Early Execs Leave Block.one, The Peter Thiel-Backed Crypto Startup Behind EOS

Of the raise, $1 billion had been reserved for assisting in the EOS blockchain's development and financing.

Fred Wilson's Union Square Ventures and Multicoin Capital, a Texas cryptocurrency investment group backed by Andreessen-Horowitz and Chris Dixon, have separately bought EOS without investing in Block.

Oliver jabbed at Pierce's eccentric lifestyle, out-there promotion of EOS and leadership at Digital Entertainment Network, a 1990s dot-com company that allegedly ran a Hollywood pedophilia ring from a Los Angeles McMansion, according to lawsuits filed in California accusing Pierce and two DEN executives of sexually assaulting three underage males at DEN house parties.

EOS claims to solve bitcoin and ethereum's scalability, smart contract writing and decentralized functionality issues with delegated proof-of-stake, a type of governance model for validating block units in a blockchain system to prevent network attacks and faulty transaction recording.

Critics again voiced their concerns when the entire EOS network froze on June 16, just two days after the first release version, "Dawn," had activated.

Five days later, the EOS Core Arbitration Forum executed an "Emergency Measure of Protection Order" that halted inbound and outbound transactions to and from 27 wallet addresses without explanation, stoking outcry that the bans set a dangerous precedent allowing users to be terminated and transactions to be reversed without cause - a risk not seen on the bitcoin network.

In a June interview with Fortune, Samani admitted EOS has made mistakes but compared them to the rough start that the ethereum blockchain has gradually overcome.

Multicoin Capital owns large positions in both ethereum and EOS, but has highly praised EOS in particular for its scalability, interoperability, low transaction fees, on-chain governance, arbitration constitution and inflationary economics in a glowing review downloadable for viewing on the fund's website.

Israeli decentralized cryptocurrency liquidity protocol Bancor last week publicized a cross-chain expansion from the ethereum to the EOS blockchain to leverage EOS' transaction speed and cost-savings.

The network had conducted only about 4,000 transactions at most at any given time, Moss clarified, but added it was "Amazing" and "Exhilarating" to take EOS live with DPoS voting.