There’s Never a Dull Day at EOS Land

The EOS soap opera has made for compelling viewing in recent weeks. The level of hype and funds invested in the project meant a launch was never going to be possible. Satoshi seems to have launched bitcoin alone and the world unaware. EOS, on the other hand, alarmed the other half and has launched following a 4 billion raise, having half of the crypto community.

The most recent issue was a bug which caused block manufacturing to stop over the weekend, forcing a conference call between Block and bitcoin casino ohne anmeldung bitcoin casino free spins, EOS’ developers, and the 21 block manufacturers tasked with running the community. The cause of the problem seems to have been a mistake in the latest build, obliging EOS to resort to an earlier version of the code. This raises the question of how much testing has been done on new code; it looks like is issuing updates which haven’t been thoroughly analyzed, forcing them to resolve problems as they occur on the mainnet.

Features, Bugs, and Anomalies

While unfortunate, when an entirely new blockchain starts bugs should be expected, and bitcoin and ethereum weren’t with their issues in the early days. But there are elements of EOS that are there by design, and whose presence is harder to explain. There’s the high quantity of tokens that have to be staked by developers, for example, in order to run EOS dapps. The amount ranges based on the amount of network resources the dapp requires. Had Crypto Kitties been running at the height of the popularity of their dapp on EOS, it has been suggested that the quantity of tokens needed to operate it would have ran into the millions of dollars.

And then there’s the complexity of creating an EOS wallet. For obtaining an present account-holder’s support creating an account calls. Without their input, it’s impossible for any newcomer to join the EOS ecosystem. In time, EOS dapps should make account production easier, but until then, the public blockchain functions more like a closed system, with participants reliant on the support of other EOS holders to get the ball rolling.

Attaining the 15 percent quorum of votes to launch the system also been shown to be a sticking point. Token holders were required to vote by means of a procedure that included entering their private keys. Due to the possibility of being duped by fake EOS dapps, most holders decided not to vote, leaving the voting procedure stuck for days at below the 15% threshold.

EOS Oddities Have Failed to Dampen Market Enthusiasm

Despite glitches of the drama, and oddities of EOS, the market has remained bullish on the blockchain of Dan Larimer. With so many token holders the community is willing EOS to succeed no matter what, and no quantity of negativity — or FUD since the acronym goes — will be allowed to prevail. Even when there was a significant bug discovered in EOS prior to launch, followed by a bounty program’s creation and the discovery of many bugs, the market shrugged off the problems.

The enthusiasm for all things EOS can be attributed to the demand for a fast and scalable blockchain. Even the system’s most ardent supporters will concede that EOS isn’t perfect, but given the alternatives — a sluggish ethereum and a couple of untested and fresh blockchains — there seems little choice but to pray can prevail. With each play, EOS brigades and the pro become more firmly entrenched in their own positions. No blockchain in the background of cryptocurrency has turned out to be so polarizing. Whatever the future holds for EOS, it won’t be dull.

Do you think EOS can shrug off these early setbacks and overtake ethereum as the number one blockchain for dapps?  Let us know in the comments section below.

Images courtesy of Shutterstock, and Twitter.

Need to calculate your bitcoin holdings? Check our tools department.