The EOS community refused to pay $250 million to the developer of the Block.one project

Block.one was supposed to receive another 67 million EOS over the next six to seven years, but the community voted to cancel the payments.

The EOS community has decided to stop ongoing payments to Block.one, stating that it is no longer acting in the best interests of the network.

The release of 67 million EOS (~$250 million) that was supposed to be distributed to developers was stopped by a general vote. Of this amount, half was due to Brock Pierce, the co-founder of the issuer of stablecoins Tether and Block.one.

The leader of the opposition organization EOS Network Foundation, Yves La Rose, noted:

Thanks to the consensus of the overwhelming majority, the EOS network took its future into its own hands, voting to fire Block.one and stop transferring tokens to them. This usheres in a new era for EOS and highlights the power of the blockchain to allow the community to stand up to corporate interests that do not align with their interests.

After raising $4 billion in an ICO, Block.one released software for the EOS blockchain in 2018. In exchange for supporting the EOS blockchain, Block.one was to receive 100 million EOS ($376 million) over 10 years - about 10% of the total supply.

However, Block.one's subsequent projects were not related to the EOS blockchain. Voice social media platform is not compatible with EOS. The Bullish decentralized exchange was also not supposed to run on EOS. This approach does not suit the community, and they are looking for a new path of development.

Subscribe to ForkNews on Telegram to stay up to date with news from the world of cryptocurrencies