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EOS announces hard fork for September and wants to part with

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According to the announcement, the EOS Foundation intends to fork the network (hard fork) and separate it from

According to EOS Foundation, the new network will be called EOSIO, a kind of “rebranding of the network. At the same time, the group wants to take control of the blockchain out of the hands of, the company that created EOS. The hard fork is scheduled to take place on the 21st of September.

Ever since EOS made its Initial Coin Offering (ICO) in 2017, and the EOS Foundation have been in a battle. From the performance of EOA after the announcement, the market seems to approve of the intention to distance itself from the company.

Promising ICO but no deliveries

In 2017, raised $4 billion through the EOS ICO. To this day, EOS holds the record for the most fundraising ICO in the entire history of this market.

However, failed to deliver on all the promises made to investors. As a result, EOS, which peaked in 2018, failed to recover. Even during the market rally in 2021, EOS managed to at most approach its highs.

At first, EOS aroused the interest of big names in the market, such as PayPal co-founder Peter Thiel. But the dispute between the EOS Foundation and has weighed on and alienated many investors.

Start of disputes

The EOS Foundation is led by Yves La Rose, who announced the completion of the hard fork scheduled for September. Initially, La Rose worked to strengthen the Foundation’s ties with, but the relationship soured.

In February, La Rose accused of acting with “negligence and fraud” following the EOS ICO, and filed a lawsuit against the company. Afterwards, the community voted to stop issuing EOS tokens purchased for at the end of 2021. This resulted in the issuance of 67 million EOS being blocked.

With the hard fork, the EOS Foundation prepares to completely sever ties with, in what La Rose called a “new chapter”. In this sense, the Foundation will take control of the network and EOS will be named EOSIO.

Within this process, the Foundation plans to transfer ownership of the project away from and its affiliated companies, regaining control. That’s why they suggested the creation of the hard fork, which will be responsible for this step.

“This marks the end of a turbulent journey from source code controlled by a toxic entity to a truly decentralized and open source project,” La Rose said Monday.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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