Let us see the latest in the altcoin department, specifically the EOS coin.
EOS coin was formed as a digital platform by Block. One in 2017. It had a year in the ICO run that amassed an amount of over US$4B. It was fined a total of US$24M in 2019 by the SEC for running an unregistered ICO.
EOS digital platform as a coin
The developer of the EOS coin is Dan Larimer. In addition, he is also the founder of Steem or Bitshares. This altcoin uses a PoS or a Proof-of-Stake consensus mechanism. This system can assist a total of 4,000 transactions per second. Making it at par with the Ethereum ETH coin that has been having congestion problems in the past.
The dApps clients and its developers are benefiting a lot from it. This is due to the fact that it promotes free usage for clients. It does not require payment for transaction fees when using its platform.
The launch of EOS’s main net was delayed about a week in the year 2018. It was deemed as one of the primary indicators that EOS coin would be having issues in delivering their product.
Crypto hackers even managed to successfully hack Block One’s Zendesk. Hackers are sending some phishing emails to its clients. A Chinese security agency discovered some discrepancies in the EOS coin system, where crypto hackers can fully control the nodes.
Untruthful promises made by EOS coin
The EOS coin did not meet the expectations of the masses regarding its promises. In addition, the EOS coin’s infrastructure also allows developers to develop dApps on the EOS coin system. They create various programming and implementations much easier.
Furthermore, as it became more centralized in governance. EOS coin makers discovered the high entry system and challenges associated with the network.
Having this said issue, the EOS team forced its makers to have a forking event. Moreso, creating more substantial and efficient crypto platforms such as Telos or WAX. Hence, the community became segmented and there are retail client’s capitalization concerns. It was also used to improve Block One’s earnings.
On the Flip Side
EOS coin garnered more transactions on the system than its counterpart ETHER or Ethereum coin. Ether only ranked as 2nd for a total number of dApps.
After the Security and Exchange Commission fine, Block One is wary of deploying its latest applications. Fearing that it may not meet regulator standards.
EOS coin is currently -14.69% having a price of US$9.04. Its market cap of US$8.604B and a Volume of US$6.12B 12.21pm ET May 17, 2021.
Watch this video from Bitcoin for Beginners to know more about the update on the EOS coin and some of its predictions.
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