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Blockchain Network EOS Rebrands as Vaulta, Pivoting to “Web3 Banking”

Blockchain network EOS announced its rebrand to “Vaulta” on Tuesday, marking a significant shift towards “Web3 banking” to capitalize on growing demand for innovative financial products.

In response to the news, traders have pushed the network’s native EOS token by 30% to $0.65, according to CoinGecko data, which shows the token’s current value.

Despite this surge, the token remains down by 188% from its all-time high of $22.89, reflecting the challenges the blockchain has faced since its explosive debut.

Transition to Vaulta

The transition to Vaulta is tentatively set for the end of May 2025, with the EOS token being swapped for the new Vaulta token, according to a statement by EOS.

The swap will be bi-directional for four months, allowing users to exchange their EOS tokens for Vaulta at a 1:1 ratio through a dedicated portal.

Vaulta’s “Web3 Banking OS”

Vaulta’s “Web3 Banking OS” will provide a suite of tools to enable fractional ownership of real-world assets, staking, custody, and Bitcoin yield strategies, among other offerings, EOS said.

Smart Contracts

One of the main upgrades is a feature called exSat, which will help further integrate smart contracts on Bitcoin, allowing Vaulta to interact with other blockchain networks.

Vaulta’s system will feature one-second transaction finality, C++ compatibility, and Ethereum Virtual Machine (EVM) compatibility for smart contracts.

EOS History

Launched in 2018 to challenge Ethereum, EOS initially garnered significant attention for its high transaction throughput and lower fees, owing to its unique delegated proof-of-stake (DPoS) consensus mechanism.

With its record ICO, raising a massive $4.1 billion, EOS was initially seen as a major contender in the blockchain space, touted as an “Ethereum killer.” Within a year of its debut, the U.S. Securities and Exchange Commission (SEC) filed charges against Block.one, the company behind EOS, for conducting an unregistered securities sale.

Block.one ultimately settled the case by paying a $24 million fine, a penalty that was minimal compared to the $4 billion raised.

Conclusion

In conclusion, the rebranding of EOS to Vaulta marks a significant shift towards “Web3 banking” and a new era for the blockchain network. With its focus on innovative financial products and services, Vaulta is poised to revolutionize the way we think about money and finance.

FAQs

Q: What is the rebranding of EOS to Vaulta?

A: The rebranding is a significant shift towards “Web3 banking” and a new era for the blockchain network.

Q: What is the timeline for the transition to Vaulta?

A: The transition is tentatively set for the end of May 2025.

Q: What are the key features of Vaulta’s “Web3 Banking OS”?

A: The key features include fractional ownership of real-world assets, staking, custody, and Bitcoin yield strategies, among other offerings.

Q: What is the current value of the EOS token?

A: The current value of the EOS token is $0.65, according to CoinGecko data.