An Ethereum killer or just another copy? Shitcoin.com takes a look at EOS.
What is it?
Developed by Block.one, EOS is all about those decentralized apps (dApps) and smart contracts. When launched (it’s supposedly been launched, but still hasn’t ‘launched’… go figure) it will enable the development, hosting and execution of said dApps and smart contracts. It will do it all. Sounds familiar to another little know cryptocurrency we all know doesn’t it? *cough* Ethereum *cough*.
Ethereum currently the holds top spot when it comes to dApps and smart contracts but has been plagued with scalability issues.
Why is scalability a problem you ask?
Primarily it’s an issue because it limits the number of transactions per second, and for Ethereum, it can currently only perform up to 15 per second. The likes of CryptoKitties, who have millions of users and host their platforms on Ethereum, face constant issues themselves and also clog up the network for everyone else. Slow transaction times and high fees to push transactions through and gain priority lead to unhappy users.
EOS aims to perform better than this and solve the scalability problem.
The plot thickens a little more when you realize that EOS was/is (who knows at this point with this mainnet failure to launch) an ERC20 token, but with the launch of its EOSIO network, the tokens are set to be moved.
Why do many people believe that the network would be a success?
If Bitcoin is about payments and this new store of value thing everyone’s talking about then Ethereum is the home of smart contracts. The belief is that a year-long ICO that was able to amass a record $4 billion, should help EOS mount a serious attack on Ethereum’s throne.
Whether it will remains to be seen. However for early investors in the ‘ICO’ consistent gains have been a thing.
When will all of this be released?
EOS has a five-phase plan that includes the launch of their mainnet (which took place June 2nd). The first and second phases are Minimal Viable Testing Environment and Minimal Viable Test Network which took place last year. They are currently in the third phase of their plan which is the Testing & Security Audits.
The mainnet has had numerous issues during launch. The main issue being that it still may not have launched. It’s an odd scenario to be in with multiple layers. At this point the future looks uncertain but it’s possible that this host of errors will rally the coin and it’s community to come through.
The next phase, which is Parallel Optimization is set to take place this summer. Who knows at this point though. Watch this space.
Who is behind EOS?
The main man behind the project and founder is Dan Larimer. He is well known in the world of cryptocurrencies as he is responsible for Bitshares and Steemit. While still proving themselves in their own right, these projects gave investors and developers confidence that he can actually make EOS a successful project. They haven’t pumped and dumped (yet).
Larimer also introduced “delegated proof of stake”, which many views as a republican form of Proof of Stake (PoS).
His contribution to the cryptocurrency world is one reason why investors and developers are confident and backing EOS. Whether they are correct to do remains to be seen. We always choose to remain skeptical.
The EOSIO network was discovered to have numerous security flaws and bugs by Chinese security firm just days before the mainnet launch – the EOS team went ahead with the launch (or tried) despite the bugs.
What are our concerns?
It launched, but didn’t launch
The world of crypto is rife with broken promises and broken coins. When a project with as much support and funding as EOS doesn’t come through on their roadmap as dramatically as they have, red warning lights start flashing. Even stranger is the fact that despite this multitude of errors the price remains fairly stable. If it was tanking right now, many would see it as valid.
The platform is still unproven
Despite the potential that the project has, there are some big concerns. The first is that the network is still unproven. The team claims to have a better network than Ethereum due to lack of scalability, but since no dApps have been developed and hosted on its blockchain, no one is certain of that.
Until we see that, we remain skeptical. The insane rise in price is purely speculation.
Security issues not fully tackled
The numerous bugs and security flaws discovered first by Qihoo 360 and then other ethical hackers have cast doubt on the team’s ability to ensure that the network is secure. The disappointment stems from the fact that Block.one was able to raise $4 billion in an ICO but couldn’t make its network secure, causing the network to be inactive at this time.
Ethereum is a very solid competitor
Ethereum is a very tough competitor for EOS. It’s tried and trusted by developers and ICOs. There are other big names which EOS has to worry about in this industry such as NEO, Stratis, and Lisk which will ensure this won’t be a walk in the park.
Where can I buy/long/sell/short it?
Is EOS a shitcoin or do you back the project to overtake Ethereum as the number one dApps and smart contacts platform? Will it’s mainnet ever launch? We are as interested to find out as you are.