What Is Wrong With EOS?

What Is Wrong With EOS?

Experts (not only experts) lashed out at the blockchain platform EOS. There are plenty of reasons for such a reaction. For example, researchers from Whiteblock claimed that EOS network was decentralized. The Whiteblock’s report says: “Block producers do not actually process transactions based on any consensus algorithm, though rather process transactions in a mechanical fashion as there is no formal verification of the validity of transactions.” The speed of processing transactions is much lower than that of what developers claim. The researchers found out that the cryptocurrency EOS had nothing to do with cryptography which is quite strange for a cryptocurrency. The researches concluded that EOS was not a blockchain. By the way, this network is very vulnerable.

The EOS arbitrator canceled the transaction as one of the users complained that someone had stolen his private keys through fishing.The crypto enthusiasts who consider the irreversibility of crypto transactions an important element of a blockchain platform got disappointed about EOS. This is not the first time when EOS proves the absence of decentralization: this June the company froze accounts of potential hackers.

However, some people believe that it is not the right time to say goodbye to EOS. The blockchain topped a crypto ranking published by the China Center for Information Industry Development. The developers still chose EOS as a platform for their project. For instance, a digital wallet Verto.

On November 14 EOS sank by 11% which made Stellar the fifth largest cryptocurrency by the total market cap. On November 21 EOS hit the bottom — its price reached 3,6$.

EOS is the sixth largest cryptocurrency by the total market cap. It was the fifth until recently. The company conducted one of the most successful ICOs and raised more than approximately 4 billion dollars.