Regarded as The Biggest ICO project of all time after raising around $4 billion from investors at the launch of the Mainnet, its fair to say that EOS has lost some of its luster in recent times, which could benefit Tron and Cardano.
Since the mainnet launch, there has been a whole host of issues and controversies, from exposed vulnerabilities to a crash less than 48 hours after going live.
The latest problems came in the form of a constitutional crisis of sorts when block producers decided to freeze some hacked accounts.
On its own, this may seem like a reasonably positive move, but it occurred before the ratification of the constitution, meaning that no such powers had officially been granted to carry it out.
This situation caused many supporters to consider looking elsewhere for a decentralized apps platform, with the belief that EOS may be too centralized. Those supporters are turning towards Tron (TRX) and Cardano (ADA) as they look for alternatives, and it has been hinted at that DApp developers may be doing the same after seeing how much power has been placed in the hands of block producers lately.
Tron, which is fresh off its $140 million purchase of BitTorrent, is looking to become a leading factor in the decentralized internet, moving away from a reputation as only a smart contracts blockchain.
Cardano may still be a work in progress at the moment, but it’s continually growing and could become a substantial player with value.
With EOS known in some circles as ‘the Ethereum killer’ during their ICO days, there had been some notable similarities between the two, with both being platforms for the creation and launch of DApps.
However, while EOS has laid claim to achieving the interchain operability feature that Ethereum lacked, it seems that Ethereum is rallying with the news that they plan to implement technologies that will make it easier to scale.
With all that said, EOS certainly isn’t anywhere near finished in the platforms space, especially with the billions of dollars accumulated and the strength of the community it has. However, its recent issues have certainly put a dent in its momentum.
Lover of all things crypto, blockchain and AI, professional tech scribe & part of the editorial team at Crypto Disrupt.