EOS 2022 A Year in Review Part II - EOS Strides

In the spring of 2022, EOS saw a lot of activity including the publication of a Wired article, the formation of a coalition to fund core development, and the announcement of the Ethereum Virtual Machine (EVM), all of which marked important steps forward for the platform.

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LONDON (Bywire News) - In the spring of 2022, the EOS blockchain platform saw a number of significant events take place. One of the most notable was the publication of a Wired news article that accused the company behind EOS, Block.one, of mismanaging the technology and its community-raised ICO funds. In addition to this, a coalition of Telos, WAX, and UX Network joined forces with EOS to take over the development of the EOSIO protocol core code, committing a combined annual budget of $8 million for core development and developer outreach in 2022. EOS also announced the Ethereum Virtual Machine (EVM), a development environment that will bring Ethereum's capabilities to the EOS blockchain.

Overall, the spring of 2022 was a busy and eventful period for EOS.


April 1 – Cointelegraph

The blockchain-based social media platform APPICS has recently launched its mainnet and is now publicly available on both the iOS AppStore and Google Playstore. APPICS is a blockchain company based out of Switzerland, and is built on the Telos (TLOS) blockchain powered by EOSIO. This blockchain is noted for its speed and green energy usage, using only 0.000001 kWh per transaction.

The APPICS app is designed to alter the way the world perceives social media, allowing creators to get rewarded with cryptocurrency directly from the content and engagement they create. The platform is also looking to expand its services into the NFT space and launch a play-to-earn game. To celebrate the public launch of the APPICS app, there will be a virtual launch party in the metaverse.

The event will take place on April 3 in Decentraland (parcel 66/-48). With the launch of APPICS, EOSIO is now being used as a primary blockchain for powering a variety of decentralized applications. This is a huge step forward for EOSIO and a testament to the blockchain's ability to provide a secure and efficient platform for developers.


April 1 - Cointelegraph

A federal judge has dismissed a class-action complaint accusing Binance of violating US securities laws with the sale of crypto tokens, including EOS, that were not registered with the SEC. The complaint, filed in the US District Court for the Southern District of New York by a group of investors who purchased EOS tokens around 2017 and 2018, sought compensation for the price paid for the tokens and the fees paid to Binance.

However, the judge ruled that the complaint was filed too late and that US securities laws do not apply to Binance, as it is not a domestic exchange in the US. The decision marks the latest in a series of class-action lawsuits filed against crypto exchanges for allegedly operating as unregistered securities exchanges.


April 8 - Techstartup

EOS, the flagship blockchain and financial center of the EOSIO protocol, has announced the formation of a coalition with Telos, WAX, and UX Network to take over the development of the EOSIO protocol core code. This coalition has committed a combined $8 million annual budget for core development and developer outreach in 2022 and has retained a professional branding agency to establish a new name and branding for the EOSIO protocol. The coalition will focus its efforts on the areas where the chains overlap and incentives are aligned to advance the underlying core protocol and the tooling around it.

The coalition has outlined a series of development priorities, including SDKs for easier EOSIO development, wallet improvements, and sub-second transaction finality. This marks a monumental shift in direction for the future of the EOSIO protocol and is a huge milestone for all of the businesses leveraging its technology. The network effect of multiple EOSIO blockchains working together to secure the growth and sustainability of the common codebase and related open source innovations is a force multiplier that will be paying dividends for years to come.


April 13 – Bitcoin.com

The Luna Foundation Guard recently purchased 2,508.94 bitcoin worth close to $100 million, bringing their total stash to 42,406.92 BTC. With this purchase, their bitcoin wallet is now only 495 bitcoin away from surpassing Tesla’s bitcoin treasury stash. In addition to bitcoin, LFG has also announced that it will diversify its UST forex reserves with Avalanche (AVAX) tokens, purchasing $100 million AVAX via an over-the-counter (OTC) transaction.

Among private companies, LFG’s wallet is still below Block.one’s stash of 140,000 bitcoin. Block.one is a blockchain software company dedicated to the EOS network, and is one of the few private firms with a bitcoin treasury besides Terra and EOS. After LFG’s purchase, the price of bitcoin jumped over 2%, indicating the significant impact they have on the cryptocurrency market.


April 19 – Bywire.news

EOS is launching the Ethereum Virtual Machine (EVM), a development environment that brings Ethereum's capabilities to the EOS blockchain. This will enable developers to take apps developed on Ethereum and benefit from the faster transactions and energy efficiency of EOS. The EVM is currently in pre-alpha testing, with a full launch planned for autumn 2022.

