Community-driven project Antelope has announced that it has forked from EOSIO. The rebranding has been in the works for some time now. Under the leadership of the EOS Network Foundation, members of the EOS, Telos, Wax, and UX Network communities will establish a coalition. The coalition will be known as Antelope Coalition. Each chain will collaborate to speed up the creation of the core protocol. But at the same time, they will share the blockchain codebase underlies Antelope.
Why the rebrand of EOSIO?
EOS Foundation chief, Yves La Rose, took to Twitter and explained the course of events that led to the rebranding of EOSIO. Rose says that last year the firm had to fire blockchain developers Block.one. The EOS community halted funds for the developers over claims that they did not act in the network’s best interest. Furthermore, Block.one attempted to resolve claims that its original issuance of EOS coins three years ago should have been registered as securities. However, a New York judge recently rejected the proposed payment of $27.5 million.
Nonetheless, Rose admits that firing Block.one was a problem as they needed an entity to handle the EOSIO code. Moreover, Bullish owned the EOSIO IP. This is where the idea for a hard fork stemmed. The new coalition will be handling the EOS code. The team has also made its primary GitHub repository open source.
Rose stated the firm would fix outstanding issues and add additional functionalities. These include EVM compatibility, faster finality, and trustless inter-blockchain communication (IBC).
Furthermore, the EOS token seems to be surging in light of the recent developments. At press time, EOS was trading at $1.53, up by 18.7% in the last 24 hours. The token is up by 54.7% in the 30-day charts.
Nonetheless, the token is still 93.3% down from its all-time high of $22.71.