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What Block.One Announced About EOS On June 1st

At long last, June 1st is here, and the EOS community and Block.one’s supporters are absolutely pumped. Let’s see what was announced.

EOS On Coinbase Earn

Coinbase, in collaboration with Block.one, has revealed that it will be adding the EOS blockchain to Earn — a platform that allows consumers to learn about cryptocurrencies and this world-changing technology. There will purportedly be five lessons, which will allow users in over 100 countries, even those where Coinbase is not supported. These lessons will allow users to secure $10 worth of EOS tokens, amounting to just over one coin at the moment.

Coinbase has secured over three million watches on Earn, and looks to expand this figure with the recent addition of EOS, ZCash, Stellar Lumens, among many other platforms.

Meet EOS VM

After the aforementioned announcement, Dan Larimer, the chief technology officer of Block.one, took to the stage to announce EOS VM. This new protocol will allow for the blockchain to purportedly be upwards of 12 times faster than it was at launch and six times faster than it was in December, which was when WABT was implemented. This, in the eyes of Larimer and chief executive Brendan Blumer, will allow for the creation and adoption of more decentralized applications.

Voice — Blockchain Social Media

The biggest announcement though was Voice, a social media platform based on the blockchain that is purportedly looking to capitalize on the mistrust consumers have of centralized institutions. Blumer explained:

“You just can’t read a house when the foundation is crumbling. Social media was created to use its users. Right now, it’s the companies, not the users that reap the rewards. They auction our data to the highest bidder and flood our feeds with hidden agendas… We’re leveraging the EOS blockchain to create a social media platform that is more aligned with the world… The value of good content gets circulated to sustain the community.”

According to Blumer, this will be a “truly self-sustaining” social media economy where both the platform itself and the users benefit through content creation, aggregating, and sharing. This reason why this is, there will purportedly be “no hidden agendas”, making it a level playing field for all users instead of a selected group.

To make this possible, the platform will utilize the Voice Token, purportedly the “fairest token in the world” as it “can only be created by real people” that utilize the platform. How it works is as follows: users earn Voice for using the platform and then can spend it to “make their voice heard”, boosting messages and media by effectively liquidating the token. This levels the playing field, meaning that you don’t need one million followers to make a social impact. Not many details were announced, but this is different than how platforms like Twitter and Facebook work today.

Photo by Ilya Pavlov on Unsplash

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EOS FOMO Heats Up Pushing Crypto Markets to New Ten Month High

EOS Trading

Another day brings another new 2019 market capitalization
high for cryptocurrencies. There seems to be no stopping the bulls at the
moment as Bitcoin takes a breather just below $9k.

The altcoins are in the driving seat today and one in
particular is making big moves. EOS
has spiked 15 percent
today to flip Litecoin and take fifth spot on the
market cap charts. From $6.90 the Ethereum rivaling token surged to an intraday
high of $8.05 before pulling back slightly. Daily volume for EOS has pumped to
$5.2 billion and its market cap is now over $7 billion.

FOMO For EOS on B1 Hype

EOS is currently the top performing altcoin in the top one hundred and its performance has pushed total crypto market cap up to a new high for the year. The big Washington EOS event on June 1 appears to be driving momentum. The B1 event will include an updated roadmap, a yearly product release cycle, and updates on the B1 social media dApp. Additionally B1 have registered the trademarks MEOS and XEOS and big announcements are expected for the platform.

There is also recent news that Block.one purchased 3.3
million tokens worth of RAM on the mainnet in the run up to the event.

The Chinese have also given EOS a boost by ranking it above
both Tron and Ethereum though these ratings are highly subjective. The FOMO is
flying today as EOS reaches its highest price since July 2018.

Litecoin continues to climb adding another 2.5 percent today
to remain over $115 and it is very close in terms of market cap to EOS.

