The blockchain EOS, launched in 2018, announced its rebranding to Vaulta, aiming to integrate advanced financial technologies under the concept of web3 banking.
The History of EOS and Reasons for the Rebranding
EOS was created to compete with Ethereum, offering solutions to scalability issues through a delegated proof-of-stake (DPoS) mechanism. Despite considerable attention, the project did not live up to expectations. In 2019, Block.one, the developer of EOS, settled with the SEC by paying a $24 million fine. The rebranding to Vaulta aims to refocus attention on integrating innovative financial products.
The New Vaulta Token and its Features
Starting in May, upon approval, an EOS token can be swapped for a Vaulta token on a 1:1 basis. Vaulta will be based on EOSIO and compatible with Bitcoin through the exSat layer, enabling cross-chain transactions and supporting C++ and EVM. More details and the ticker will be announced later.
Partnerships and Innovations in Vaulta
Vaulta will offer web3 banking with partnerships including Ceffu, Spirit Blockchain, and Blockchain Insurance. These projects will support custody and investment offerings, fractional ownership of assets, and insurance. A council of experts from finance and blockchain industries will support this structure.
The rebranding of EOS to Vaulta marks a focus on a new era of blockchain-oriented financial services, highlighting the growing interest in cryptocurrency and innovation in the financial sector.
