If we go off its whitepaper published in 2017, block.one has designed a cryptocurrency which does a lot to enhance the limits of human activity beyond what the bigger stablecoins are doing.
The cryptocurrency that has been dubbed as the “Ethereum killer”, EOS has looked into, and fixed, many scalability issues which have had an impact on some of the major cryptocurrencies.
They even went beyond the problems that surround the mining process of obtaining tokens using delegated proof of stake as a model to follow.
During their initial coin offering (ICO), a record-breaking and whopping $4 billion was raised leading everyone to think that this new blockchain could indeed kill off Ethereum.
When you consider, there are more than one million transactions per second and one of the best platforms for the building of decentralised applications, EOS has failed to make its name as a rival to other cryptocurrencies for but a few simple reasons.
The capabilities of miners are more than you’d expect to start off with. This alone is one of the major factors that is keeping people from even adopting the blockchain.
As reported by ZyCrypto, “the power that the top 20 block creators have is like having a mafia cartel controlling the economy of a Country.”
In addition to this, if we take a look into EOS in its early days, the creators of the digital asset clearly intended for EOS to look like Ethereum. For starters, its ICO was conducted using Ethereum’s infrastructure, so nothing new really came from the launch of EOS.
Aside from the distributed proof of stake model and zero transaction fees, which haven’t garnered a lot of movement as of yet, not much innovation was brought in with EOS.
Thirdly, Dan Larmier (founder of EOS) hasn’t been sable on any crypto projects for a while now. He has been known to jump from one project to another quite regularly, without seeing out the growth of the projects.
Ethereum developers are coming up with some of the weirdest scaling solutions ever.
“From Raiden and sharding to plasma, the chaps on the Ethereum team are coming up with both on-chain and off chain solutions which will most likely not only keep up with but will rival anything EOS has done so far.”