Tron
and BitTorrent token are also on a roll today climbing 10 and 13 percent
respectively. BTT has just been listed on KuCoin and the BT file system is
about to be launched which, according to the blurb, aims to be the number one
decentralized file storage plan for developers. Justin Sun has been promoting
the project leading up to its launch later this week and his two tokens are
getting their share of the daily FOMO;

A few hours ago total crypto market cap hit a new
2019 and ten month high
of $278 billion. It is currently up $5 billion, or
around 2 percent, from yesterday’s levels, largely driven by altcoin movements.
Bitcoin’s market dominance has fallen back below 57 percent but only just. That
could all change if BTC surges to $9,600 as analysts predict.

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EOS Block.One Buyback Equals 6500% ROI for Early Investors

EOS Block.One Buyback 2019

Block.One, the blockchain-based parent company behind fifth largest cryptocurrency by market capitalization EOS, has announced a buyback in shares for early investors that will constitute over 6500 percent in returns.

After raising a record-breaking $4 billion in the EOS token sale, the startup is looking to give some significant return on investment back its original investors. Among the early backers are a slew of billionaires and powerful players in Silicon Valley, including Peter Thiel, Alan Howard and Louis Bacon.

The Block.One buyback is purported to return as much as 6,567 percent to early investors, a stunning ROI even for Thiel who co-founded PayPal. As Bloomberg put it, a $100,000 stake in Block.One would translate to $6.6 million in the buyback–numbers largely unheard of in the traditional markets and doubly impressive given the crypto winter for coin prices throughout 2018.

Tom Shaughnessy, co-founder of crypto research firm Delphi Digital, told Bloomberg that EOS is “very much the odd one out in the crypto market,” owing the coin’s performance throughout last year’s bear cycle. While the majority of coin projects experienced losses of 90 percent or more, EOS fell close to 70 percent from it’s all-time high in April 2018. The currency is also up 125 percent since the start of 2019, compared to Bitcoin’s 90 percent rise during that same time.

While Block.One’s EOS has positioned itself as a cryptocurrency solution of the future, with plans to launch a social media platform later this year, some analysts have begin to question what the company is doing with the billions under control. In February, Bloomberg reported obtaining a letter to shareholders claiming that the company held $3 billion in cash and investments, with most of the holdings being invested in U.S. government bonds.

In the same letter, Block.One claimed that market volatility throughout 2019 had severely impacted its cryptocurrency portfolio, cutting it in half to $500 million. While coin prices had experienced some uptick since the beginning of the 2019, February was still in the throes of the crypto winter with sentiment towards digital assets at a relative low.

Interestingly, Block.One also claimed to hold 140,000 BTC in its cryptocurrency portfolio, making it one of the largest holders holders of Bitcoin in addition to its massive position in EOS. With coin prices across the market rising markedly since the start of April, the company issued an email this week stating their cryptocurrency losses were “more than fully recovered.”

Richard Burton, founder of San Francisco-based Balance.io, commented to Bloomberg,

“[Block.One] designed a very clever mechanism to hoover up as much capital as possible. Bitcoin was started on a shoestring and Ethereum raised just a few million dollars, which goes to show you don’t need anything like the money Block.one raised to launch and scale a successful network. It should be beholden on them to explain why they needed that much and what they are doing with it.”

During its 2017 seed round, Block.One was valued at $40 million. Now, following the announcement of a 10 percent buyback, the company’s stock is valued at $2.3 billion, constituting a repurchase of $1500 per share versus the $22.50 early investors paid.

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Galaxy Digital Sells Block.One Stake; Will EOS Prices React?

Galaxy Digital, the crypto merchant bank dedicated to the digital assets, has announced a Partnership update with EOS blockchain maker, Block.one. The Michael Novogratz founded firm has received over $70 million by selling its stake in the blockchain company.

In an announcement
on May 21 Galaxy Digital Holdings Ltd said that the company, referred to as the
‘Partnership’, accepted a tender offer in the ordinary shares of Block.one. On
Monday the crypto bank received $71.2 million for the shares representing a
majority of its position. It added that a 123 percent return on realized investment
had been made.

Michael Novogratz, CEO and Founder of Galaxy Digital,
stated;

“The acceptance of Block.one’s tender offer reflected a decision to rebalance the portfolio to maintain an appropriate level of diversification after the position increased due to its substantial outperformance relative to the remainder of the portfolio.”

