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Cryptocurrency has its biggest problem ever: Is EOS a blockchain or a cloud service?

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Whiteblock research report indicates that EOS technical structure resembles that of cloud service built for computation and is not a true blue blockchain.

Research activity by cryptocurrency benchmarking firm called ‘Whiteblock’ appears to have overturned the amazing performance of EOS token on its head.  Their research report indicates that EOS technical structure resembles that of cloud service built for computation and is not a true blue blockchain which includes a fundamental matrix for key metrics such as “imputation.”

EOS has been a blockchain protocol that has been taking cryptocurrency community by storm, in the past several months.  It had reached the evaluation of nearly 4 billion US dollars in the space of a few months based on its EOS token and the RAM market which focused on being centralized service providers.

 

ConsenSys orders research

The apparent research was officially commissioned by one of the key players in the cryptocurrency space – ConsenSys. The company is engaged in developing the virtual currency ecosystem and has been influencing the startup space with its uniquely positioned investment to encourage worthy projects from seeing the light of the day and in the long term creating the ideal crypto-based solutions for mass adoption.

Whiteblock research was commissioned to encourage the creation of a written format or framework for developing a base layer blockchain protocol.

White block study which is available with Hard Fork states that the benchmarking organization (whiteblock) engaged in practical testing as well as experimenting on the EOS platform in controlled laboratory conditions.  A comprehensive and objective model of EOS was developed after considering its design, performance, the economics it offered and the overall participation of the black blockchain community in the evolution of the EOS token.

The evaluator found that Ethereum and Bitcoin ways are far different from those practiced on EOS especially in the context of validation of block and the accumulation of rewards. There was no proof-of-work concept in the blockchain of the emerging protocol, and everyone could become the contributor and built the network. The default control to select the process transactions (Block producers) was retained by EOS. The method adopted for such selection was a complicated ‘voting process’ and is commonly known as the Proof-of-Stake method.

The elections are complicated and begin with the assumption that every token has one equivalent vote. Hence, EOS users with more ownership have a stronger presence in the voting system, and eventually, control the working of the network.

Whiteblock’s research included building an EOS model and running the exact software. The blocks which were produced by this experiment was found to have the same functions as the block producer on the mainnet itself.  As part of creating the lab environment, the provisional nodes on the controlled test environment and configuration allowed the measurement of the behavior and the ‘deterministic manner.’

The first test was apparently completed in September and in the past two months, Whiteblock was able to establish that that EOS was only a cloud service provider working to develop computational power and had the blessings of block producers to achieve success via the shortcut – Vote of Stake and overlook the very essence of Blockchain Proof of work and immutability.

EOS

EOS: Latest Updates and Controversies

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The daily activity on the EOS blockchain is way ahead than the other blockchains but EOS is currently really experimental in terms of their governance.

China’s center for information and industry development has ranked EOS as the number one blockchain platform. The daily activity on the EOS blockchain is way ahead than the other blockchains at the moment and we are seeing a lot of users coming in to use EOS based Dapps.

 

EOS Dapp Development

Everipedia is currently working on improving user experience and expanding their blockchain ecosystem working on a new user interface, more languages to be added to the platform and new Dapps under development for Everipedia.

There are currently a lot of Dapps being developed on the EOS platform right now and a lot of them are gambling Dapps such as EOSdice, EOSpoker, and EOSbet.

 

Sense Messaging Service:

Sense is basically a decentralized messaging service which is being developed by Crystal Rose who is Brock Pierce’s wife and thus it is surely going to get a lot of backing from not only big money but also block.one and the whole EOS ecosystem. So, this could really be a game changer in terms of finally finding a Dapp that gets a lot of users. Imagine Whatsapp on the blockchain, and that’s what Sense might be but we actually have to wait and see for it to get launched and get some users to know how its actually going to interact in the real world.

We have Bancor which has been big behind EOS who have BancorX which is a decentralized EOS token exchange, Bitshares on EOS, Steemit 2.0 on EOS, A team which formally worked on Activision and working on developing games on EOS, Decentralized Uber which is called EVA, Karma which is charity app. So basically there is a Dapp explosion happening right now over EOS. So, that means that users are going to come into EOS.

We just had the end of the EOS global hackathon as well, so we could be expecting more Dapps coming in the very near future. Huobi, who is one of the biggest block producers in EOS is expanding their range of options in terms of what is available on exchange offerings and are also going to be opening an EOS based cryptocurrency exchange in Q1 2019 which will give a whole new level of liquidity for EOS and EOS based tokens.

 

Controversies surrounding EOS:

There always seems to be something happening over at EOS and it’s always important to have these open and honest conversations about what is happening on a given blockchain and running away from these things doesn’t make anything better. EOS is currently really experimental in terms of their governance and working out their reward systems, etc.

