EOS has been renamed to Vaulta in the context of transitioning to 'web3 banking', with plans to launch a new token.

EOS, a public blockchain launched in 2018 to compete with Ethereum, will be renamed Vaulta as it shifts its focus to the "Web3 banking" sector. The EOS Token, currently up 2% to around 0.52 USD, may be swapped for the new Vaulta token starting in May if this proposal is approved.

According to the announcement on Tuesday, the Vaulta token will be listed on 136 exchanges where EOS is currently traded. The trading code (ticker) will be announced along with technical details in the near future, the Vaulta team said.

Vaulta will be built on the current EOSIO software of this blockchain and integrated with exSat, a "connectivity layer" bringing smart contracts to the Bitcoin network. This cross-chain system will enable transaction completion in 1 second and support smart contracts compatible with C++ and EVM.

Vaulta and the vision of "Web3 Banking"

Vaulta will deploy a Web3 banking operating system with a range of institutional-grade financial services through partners such as Ceffu, Spirit Blockchain, and Blockchain Insurance:

• Spirit Blockchain allows fractional ownership of traditional, low-liquidity assets such as real estate, commodities, and private equity.
• Ceffu provides custody solutions, staking, and yield generation strategies from Bitcoin.

The Vaulta Banking Advisory Council will include experts from the finance and blockchain sectors, with representatives from Systemic Trust, Tetra, and ATB Financial.

"The moment has come. After many years of quietly building the foundation, what began with the EOS Network is now ready to reshape the landscape of banking. Global demand for cryptocurrency is soaring, and interest in innovative financial products is at an all-time high," Vaulta stated.

From an 18 billion USD blockchain to a new transformation

This transition marks a new chapter for EOS – the network that once made a significant impact, developed by Dan Larimer and Brendan Blumer, co-founders of Block.one. EOS is designed to address the scalability and usability issues of previous blockchains like Ethereum, through the DeleGate.iod Proof-of-Stake consensus mechanism (DPoS). This mechanism allows 21 block producers (block producer) elected by the community to manage the network, providing high transaction throughput and lower user fees.

Although it attracted a lot of attention at launch, EOS did not meet expectations, especially considering the massive token release (ICO) by Block.one. Currently, EOS ranks 16th among the most actively used smart contract chains. EOS's nearly year-long ICO raised 4.1 billion USD in ETH.

At its peak in 2018, the market capitalization of EOS reached nearly 18 billion USD, but currently it is only about 775 million USD, according to data from The Block.

Legal Controversies and New Moves by Block.one

In 2019, Block.one settled a lawsuit with the U.S. Securities and Exchange Commission (SEC) related to its ICO. The company agreed to pay a fine of 24 million USD – only equivalent to 0.58% of the amount raised – without admitting to any wrongdoing.

By 2021, Block.one CEO Brendan Blumer, a former game designer who renounced his U.S. citizenship, announced that the company would focus on new commercial directions, including the launch of the cryptocurrency exchange Bullish Global, backed by Peter Thiel.

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should conduct thorough research before making any decisions. We are not responsible for your investment decisions.

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