The EVM also supports languages and libraries like Solidity and C++, making it easier to convert existing Ethereum projects to EOS. Trust EVM is launching a decentralized exchange that will allow the exchange of any asset and transport any DEX on the EOS blockchain, as well as other projects. As the EOS blockchain continues to develop and improve, the price of the asset is expected to rise.


May 10 - Wired

EOS, the blockchain platform that was once the most successful initial coin offering of all time, has been struggling since the launch in June 2018. After raising over $4 billion, Block.one, the company behind the EOS blockchain, has now come under fire from the EOS Nation Foundation (ENF) for allegedly mismanaging the platform and its funds.

The ENF has issued an ultimatum to Block.one, demanding that it reinvest money in the EOS blockchain, and gift the intellectual property of EOS’s blockchain technology to the ENF. After Block.one failed to comply, the ENF enforced a script that stopped the vesting of Block.one’s tokens, effectively blocking the company's buyout. In addition, the ENF has now hired a law firm with the goal of “holding Block.one accountable for its past actions and broken promises”, and is seeking $4.1 billion in damages. Block.one is still planning to launch Bullish, a cryptocurrency exchange, and is currently on track to take it public via a $9 billion merger with a special purpose acquisition company (SPAC) by July 8, 2022.


May 17 – Crypto-News-Flash

The EOS blockchain has been surrounded by controversy since its $4.0 billion ICO fundraising round in 2018. Despite the promise of a highly stable blockchain, the development team failed to deliver on their promises and the network saw massive user growth shrinkage.

In response, a group of EOS community members created the EOS Network Foundation (ENF) to encourage the development of the network. The ENF led by CEO Yves La Rose has recently taken Block.One to court for damages of $4.1 billion to turn around the fortunes of EOS. La Rose has stated that EOS, as it stands, is a failure and that Block.One had not kept its promises.

The block producers of EOS have frozen Block.One from vesting for future EOS token earnings, while the ENF is taking further action to hold Block.One accountable. The blockchain and Web3 communities are watching the situation closely.


May 20 – Cointelegraph

Developers should not remain anonymous, as it can lead to future misdoings and cover-ups. Cult personalities can lead to inflated expectations and when they leave, it can have a negative effect on the project. Decentralization requires involving the community and relying on centralized service providers can leave the network vulnerable to attacks. The collapse of EOS is an example of how the failure to adhere to these principles can result in a compromised network and dissatisfied investors.


May 27 – Bitcoin.com

Tether has announced the launch of its stablecoin USDT on the Polygon blockchain, in addition to its existing support on EOS. This follows USDT being added to the Avalanche and Kusama blockchain networks, and the launch of MXNT, a fiat-pegged token tied to the Mexican peso, on Solana, Ethereum, and Polygon. With USDT now hosted on 11 blockchain networks, Tether solidifies its position as the most widely adopted stablecoin.


June 7 - Cointelegraph

Token2049, Asia’s premier crypto conference, has announced a number of high-profile title sponsors for its much-anticipated Singapore debut. Taking place on Sept. 28 and 29, the event will feature 3,000 attendees to learn from prominent crypto industry thought-leaders and innovators.

Title sponsors includes Singapore-based crypto unicorn Matrixport, crypto exchange Crypto.com, leading digital-asset products and infrastructure Amber Group, social currency Whale, DeFi platform MantraDAO, and Web3 credential infrastructure Project Galaxy. Additional sponsors include Fireblocks, Bitmex, Syscoin, Hextrust, Trulioo, Tron, Trust EVM, and EOS Network Foundation. The event’s impressive speaker line-up includes Dan Morehead, Emin Gün Sirer, and Su Zhu.


June 17 – Yahoo Finance

Former SEC Chairman Jay Clayton's views on crypto regulation have seemingly softened. He now believes government agencies should not take a one-size-fits-all approach to crypto regulation, and emphasized that security laws regulate transactions in securities and not just the securities themselves.

During his tenure at the SEC, the agency pursued high-profile crypto projects such as Block.One, which reached a settlement over its $4 billion EOS ICO in late 2019. The SEC also sued Ripple Labs for allegedly selling XRP as an unregistered security.


June 28 - Cryptonews

Ethereum (ETH) co-founder Vitalik Buterin has praised EOS, a once-popular blockchain project, saying that it stands for "Ethereum on Steroids." Despite his past criticism of the project, Buterin said that the core team learned from "Ethereum's amateurish naivety and idealism" and created a smart contract platform with much higher scalability and speed.

The EOS Network Foundation (ENF) is attempting to make a comeback by introducing the TrustEVM, a new virtual machine that brings Ethereum Virtual Machine (EVM) compatibility to EOS, allowing developers to create smart contracts using the popular programming language Solidity. 


(Research by Michael O’Sullivan. Writing by Natalia Siler and Michael O’Sullivan, editing by Michael O'Sullivan)

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