EOS being an underdog
EOS platform is developed by Block One which, in 2017, ran a year-long ICO which amounted to over US$4B. Because of too much media, EOS was given penalties US$24M in 2019 by the SEC for running an unregistered ICO.
EOS as a cryptocurrency
Dan Larimer the founder of projects such as Steem or Bitshares was also the developer of EOS. It uses a Proof-of-Stake consensus mechanism; it can support over 4,000 transactions per second making it a good competitor for Ethereum which faced network congestion in the past.
The dApps users and developers benefit a lot because it promotes free usage and does not require users to pay transaction fees when using the platform.
The launch of EOS’ mainnet was delayed for a week in 2018. It was one of the first indicators that EOS would be having issues in delivering their product.
Hackers even managed to hack Block.One’s Zendesk, sending some phishing emails to users. A Chinese security firm even discovered some vulnerabilities in the EOS network, where hackers can fully control the nodes.
False promises made by EOS?
EOS didn’t meet the expectations of the public despite its promises. Its infrastructure also allows developers to develop dApps on the EOS network. They make programming and implementations much easier.
Moreso, as it became more centralized in terms of governance, developers discovered the high entry point and challenges associated with the network.
Having a high entry point, EOS forced developers to fork and create more sustainable and efficient platforms such as Telos or WAX. Thus, the community became segmented and there are retail investor’s funds concerned and that it was only used to increase Block.One’s profitability.
On the Other Side
EOS has more transactions on the network than Ethereum yet only ranked as 2nd for a total number of dApps.
After the SEC fine, Block.One is reluctant to deploy new applications that do not meet regulator standards.
EOS is currently +0.35% having a price of US$7.4995, market cap of US$7.18B and a Volume of US$5.50B 5:32am ET April 15, 2021
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