Brendan Blumer & Brock Pierce fly to Canada for urgent talks with

The war between the Foundation and B1 for control of EOS moved from cold to warm this week as Yves La Rose levied another volley at B1. This was after meeting both B1’s CEO, Brendan Blumer, and B1 former shareholder and founder of the new EOS VC, Helios, Brock Pierce.

The in-person meeting held in Canada was the latest attempt at a peaceful reconciliation from the ENF and EOS network block producers with B1. The conflict is a debate about the ownership of 10 million EOS which vest to Block.one (now B1) each year. B1 have accumulated around 30million EOS from this vesting process. Many in the community, including, allegedly, the block producers, feel that the unvested tokens should not, and do not belong to B1.

“The gist of the disagreement, and why negotiations are happening, is that B1 believes the tokens they sold (still vesting) belong to them, while the network through consensus as it exists believe the opposite, those tokens do not belong to B1″
– said La Rose.

“The network could remove the vesting code, and the network believes it is within their rights to do so. B1 disagrees. We’re at a standstill attempting to come to a compromise whereby the network received something in exchange for those vesting tokens.”
The important part of the of the quote from La Rose here is where he describes B1 as selling the unvested or still vesting EOS tokens. B1 have agreed to transfer 45 million EOS to Helios – Pierce confirms that the tokens are not liquid and will vest over, you guessed it, seven years.

Another tweet in response asks the obvious question:

Then, just at the time of writing, Brock confirmed this himself:

Many had speculated that Pierce had attended the meeting to discuss the potential of Helios launching an EOS ETF. However, sources close to B1 have told us that they suspect there was a larger deal put into motion in advance of this meeting, and that may have included Pierce swapping some or all of his B1 shares for the unvested EOS.

In the future, perhaps a better, more transparent model for these types of ventures could be drawn from TLOS. They raised $8million from five private investors who agreed to buy 1.7% of the total token supply for $1, as TLOS traded at $0.90 – paying a $0.10 premium.

Ultimately, a lengthy battle or disagreement doesn’t serve anyone in the EOS community, it is in fact the very last thing it needs. Should B1 dig in their heels and insist that they own the remaining ~70million unvested EOS, which they have sold half off to Helios, then it will be difficult for the ENF to accept these terms. The reason being is the combined downward pressure on the sell side. Large scale investment into the EOS ecosystem, with EOS, will see sell pressure increase. This is natural because as organisations pay their staff in EOS, their staff usually convert, at least a proportion of it, into fiat, to pay their bills,…