The EOS Network has been renamed to Vaulta as this blockchain shifts its focus to Web3 banking services.
The EOS Network, a blockchain launched in 2018 during the ICO boom, has been renamed to Vaulta and will shift its focus to Web3 banking services.
According to the announcement, this rebranding is expected to be completed by the end of May, including a new Token and the establishment of the Vaulta Banking Advisory Council to support the company's new direction.
In a separate statement, the company said the EOS Token will transition to the Vaulta Token, which will be listed on nearly 140 crypto exchanges where EOS is currently traded, and will be launched through a swap portal in May. Details on the Token and technology will be announced later.
Vaulta will take over the EOS Network infrastructure, including integrations with the Bitcoin digital banking solution exSat, adding to Vaulta's BankingOS system, providing a suite of financial services through partners like Ceffu, Spirit Blockchain, and Blockchain Insurance Inc.
The rebranding of the EOS Network to Vaulta marks a major shift for this blockchain, which was launched with much fanfare in June 2018 with a record-breaking $4.1 billion ICO led by the company Block.one.
After its launch, EOS was among the top 10 projects by market capitalization for several years. However, its value has gradually declined and it is now ranked 95th, according to CoinGecko.
There are various opinions on the reasons for EOS's failure. Some who were involved in developing this network believe it lacked support and direction from Block.one.
Block.one reached a settlement of $24 million with the Securities and Exchange Commission (SEC) in September 2019, and some analysts believe the company's attention shifted from the core EOS technology to other projects like the social app Voice (later becoming the NFT marketplace) and the crypto exchange Bullish.
Goodblock CEO Douglas Horn believes EOS investors were scammed from the beginning: "Block.one conducted a fraudulent ICO, even if they may not have planned it that way initially."
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The article EOS Network Renamed to Vaulta, Shifts Focus to Web3 Banking first appeared on CoinMoi.
