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The price of the native token of the EOSIO blockchain – EOS – is up more than 18% this morning to $1.52 per coin thereafter the company has settled with investors who claimed the project violated US securities laws by failing to register EOS as a security with the country’s Securities and Exchange Commission (SEC).

Trading volume is up 390% this morning, with over $1 billion worth of EOS tokens exchanging hands in the last 24 hours. This represents nearly 70% of the token’s total fully diluted market cap, according to data from CoinMarketCap.

The settlement affects Block.one, the company responsible for developing the EOSIO blockchain, which has reportedly invested up to $4 billion in over 100 business projects in the crypto space, including raising capital for the development of the EOSIO network.

Block.one agreed to pay $27.5 million in a settlement that has already received conditional approval from the US District Court for the Southern District of New York. According to the original complaint, Block.one allegedly sold ERC-20 tokens to US investors to fund the development of EOSIO without registering the sale with the country’s financial regulator.

In addition, the plaintiffs alleged that the company misrepresented its technology and that the development team misused the funds received for personal gain.

Additionally, EOS Foundation Chief Executive Officer Yves La Rose tweeted yesterday that the organization will be rebranding the blockchain ahead of the completion of its hard fork – which is expected to take place on September 21st.

This week we unveil the highly anticipated rebranding of EOSIO and next month $EOS will activate its v3.1 consensus upgrade (hardfork).

Here’s what you need to know #TheNewEOS.

— Yves La Rose (@BigBeardSamurai) August 15, 2022

La Rose stressed that the foundation “fired” Block.one last year, effectively taking control of the network’s governance. However, you cannot change the code of the blockchain as the intellectual property belongs to a company affiliated with Block.one.

To circumvent this limitation, the EOS Foundation will initiate a hard crawl of the blockchain, allowing the company to take full control of any forthcoming changes and upgrades made to the network.

Regarding the prospects for blockchain, La Rose stated, “The rebranding of EOSIO and hardforking of #EOS is a necessary part of the comeback and marks the beginning of a new chapter: #TheNewEOS.”

He added: “Under the leadership of the @EOSNFoundation, $EOS can finally break through its glass ceiling and reach its full potential!”.

The EOS Network Foundation is expected to release further details on the rebranding later today.

What is the EOS blockchain?

The EOS public blockchain is a network that allows developers to use decentralized ledger technology to build software and applications. It is powered by a delegated Proof-of-Stake (DPoS) protocol and its native token is called EOS.

Smart contracts can also be created on the EOS blockchain using the C++ programming language. The network is considered a competitor to Ethereum (ETH) because it was created to be more scalable and cheaper to use than its predecessor.

This project was developed and is currently managed by Block.one, a venture capital firm that invests in crypto projects and considers itself the “originator” of the EOS blockchain.

The EOS community has coordinated efforts to sack Block.one as administrators of the project, believing they have failed to nurture the ecosystem and have failed to roll out relevant upgrades to the network during their tenure.

EOS price prediction 2022

According to estimates by Wallet Investor, the price of EOS is expected to go as high as $1.78 per coin within the next 14 days, giving an upside potential of 17.1% based on the current price if that target is met .

The outlook for the token is bullish according to the algorithm, which is based on an analysis of a handful of technical indicators.

Meanwhile, Gov.Capital expects price action to remain highly volatile over the next 14 days, with the price potentially rising to $1.6 per coin at some point and then falling to around $1.45 per coin at the end of that period .

As for the medium-term outlook, the algorithm expects the price of EOS to increase to $2.31 per year from now and $4.5 per coin in five years.

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