Source: Cointelegraph Original: "{title}"
The EOS network is a blockchain platform launched during the ICO boom of 2018, which has now been renamed Vaulta and will shift its focus to Web3 banking.
The company stated in a press release on March 18 that the plan to rename to Vaulta is tentatively set for the end of May, at which time a new token will be launched, and an advisory group called the "Vaulta Banking Advisory Committee" will be established to support the company's new direction.
In another statement, the company mentioned that the EOS tokens on the network will be converted to Vaulta tokens, which will be listed on nearly 140 exchanges trading EOS and can also be obtained through a redemption portal launching in May. The company also added that the trading code and technical details of the token will be announced later.
Source: EOS Network
Vaulta will also inherit the underlying infrastructure of the EOS network, including integration with the Bitcoin digital banking solution exSat. exSat complements Vaulta's BankingOS system and provides a range of financial services through partnerships with Ceffu, Spirit Blockchain, and Blockchain Insurance Inc.
The renaming of the EOS network to Vaulta marks a significant shift in the direction of the blockchain platform. In June 2018, the network was launched with great fanfare after the company behind it, Block.one, conducted a year-long ICO that raised $4.1 billion (the largest in history).
In the years following its launch, EOS's market capitalization consistently ranked in the top ten. However, according to cryptocurrency data site CoinGecko, its value has since declined and currently ranks 95th within the top 100.
Opinions vary on where EOS went wrong. Some individuals who voluntarily assisted in developing the network have stated that Block.one lacked support and guidance for the project.
In September 2019, Block.one reached a $24 million settlement with the U.S. Securities and Exchange Commission (SEC). Some commentators believe that since then, the company's focus has shifted from the foundational technology of EOS to other projects, such as the transition from a social application to the NFT marketplace Voice, and the cryptocurrency exchange Bullish.
Douglas Horn, CEO of Goodblock, believes that EOS investors were misled from the start. In a 2023 interview with Cointelegraph magazine, he stated, "Whether there was intent from the beginning or not, Block.one conducted a fraudulent ICO."
Related: Report: During the Trump administration, cryptocurrency companies sought to obtain banking licenses.
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