The blockchain initiative previously known as EOS Network, which debuted in 2018 during the initial coin offering frenzy, has undergone a rebranding, now adopting the name Vaulta. This change signifies its new focus on Web3 banking.
The transition to the Vaulta identity is expected to occur at the end of May and will feature a new token alongside the formation of a Banking Advisory Council, which will guide the company through its new trajectory.
According to additional announcements, the existing EOS token will evolve into the Vaulta Token, which will be accessible on the nearly 140 exchanges currently trading EOS, along with a swap portal set to be launched in May. Details regarding the token’s ticker and technical specifications will be disclosed later.
Image Credit: Vaulta
Vaulta will also retain the foundational infrastructure of the EOS Network, which includes integration with the Bitcoin banking solution, exSat. This will enhance Vaulta’s BankingOS system, providing a comprehensive suite of financial services through strategic partnerships with Ceffu, Spirit Blockchain, and Blockchain Insurance Inc.
The rebranding from EOS Network to Vaulta represents a pivotal shift for the blockchain, which garnered significant attention when it launched in June 2018 after conducting a record-setting $4.1 billion ICO by its developer.
Initially, EOS ranked among the top 10 projects by market capitalization for several years. However, its value has experienced a steady decline, and it now holds a position within the top 100, currently ranked at 95.
Opinions vary widely regarding the missteps of EOS. Some contributors to its development cite insufficient support and lack of direction from the company behind it.
Following the $24 million settlement with the Securities and Exchange Commission in 2019, it has been suggested that the focus of the company shifted from the core EOS technology towards other ventures—including the social application turned NFT marketplace and the crypto exchange Bullish.
Goodblock CEO Douglas Horn has expressed the belief that EOS investors have been misled from the outset, remarking that “the ICO conducted by Block.one was deceitful, regardless of whether that was their intention from the beginning.”
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