The EOS mainnet is less than a week old, but the much-touted blockchain has already encountered a number of problems, ranging from minor to critical. Teething troubles with new blockchains are to be expected, but the number of these issues, coupled with a number of other anomalies, has left EOS critics scratching their heads and developers on the defensive.
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There is never a dull day in EOS Land
The EOS soap opera has provided convincing viewings over the past few weeks. Due to the hype and the funds invested in the project, a smooth start was never possible. Satoshi appears to have launched Bitcoin on his own, with no fanfare and without the world noticing. EOS, on the other hand, was launched after a year-long $ 4 billion fundraiser after half of the crypto community got excited and the other half alerted.
The most recent issue was a bug that resulted in block production ceasing over the weekend and forcing a conference call between Block.one, the developers at EOS, and the 21 block manufacturers tasked with running the network. The cause of the problem appears to have been a bug in the last build that forced EOS to revert to an earlier version of the code. This begs the question of how many tests are performed on new code. It looks like Block.one is releasing updates that haven’t been thoroughly tested, forcing them to fix issues that are occurring on the mainnet.
Functions, errors and anomalies
Though unfortunate, mistakes are to be expected when a whole new blockchain is launched, and Bitcoin and Ethereum were not without their problems even in the early days. However, there are problematic aspects of EOS that are inherently present and the presence of which is more difficult to explain. There are a large number of tokens that have to be used by developers, for example, to run EOS dapps. The amount to be paid depends on the amount of network resources that the Dapp needs. If Crypto Kitties ran on EOS at the height of the Dapp’s popularity, this is it was suggested that the amount of tokens required to operate would have been millions of dollars.
And then there is something else The complexity create an EOS wallet. Creating an account requires the assistance of an existing account holder. Without their contribution, it is impossible for newbies to join the EOS ecosystem. Over time, EOS dapps should simplify account creation, but until then the public blockchain will function more like a closed system, with participants relying on the support of other EOS holders to get the ball rolling.
Reaching the quorum of 15% of the votes at the start of the network also proved to be a sticking point. Token holders had to vote on a process that involved entering their private keys. Due to the risk of being tricked by fake EOS dapps, most token holders chose not to vote, so the voting process stayed below the 15% threshold for days.
EOS curiosities could not dampen market enthusiasm
Despite all of the dramas, glitches, and curiosities of EOS, the market has remained optimistic about Dan Larimer’s blockchain. With so many token holders invested in the project, the community is ready to make EOS a success no matter what, and no level of negativity – or FUD as the acronym suggests – will be allowed to prevail. Even if there is a big mistake got discovered In EOS before launch, followed by the hasty creation of a bounty program and the discovery of several other bugs, the market shrugged off the problems.
The craze for everything EOS-related is due in part to the need for a fast and scalable blockchain. Even the most ardent supporters of the network will admit that EOS isn’t perfect, but given the alternatives – a sluggish Ethereum and a handful of untested and unused blockchains – there seems to be no choice but to pray that Block.one can prevail . With every drama, the pro and anti-EOS brigades become more firmly anchored in their positions. No other blockchain in the history of cryptocurrency has proven to be so polarizing. Whatever the future holds for EOS, it certainly won’t be boring.
Do you think EOS can shake off those early setbacks and overtake Ethereum as the number one blockchain for dapps? Let us know in the comments below.
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