their unvested token stake further eroded trust within the EOS community, culminating in a consensus among EOS node operators to halt token vesting and effectively part ways with Block.one.

The EOS community responded decisively by forking the codebase, hiring top engineering talent with deep EOSIO protocol experience, and rebranding it as Antelope. This move marked the birth of a community-led EOS Network, asserting independence from Block.one’s influence.

Yves La Rose reflected on this transition, stating, “The EOS community didn’t own any of the existing intellectual property: the website, Github, social media accounts, documentation, or even the name of the technology itself. All of this had to be built again from scratch, and existing listing sites, data aggregators, and exchanges all had to be contacted individually to be made aware of the leadership change and new digital properties.”

The scarcity of capital in the ecosystem posed a significant challenge, prompting the community to deploy funds quickly without the luxury of established decision-making processes and frameworks. Despite these hurdles, the EOS community assembled working groups to develop a roadmap and priorities for the network, demonstrating resilience and determination in the face of adversity.

One of the most contentious aspects of the ongoing battle between the EOS community and Block.one is the proposed $22 million settlement. Yves La Rose expressed his dissatisfaction, emphasizing that this amount pales in comparison to the $4.1 billion raised from the ICO and the $1 billion that Block.one pledged to invest in the EOS Network and community but ultimately failed to deliver.

“The proposed settlement amount of $22 million represents a tiny fraction of the $4.1 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,” stated La Rose.

Block.one’s public commitments played a pivotal role in shaping investment and development decisions within the EOS ecosystem. However, it has become increasingly evident that these commitments were not honored, resulting in substantial financial losses for stakeholders.

As the legal battle continues, the EOS community, under the banner of the EOS Network Foundation, remains committed to holding Block.one accountable for its unfulfilled promises. The rejection of the $22 million settlement serves as a resounding statement of the community’s determination to seek justice and ensure that the EOS Network and its supporters receive the support and investment they were initially promised.

In conclusion, the EOS community’s journey from a record-breaking ICO to a community-led resurgence highlights the resilience and dedication of blockchain enthusiasts. While challenges abound, the EOS Network Foundation’s commitment to revitalizing the ecosystem and seeking justice underscores the importance of trust and accountability in the cryptocurrency and blockchain space.