eos token surges

At inception, EOS was one of the most promising networks in the crypto space. It promised a high transaction throughput and low fees. However, the community support failed gradually as the team behind the project failed to work towards realizing the project’s goals. EOS is now attempting a comeback by rebranding the entire network.

EOS rebranding triggers community hope

Earlier this week, the EOS Network Foundation revealed that a network rebrand was imminent. The CEO of the foundation, Yves La Rose, also confirmed the rebrand, with the new triggering a slight buying frenzy for the coin as the community hoped that the coin would return to its glory days, where it ranked as one of the best projects in the crypto market.

The foundation later said that as part of the rebrand, the Antelope protocol would fork from EOSIO 2.0. The move would be a “leap for freedom,” showing that the foundation intended for the network to achieve new levels.

The hard fork of the code for the EOSIO blockchain is scheduled to happen On September 21. A public launch of the Antelope Github has been shared, alongside a link to the new project’s website.

Earlier this year, EOS, Telos WAX, and UX Network teamed up to have control of the development of EOSIO, which will be the foundation of the other blockchain. The partnership between the networks led to the creation of Antelope, a community-managed blockchain protocol.

The networks will collectively share the underlying blockchain codebase of Antelope alongside a development treasury that will improve the core protocol of each share. Incentives are also focused on boosting the development of the core protocol.

However, despite the efforts made by EOS, the buying support is yet to create significant gains for the coin. The news made by the team on Wednesday has prompted some people to buy EOS, which has increased by 12% during the past week. However, the buzz of the rebrand s fizzling, with the token dropping by 5.1% during the past 24 hours.

EOS conflict with Block.One

EOS was one of the most popular networks in its early days. In 2017, EOS raised $4 billion in an initial coin offering. However, the network shortly faced criticism for failing to fulfill its roadmap. An internal conflict between the blockchain developer Block.one, and the EOS Foundation has primarily affected its success.

Under the leadership of La Rose, the EOS Foundation has been working on cutting ties with Block.one. Earlier this year, La Rose announced that the foundation would take legal action against Block.one for what it termed as “negligence and fraud” after the 2017 ICO.

Towards the end of 2021, the EOS community voted against issuing vested EOS tokens to Block.one over the latter’s failure to fulfill its promises to the community.

The rebrand could be the final step EOS is taking to distance itself completely from Block.one, with La Rose calling it a new chapter for the network. The rebrand could boost the adoption of EOS by decentralized applications (DApps).

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