$50m Fund to Support EOSIO Ecosystem

Block.one, renowned Blockchain software developer which serves as a platform designed for building applications at both the enterprise and “community-driven” levels recently made news by releasing version 1.0 of their open-source blockchain protocol, EOSIO, according to an official blog post published on June 2.

According to the company’s blog post, they are relinquishing much of the responsibility for the functionality of the software.  Block.one does not guarantee that the EOSIO software will perform “as intended” or “will be free of errors, bugs or faulty code,” claiming that developers implement EOSIO at they own risk.

Along with the new software release, Block.one also announced that they are collaborating with blockchain investment firm SVK Crypto to launch a $50 mln fund to support the development of the EOSIO “ecosystem”.

Yesterday, Cointelegraph reported that Block.one’s EOS just made a record by being the largest Initial Coin Offering (ICO) to date. It had completed its year-long token crowd sale, raising a total of $4 bln which is incredible.

It has been a rough road for Block.one though. A leading Chinese Internet security firm Qihoo 360, detected a number of high-risk security vulnerabilities on the EOS blockchain that would enable remote attacks on all EOS nodes. The good news is that the vulnerabilities were reportedly fixed on the same day they were reported.

Among the top 100 coins on crypto price tracker CoinMarketCap, the EOS coin has seen the most growth over the past 24 hours to press time. The altcoin, currently fifth largest by market capitalization, is up almost 27% on the day, trading at $15.35.