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