It added that the token’s ticker and technical details will be revealed at a later date. Source: EOS NetworkVaulta will also inherit EOS Network’s underlying infrastructure, including integration with the Bitcoin digital banking solution, exSat, which complements Vaulta’s BankingOS system, offering a suite of financial services through partnerships with Ceffu, Spirit Blockchain and Blockchain Insurance Inc. EOS Network’s rebranding to Vaulta marks a significant course correction for the blockchain, which launched to great fanfare in June 2018 off the back of a year-long and largest-ever $4.1 billion ICO run by the company behind the network, Block.one.
The EOS Network, a blockchain that launched in 2018 amid the initial coin offering boom, has rebranded to Vaulta and will pivot to focusing on Web3 banking. The switch to Vaulta is tentatively scheduled for the end of May and will include a new token and the establishment of an advisory group known as the Vaulta Banking Advisory Council to help with the firm’s new direction, the company said in a March 18 statement.
Some who volunteered to assist in developing the network say there was a lack of support and direction from Block.one. Related: Tracing the evolution of Blockchain, with Eos Network Foundation execBlock.one made a $24 million settlement with the Securities and Exchange Commission in September 2019, and some commentators argued that the firm’s focus then shifted from EOS’ base tech to other projects — like the social app-turned-NFT marketplace Voice and the crypto exchange Bullish.
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Author / Journalist: Cointelegraph by Jody McDonald
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