The main reason for the renaming of EOS to Vaulta is to achieve a strategic transformation, shifting from a blockchain platform focused on decentralized application (dApp) development to one that emphasizes Web3 banking. This change is not merely a brand name adjustment but represents EOS's attempt to reposition itself and seize new opportunities in the integration of decentralized finance (DeFi) and traditional finance after years of development.
Specifically, there are several key reasons why EOS chose to rename itself to Vaulta:
Strategic focus shifted to Web3 banking
EOS was initially hailed as the 'Ethereum killer,' promoting its high-performance blockchain and large-scale transaction processing capabilities. However, over time, it gradually lost its competitive edge and market position due to various reasons. The renaming to Vaulta marks a shift in focus towards the 'Web3 banking' sector, aiming to provide secure and scalable financial solutions to traditional financial institutions and users through blockchain technology, such as wealth management, consumer payments, and asset tokenization services. This transformation aims to meet the current cryptocurrency market's demand for compliance and institutional adoption.
2. Brand renewal and cutting historical baggage
Since its launch in 2018 through the largest ICO in history (raising $4.1 billion), EOS has faced criticism due to governance issues, lack of development support, and controversies surrounding its parent company Block.one (such as settling with the SEC in 2019). The name Vaulta (implying 'vault') symbolizes security and trust, aiming to shed EOS's past negative image and rebuild market confidence.
3. Adapting to market trends and regulatory environment
As the regulatory environment for the cryptocurrency industry becomes increasingly clear (such as the EU's MiCA regulation), EOS sees the potential to combine blockchain technology with traditional finance. The renaming to Vaulta, along with the launch of new tokens and ecosystems, indicates its desire to attract more institutional users through compliance, integration with the Bitcoin ecosystem (such as via the exSat platform), and collaboration with traditional financial institutions.
4. A symbol of technological and ecological upgrade
Vaulta retains the original technical foundation of EOS (such as the C++ smart contract architecture and multi-chain interoperability) and optimizes it to launch new tokens and the concept of a 'banking operating system.' This renaming reflects its upgrades in technology and vision, attempting to reignite the interest of the community and investors through the narrative of Web3 banking.
In summary, the renaming of EOS to Vaulta is a bold attempt to transform from a gradually marginalized public chain project to a key player in the Web3 finance sector, in the face of market challenges. Whether this change will be successful depends on subsequent execution and market acceptance.