EOSweekly: TOKEN FREEZE - B1 Group vs. Mainnet, ETH-EOS Hack, Bullish, ENF, ByteMaster7
Mainnet freezes B1 tokens. The view from both sides. ENF and Bullish ships move on leaving independently strong wakes. An ETH-EOS cross chain hack to the tune of $10 million. ByteMaster7 highlights several key issues.
This week was exciting to say the least. It even called for a different presentation. The token freeze is considered from both the mainnet community’s perspective and the group behind B1. For those not aware of the situation, B1 planned to use tokens to fund Helios. However, the ownership status was called into question by the mainnet community.
There’s some consensus (as presented by EOS Nation) that the matter could have been resolved if B1 transferred its claim of the EOSIO copyright to the EOS Network Foundation. At the time of this writing, EdenOnEOS telegram was running hot, mostly surrounding a late night call between Brock and Yves. Among the best questions of the day:
EOS to $1000 🐝 @BPEOSIO@EosNFoundation & @B1 Negotiations Retrospective #EOS https://t.co/jmb2aV5Nv2
The B1 Group Perspective
Brendan Blumer and Brock Pierce were the two most vocal parties out of the B1 camp. Brock is in the spotlight with Helios. He maintains support and funding for the mainnet. Brendan leads an entity attempting to revolutionize how the world sees exchanges (Bullish) and NFTs (Voice). Parent company B1 additionally promotes enterprise blockchain services riding on EOSIO. Brock pointed out that B1 voted with these tokens. Brendan enjoys the power of said tokens throughout his tenure. B1 was a lead EOSIO developer. It also actively lobbies governments for EOS and EOSIO. Some more words from Brock:
…Hard to trust a system where the BPs chose a nuclear option over a peaceful outcome. That is not the future I want to live in. There is still hope.
B1’s deal with Helios didn’t guarantee any tokens - only if they were available at the time they were to be transferred. This was also made clear during negotiations.
The Mainnet Community Perspective
Heading mainnet activities is the ENF. While it was the BPs that ultimately froze the tokens, the ENF was crucial toward filling what B1 left behind. Eden community, the ENF, and community members like EOS Nation (Pomelo) have, in a short time, delivered on funding promises that B1 delayed for years. The tokens in questions were to be distributed over time and not for B1 to use as it pleased. Aaron Cox had this to say on B1 getting Brock involved:
As an alternative view, @B1 fired the first bullet with you in its path as they made a promise to you for an asset they didn't own…
This is false. If 20 BPs signed the msig, we know that is what 20 BPs wanted.
DPOS is about improving stakeholder alignment with BP action. But they are not synonymous.
Be sure to visit the latest edition of Popcorn by our very own Sean Ballent for a deepscape into the chatter and insightful commentary.
ENF Ongoing Development and Grant Framework
If you were not aware of the ENF’s leadership role for the mainnet before this week, you certainty got a taste of it reading the above. And we’re just getting started. Here’s the tweet the ENF released to demonstrate how independent of B1 the mainnet has already become:
As representatives of the largest DAO in the world, #EOS, the #ENF welcomes new investors, developers, businesses and individuals with open arms as we enter a new era…
Grant Framework Towards a Stronger Future is the most recent post by Yves. He goes beyond Pomelo grants, discussing broad value adds and alternative funding. Polkadot’s Web3 Foundation is given particular attention. A dynamic, evergreen, adaptable solution envisioned by the ENF would be able to:
…evolve alongside EOS as its ecosystem grows and matures.
Cross-chain Hack Involving eCurve
Just prior to the B1-Brock-mainnet saga, another event caused rumbles across the community. EOS Support was among the first to report on the issue. Timeliness-in-action is a testament to the spectacular contributions EOS Support has made out of the gate. In terms of the hack, it involved an elaborate scheme of transferring and lending tokens. Ultimately, the cross chain bridge was shut down on the EOS side. The hacker exploit was also found to occur primarily on eCurve without compromising the bridge. I covered the topic in more detail in The Good and Bad of EOS Disruptive Turbulence.
We must still consider B1 an important community member. At least until it forgoes vested interest in the many EOS tokens it holds. Bullish went live for select institutions on November 30. Not much appears to have changed since I took part in the beta. What’s impressive is the relentless exponential growth in daily trading volumes by select institutions taking part in the early launch phase:
Bullish @Bullish#Bullish is NOW LIVE for select institutional customers.
On december 10th, Bullish tweeted:
… ~$1B additional hydration is now complete.
The image above was tweeted by @BBACKMAL.
Around the EdenOS Genesis Community on EOS
The B1 token freeze saga should serve as this week’s Eden coverage. But, as with any good community, events run much deeper. And since the most prolific EOS member was not spotlighted… welcome again to the ByteMaster7 Show:
Frank Chaparro @fintechfrankMy latest: Can exchanges do something?! https://t.co/0Uux463zSB https://t.co/N3zsP2IzDi
Cryptowriter (Finney) Report
Jimmy D invited Brock Pierce to do a Cryptowriter interview. Warsaken staking… not yet, but required cards can be obtained beginning the 15th. Learn about the Pitfalls of NFT Collecting (and where The Melted Penguin by Boris Z Simunich [image above] was found) at the UNDRGRND. Engagement winners for this week can be found here. Yes, Popcorn was already mentioned. Here it is again anyway along with this week’s Cryptowriter articles:
Info giveaways and poker on The Shift+
Taking you to Edge of Obscurity w/ Sean and Jimmy D
Alex Rampell @arampell8 (fin): Protocol design matters. And a well thought through protocol is more valuable and protective than lawyers, contracts, and even governments — it will survive all of them.
EOSweekly is a roundup of recent news within the ecosystem. Unique needs and services continue to emerge as the advantages of blockchain technology are realized. Easy access to information becomes increasingly important for these expansive networks.
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