EOSIO-Based Blockchains Collabs to Commit $8M Annual Funds
2022.04.11 13:16
EOSIO-Based Blockchains Collabs to Commit $8M Annual Funds
- EOSIO-based blockchains have merged to develop EOSIO protocol core code.
- This mainly includes blockchains like EOS, WAX, Telos, and UX Network.
- The collaboration will help to bring $8 million in annual funds to rebrand the core code.
The EOSIO protocol-based blockchains like EOS, WAX, Telos, and UX Network have merged their development resources to take charge of the EOSIO protocol core code development. This core code is based on each of these four blockchains.
In detail, this alliance has committed to bringing a combined $8 million in annual funding for core development and developer outreach in 2022. Despite these blockchains being different from one another, they will work together to rebrand the EOSIO technology stack. Additionally, this will constitute more security and new feature development for the core code of the protocol.
Yves La Rose, Executive Director of the EOS Network Foundation remarked:
This coalition represents a monumental shift in direction for the future of the EOSIO protocol and is a huge milestone for all of the businesses leveraging its technology. The network effect of multiple EOSIO blockchains working together to secure the growth and sustainability of our common codebase and related open source innovations is a force multiplier that will be paying dividends for years to come.
EOSIO was originally created by Block.one, which is acclaimed as the richest ICO in the blockchain industry; it raised nearly $4 billion in 2017. Among this fund, $1 billion had been pledged to support the EOSIO blockchain along with ten years of core code development.
In contrast, Block.one ceased support for the blockchain ecosystem in the middle of 2021. This led to EOS firing them by stopping a vesting payment schedule. Basically this made EOSIO collaborate with the four blockchains.
To note, the collaboration has continued to have a professional branding agency to establish a new name and branding for the EOSIO protocol. In January 2022, the EOSIO blockchain coalition started and also included other protocol projects like Proton, Ultra, EVA, FIO, and also Block.one’s exchange and NFTprojects.
In addition to the four blockchains, other blockchains have agreed to take part in the partnership. However, other companies may join the team in the future as a way to contribute developmental ideas.
EOSIO protocol is claimed to be the leading third-generation blockchain technology with high speed, capacity, and customizability. The platform serves users with a sub-second block time latency rate and the ability to support mission-critical applications.
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