EOS Status Review

Blockchain | Reviews

Just in case you have no clue what the EOS project is, it is a blockchain-based platform that builds decentralized applications, and the developers of these applications can deploy smart contracts that power those applications as well as decentralized autonomous organizations.

The developers of these decentralized applications stake tokens to cover the resources used by their applications, and they receive these tokens back if the applications are taken down. Which means that the developers have to be creative and commercial oriented as well as flexible and authentic in their creations.

For this reason, the project is the topmost funded ICO in the history of ICOs since its inception, having raised $4 Billion. This amount raised questions among investors as to why a start-up would require such enormous amounts. We will look at the challenges facing EOS later in the article. Currently, EOS trades at $2.68, pushing it to the fourth position. Even though that seems encouraging, EOS has lost over 90% of its stock value to the bear market that has plagued the crypto market since the beginning of the year.

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What are the red flags

On matters technology, the EOS working ethic provides engineers and IT specialists an open platform to design decentralized programs. That is why the funding is so high according to my opinion. It’s a war chest, to say the least.

However, the project suffers a few challenges and I will try to go through them as briefly as possible. You decide if the project will survive or crash.

  • The number of block producers stands at 21. This number completely limits programmers who may want to design blockchain applications.
  • Creating an Eos account requires a fee, which inevitably leaves the project at a disadvantage as it creates friction in user adoption.
  • Free transactions attract the risk of spamming from fraudulent users since the account is not highly scrutinized.
  • The developers are paid on the same scale (the current token value of EOS), which can be very discouraging especially now that the token market has faced miserable losses.
  • On matters governance, the project heavily depends on voting but the stakeholders participation is quite low, this also affects the compensation for the developers who rely on the same vote for proof of stake.

Granted, the price today was a bit encouraging compared to a week ago but I have some recommendations regarding EOS’ work-ability. The developers need to be allowed more compensation structures that require less censoring, and this way attract more developers. Although EOS does include smart contracts in their applications, they lack activity compared to many other cryptocurrency transactions like Ethereum. Of course, that is expected with their 21 developers. In fact, they have very few decentralized blockchain applications compared to Ethereum. This Goes without saying that the governance issue in the EOS system needs to be addressed. Be the judge.

 

 

 

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EOS Status Review

Blockchain | Reviews

Just in case you have no clue what the EOS project is, it is a blockchain-based platform that builds decentralized applications, and the developers of these applications can deploy smart contracts that power those applications as well as decentralized autonomous organizations.

The developers of these decentralized applications stake tokens to cover the resources used by their applications, and they receive these tokens back if the applications are taken down. Which means that the developers have to be creative and commercial oriented as well as flexible and authentic in their creations.

For this reason, the project is the topmost funded ICO in the history of ICOs since its inception, having raised $4 Billion. This amount raised questions among investors as to why a start-up would require such enormous amounts. We will look at the challenges facing EOS later in the article. Currently, EOS trades at $2.68, pushing it to the fourth position. Even though that seems encouraging, EOS has lost over 90% of its stock value to the bear market that has plagued the crypto market since the beginning of the year.

FREE CRYPTO COIN JUNKY HANDBOOK - 147 page guide covering Crypto Fundamentals, Beginners/Advanced Crypto Trading Strategies, Crypto Mining Techniques, ICO Investment strategies, and so much more.

CRYPTO TRADING STRATEGY GUIDES - Whether You're Day Trading, Swing Trading, Or Just Investing...Our Extensive Guides Will Get You To Where You Want To Be.

What are the red flags

On matters technology, the EOS working ethic provides engineers and IT specialists an open platform to design decentralized programs. That is why the funding is so high according to my opinion. It’s a war chest, to say the least.

However, the project suffers a few challenges and I will try to go through them as briefly as possible. You decide if the project will survive or crash.

  • The number of block producers stands at 21. This number completely limits programmers who may want to design blockchain applications.
  • Creating an Eos account requires a fee, which inevitably leaves the project at a disadvantage as it creates friction in user adoption.
  • Free transactions attract the risk of spamming from fraudulent users since the account is not highly scrutinized.
  • The developers are paid on the same scale (the current token value of EOS), which can be very discouraging especially now that the token market has faced miserable losses.
  • On matters governance, the project heavily depends on voting but the stakeholders participation is quite low, this also affects the compensation for the developers who rely on the same vote for proof of stake.

Granted, the price today was a bit encouraging compared to a week ago but I have some recommendations regarding EOS’ work-ability. The developers need to be allowed more compensation structures that require less censoring, and this way attract more developers. Although EOS does include smart contracts in their applications, they lack activity compared to many other cryptocurrency transactions like Ethereum. Of course, that is expected with their 21 developers. In fact, they have very few decentralized blockchain applications compared to Ethereum. This Goes without saying that the governance issue in the EOS system needs to be addressed. Be the judge.

 

 

 

Author:

Leave a Comment

[js-disqus]

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Goals set by Justin Sun for Tron(trx)in 2019

On the 31st Of May 2018, Tron achieved independence from Ethereum and Launched its own Mainnet with the Intention of being a fully functional Public Blockchain that supports Creation and development of decentralized Apps (dApps)

Read More »

Crypto Regulation Commences in South Africa

The South African government today issued a statement regarding the steps it is taking on cryptocurrency trading by setting up a working group dedicated to regulating blockchain and crypto. Background Before we get into that,

Read More »

Facebook Hiring: 5 Cryptocurrency Positions Open

Something is definitely brewing in Facebook’s newly formed department. Early in May, there was a rumor that Facebook was interested in opening a cryptocurrency department within its headquarters. The advertised positions are: Two Software Engineers

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Crypto StartUps are Failing

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