Bitcoin Global News (BGN)
May 31, 2018 -- ADVFN Crypto NewsWire -- What’s happening with
EOS? The Delegated Proof of Stake Crypto-network has come under
fire already for its ICO that has been going for twelve months.
Now, with the launch of its main net on June 2nd, several reports
have brought a new, but often considered question: how will
everything work once Block One steps away?
If you weren’t already clear on
how the EOS network has been moving
forward since its inception, then it is important to state that
Block one has been leading the project since its beginning, as its
effective parent company.
This relationship has been
criticized in the past. When HBO’s popular show, “Last Week Tonight,” aired an episode in March
on Cryptocurrencies and the Blockchain, they made sure to ridicule
the fact that Brock Pierce had been
acting as the mouthpiece of EOS.
In short, this included honing in
on Pierce’s cryptic, general statements about the EOS network like,
“everything will be cheaper” and “everything will be more
trustworthy,” to make the point that EOS still had no working
product and yet, they were claiming that they will be the most
earth shattering product that the world has ever seen.
The show’s host, John Oliver, went
on to strongly question Pierce’s right to speak for any product at
all, due to most of his background being in acting as well as a
1999 scandal, in which he and two of his business partners were
accused of very serious crimes.
While EOS did respond by basically
firing Pierce after the show aired, he had already been their
spokesman since the beginning and they still had no working product
at the time.
If one simply looks at all of this
from the standpoint of Crypto investing, then it could be argued
that what’s most important is that the project in question has some
real world utility. To put it simply, if it doesn’t solve a clear
problem in a clear way, then it’s not worth your time.
This is not to say that EOS doesn’t
offer some sort of unique differentiators to the space. By all
accounts, it seems that EOS is aiming to be an easy to use, more
user friendly version of Ethereum. This means that their vision
includes scaling quickly in connection with being able to handle
thousands of transactions per second.
Most importantly, however, their
primary goal could be said to be making it as simple as possible
for development teams to roll out Decentralized Applications. This
includes providing teams that are interested in creating Dapps with
ready made examples of User accounts that have every built-in
security level which works with the EOS network.
Secondly, these user accounts will
also allow for offline data storage as well as the creation of
shared databases among them.
In essence, since EOS also provides
hosting services, cloud storage services and bandwidth services, it
is quite logical to conclude that their overall product for
developers will be like a skeleton kit. The only missing piece is
the individual Dapp’s native code, which makes it what it
is.
All of this is not to say that they
don’t receive any personal benefit from such an offering. In fact,
one could surmise that the EOS offering is intelligently
designed in order to position them in exactly the market niche that
they want to be in.
This all seems good, in theory, but
Block One has also made clear that they’ll be relinquishing their
leadership role before the main net launch. Consequently, this
might be said to pose the question: who will lead the network as it
goes live?
Block One has put forth the
suggestion that the users, which will initially mostly be
developers, will lead the network in a fully Decentralized
fashion.
Because they have a Delegated Proof of
Stake protocol that determines who has the power and
therefore, who makes the decisions, one could easily compare them
to Cardano. Both are planning to be governed based on user votes on
every network decision. While Cardano seems to have a clear and
balanced plan for their voting mechanism, some have raised concerns to
the effect that the EOS voting plan is quite obscure.
However the issue of EOS leadership
shakes out, if all works well and the controversies don’t sink the
ship, then EOS could become the platform that the global Crypto
economy needs. On the other hand, if the controversies continue to
pile on, then failure might not be far away.
By: BGN Editorial Staff
News:
EOS (EOS)
Cryptocurrency