He added that they would continue to work with Block.one as a key partner across a number of business lines including the Galaxy EOS VC Fund which invests in companies building on the EOS protocol.

The two companies entered a joint venture in January 2018 to launch the EOSIO Ecosystem Fund with $325 million. Block.one received further investment from a number of big names including PayPal co-founder Peter Thiel and Bitmain co-founder Jihan Wu in July last year.

According to Bloomberg
this exit comes as part of Block.one’s buyback program of 10% of its company
shares. This could result in returns as high as 6,567% the report added. It
continued to state that the firm’s buyback offer values itself at around $2.3
billion. This represents an increase of almost 66 times from what it was valued
at in a 2017 seed funding round.

Bloomberg added that Block.one had around $3 billion in
assets including cash and investments at the end of February and by March it
held 140,000 BTC according to a company email.

EOS Price Reaction

As expected there has been no real reaction on EOS markets as this was an anticipated part of the original investment program by Block.one. On the day the token is trading flat at $6.30 and it has steadily lost ground to Bitcoin over the past few weeks. EOS has made no real independent moves and has mirrored the ebbs and flows of the rest of the crypto markets.

EOS prices 7 days – Coinmarketcap.com

Since the beginning of the big rally in early April, EOS has
only managed a gain of 50% whereas Bitcoin has almost doubled. Rival dApp
network Ethereum
conversely has surged
80% over the same period.

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Former Paypal CEO and Bitmain To Invest In Company Beind EOS

According to a press release from Block.one, the company behind the EOS project, the firm has just secured investments from some big names in the fintech world, namely billionaire venture capitalist Peter Thiel and Bitmain, headed by the well-known Jihan Wu.

Early Monday morning, Block.one closed the funding round with the aforementioned release, stating that it had a successful “strategic investment round.”

The exact details on the funding round were limited, with the firm not indicating how much they raised or at what valuation their investors valued the company at, but it is likely that the investments it received ranged in the hundreds of millions.

Speaking on the most recent influx of funds, Block.one CEO Brendan Blumer stated:

As Block.one prepares to announce its future plans, we’re excited to welcome key strategic investors aligned with our values of creating a more secure and connected world.

Aside from managing the $4 billion raised in the EOS ICO, recently setting up a venture capitalist fund set on investing on projects based on the EOS ecosystem, Block.one recently let the community take the wheel of the EOS project.

This abdication has led some to wonder what moves the blockchain-centric firm is going to take next.

Big Names Invest In Block.one

As aforementioned, Peter Thiel was one of the largest names in the most recent announcement and has become known for being one of the most prominent entrepreneurs and investors in the world. Thiel founded Paypal in 1998, leading the firm as CEO as the firm took to the stock exchange in 2002. He has since become an angel investor for Facebook, Airbnb and LinkedIn, three prominent technology firms that are right up his alley.

Keeping Thiel’s prior experience in mind, it is clear that Thiel holds high hopes with this investment, and has a lot to offer in terms of working with Block.one to make its products better.

Block’one’s prior investment rounds have also secured investment from prominent firms such as Christian Angermayer, Lansdowne Investment, and Galaxy Digital’s Mike Novogratz. The last investor in the list, Mike Novogratz, was expected by many, as he has become a premier cryptocurrency proponent after leaving the traditional assets space.

Bitmain Expands Its Circle Of Influence

Bitmain has become one of the most valuable cryptocurrency-related firms in the world, reportedly being valued at nearly $12 billion. The ASIC manufacturer has begun to diversify its holdings and operations, recently moving into the artificial intelligence industry as a chipmaker.

Bitmain has also revealed that it will be investing in a private placement round of the Opera Software, the company behind the Opera web browser.

Additionally, one of Bitmain’s subsidiaries, Antpool, has recently become one of the 21 EOS block producers, staying in-line with Bitmain CEO’s bullish stance on the EOS project. Speaking on Block.one’s flagship project, EOS, Jihan Wu, crypto billionaire and the CEO of Bitmain seemed to have high hopes for the project, stating:

The EOSIO protocol is a great example of blockchain innovation. Its performance and scalability can meet the needs of demanding consumer applications and will pave the way for mainstream blockchain adoption.

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