Block.One’s blockchain app platform, EOS, has come under fire after the inbound launch of the mainnet was announced as the EOS token has no “use”.
EOS tokens cannot be redeemed on the EOS platform that does not exist
The project, which today outperformed Litecoin by market capitalization and aims to enable developers to create decentralized applications (‘DApps’), raised $ 700 million in its ongoing ICO, despite the fact that developers openly acknowledged the tokens at the time -Users had no benefit.
Now, with developers confirming a mainnet release in June this year, new criticism is coming from those who have realized that only software is released, not an actual platform.
“You just release the code and there will be * multiple * networks / blockchains on which you can hopefully redeem another token. It won’t be ‘EOS’, however, ”Dogecoin inventor Jackson Palmer wrote in a Twitter debate on April 11th.
People don’t seem to realize that there isn’t an actual EOS “network” on which the ERC-20 tokens can be redeemed. You just release the code and there will be * multiple * networks / blockchains on which you can hopefully redeem another token. However, it won’t be “EOS”. pic.twitter.com/w3FTlP4Wjk
– Jackson Palmer (@ummjackson) April 12, 2018
Zero Utility has never stopped ICO investors
Block.One had gone out of his way to publicly state that its ICO token was little – if anything – more than a fundraising vehicle.
The frequently asked questions about the project’s website describe that the tokens don’t even serve a purpose for the EOS platform itself, let alone for potential customers.
“The EOS tokens have no express or implied rights, uses, purposes, attributes, functions or features, including, without limitation, uses, purposes, attributes, functions or features on the EOS platform,” it says.
While the information was well known prior to the ICO, a 35% increase in EOS value as investors expected an airdrop to fuel dissatisfaction in the cryptocurrency community.
“It doesn’t start a ‘network’ for you to use or redeem EOS tokens,” continued Palmer.
[…] If you don’t read between the lines: The EOS ERC-20 token is of no use and is absolutely useless.
Pro-EOS defenders retaliated, claiming the token description was “legal” and did not reflect the real value of the project.
What do you think of EOS? Let us know in the comments below!
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