1 Level
5 Review
0 Karma
Review on EOS by Annett Jager
Few (if any) blockchain projects have attracted as much attention and caused…
Few (if any) blockchain projects have attracted as much attention and caused as much anticipation as EOS. By day five of its year-long token sale, EOS already broke through the record set by Bancor in June. The token sale has already gathered $185 million and, in absence of a cap, this upward trend will only continue. The promises behind EOS are very attractive and the timing rides high on the success of Bancor and TenX, while exploiting the fear of the looming Bitcoin fork
Pros
- Speaking of transactions, the team expects that the EOS platform would be able to process millions of transaction per second. By comparison, for example, the Visa payment system is currently able to process 24,000 transactions per second. The EOS ecosystem will also provide solutions for both vertical and horizontal scaling and introduce a new feature called “Delegated Proof of Stake” which will provide users with influence over block producers. Together, this array of features could solve some of the most pressing problems in the blockchain industry, notably scaling and transaction price.
Cons
- EOS is to deliver on its all-important scalability promise, it must do so sooner rather than later. The Ethereum network is currently struggling to overcome ICO congestion, which leaves a bitter taste in visionaries’ mouth, since scalability is crucial for widespread adoption. Nevertheless, if Ethereum resolves its scalability problems, or a competitor comes along, delivering faster than EOS, the project’s key value proposition becomes obsolete. We note similar concerns in relation to the transaction price. Although the promise is to keep transactions free for users, there is no mention of who will actually be covering the cost of these transactions.
