After a series of trials and tribulations, the EOS main net is finally live. EOS has been a hot topic of discussion within the crypto sphere this past month, and there have been a number of twists and turns in its recent growth. On June 14th, 2018, EOS Authority tweeted “EOS Network is now live”. The EOS platform is developed by private company Block.One.
While the EOS main net was launched on June 10th, it has been up to EOS holders to cast their vote, 15% of which was needed to activate the main net. A main net, by the way, is a network with real and live traffic, as opposed to test networks. Many coins make bold claims on cryptocurrency transaction speeds that have not actually been tested on a main net with real-time traffic. While the EOS voting process had been criticized as unnecessarily complex, the activation of the main net is a landmark moment for its ecosystem.
EOS is a platform for the development of decentralized applications (DAPPS) using smart contracts, very much like Ethereum. It claims to do everything that Ethereum does, but better, using more efficient technology and a delegated proof of stake consensus mechanism. While some of these claims may be true, there is much to be said for the network effect, where establishing a large community and a dominant market position first will offset the technical advantages of later technologies due to increased users which enhance the value of the network. After all, Bitcoin, a coin that blockchain developers love to hate, is still by far the leading cryptocurrency in the most important categories.
Along with the activation of the network, EOS has been making the headlines due to the findings of numerous bugs in its code during its ethical hacking contest. This has caused considerable controversy in some quarters, but the truth is that much of the criticisms are overblown. The fact that EOS is taking a proactive approach and letting users find bugs, and paying them for it, is a virtue marketed as a flaw by the general media. All software has bugs and it is good that they are spotted and resolved, as opposed to going unnoticed and reducing efficiency. Even Windows regularly schedules updates, frustrating as this may be for users trying to get work done, and it suffers from no small number of security vulnerabilities. But again, largely because of the network effect, Windows is here to stay.
EOS is not just making headlines in the niche scene of blockchain development. It is currently in fifth position by total market capitalization. According to Weiss Cryptocurrency Ratings, it is one of the best cryptocurrencies to invest in. Concerns do remain about possible centralization of ownership, the delay in launching the EOS main net, stolen tokens in email scams, potential infighting and the number of bugs found. But EOS is becoming more and more prominent as a top cryptocurrency, joining Bitcoin, Ethereum, Ripple and Bitcoin Cash, each of which has its own set of problems to deal with.
Digital Nomad with an interest in Zen and Blockchain technology.
Law graduate with 3 years experience as a consultant in the capital markets industry and 4 years experience freelancing on UpWork as a Creative Writer.