1. Users have been reporting that they are running out of CP use. If you are a very high-frequency user, you might run into problems in terms of being able to interact with the different apps running on the EOS because you run out of CPU. Although not a lot of users have been reporting this there have been reports of it happening so that is something definitely that EOS has to move beyond and in order to welcome in a lot of mainstream users.

2. An EOS block producer called StartEOS announced that they would be incentivizing voters to vote for them by rewarding them with EOS. Now the only problem with votes is that it goes against the EOS constitution. So obviously there are not able to do that. Even though StartEOS then had to backtrack on their statements, these kinds of deals are going to be happening.

3. EOS block producers are running at a loss based on the current market price. The break-even point for an EOS block producer is above $4 and we are not there right now and that creates a lot of problems for the block producers because you can only run a loss for so many months and if we are in a very long bear trend if might not be sustainable and the smaller block producers might be in a big trouble.

4. Telos Foundation: Telos is a new blockchain based on the EOS code so the community is splitting up already. A small portion of the community went off and created Telos using the EOS code as they wanted to have more accountability for the block producers, increased fairness, capping of whale accounts and fixing the RAM issues amongst other things.

 

What do you fell about the future of EOS blockchain? Tell us in the comments section below.

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#EOS Price Analysis

EOS Price Crash: Should you blame Dan Larimer?

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EOS has been on a downfall since the founder declared of launching another blockchain project just a few months after the EOS project was launched.

EOS has been on a downfall since the founder declared of launching another blockchain project just a few months after the EOS project was launched. EOS had received over $4 billion in its initial coin offering and is currently ranked #6 by market capitalization with around $30 billion market cap according to CoinMarketCap.

As the price started to crash, Dan Larimer soon announced that he is not leaving the EOSIO or B1 and that he still believes that EOSIO is the future of blockchain and the team is working to make it faster, more secure, more scalable and more flexible. Dan Larimer also mentioned about EOSIO in a blog post recently claiming that EOSIO is a foundational platform for his future endeavors despite that fact that he is being criticized for being a part of several other blockchain projects.

EOS Price


 

Despite the announcements by Dan Larimer, the price of EOS is still quite bearish with over 12% fall in just the last 24 hours. EOS is currently being traded at $2.5 (at the time of publishing) according to CoinGecko charts and analysts predict a further downfall in price in the upcoming days. EOS holders were quite happy last month as the price of EOS did not drop during the bitcoin cash hard fork while all other major altcoins crashed massively. But soon after hearing about Larimer’s plan to work on a new project, the market started a downfall even faster than the other prominent coins in the market.

Despite the price crash of EOS, the EOS blockchain network has been making records by the number of transaction up to 45 million in 24 hours but no one knows about the source of these transactions.
EOS has been praised for its potential of free transactions which still gives a hope to EOS project as a whole to survive in the long term despite that price fall. However, according to analysts EOS chart declares that the price can even fall to as low as $0.5 per coin in the upcoming months.

 

This article is not a financial advise. You should do your own research and due diligence before investing or trading in any digital assets.

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#EOS Price Analysis

EOS Whale Alert: 1604780 EOS Transferred to Binance probably for selling

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Not only bitcoin but all major altcoins are facing the bear market attack with a downfall of at least 10% this week. EOS, the 6th largest cryptocurrency by market capitalization had its major downfall on 13th November this month when EOS was trading around $5.46 and crashed around $4.46 in just 24 hours. Since then, EOS has been facing a downfall. The coin is currently trading at an 11 month low of $2.94 and is still facing the selling pressure which may push the price down even further.

Whale Alert

Over an hour back, 1,604,780 EOS were transferred to binance from two different wallets amidst the current bear market probably for selling, The current market situation has caused a drastic feeling of fear amongst the cryptocurrency investors who are now turning up to sell their holding at yearly lows in order to avoid further losses.

Here are the transaction details of the transfer where 200,000 EOS were transferred in one transaction and 1,404,780 in another:

Transaction 1:

https://explorer.eoseco.com/transactions/32298218cca93fea7bd8558fa232bd1d34fb119bdf1943a28c0b7a9b9fe86e40

 

Transaction 2:

https://explorer.eoseco.com/transactions/e9130a54688e14de030a3d4070a1bfef6d983f72e27e1f2966dc05605ac5aab8

 

EOS Price Analysis

 

EOSUSD daily chart

EOSUSD daily chart

EOS was trading around $3.45 yesterday when the major support at $3.4 was broken and the price started to fall. The major fall was experienced while trading at $3.15 and crashed up to $2.87. EOS is currently trading around $2.95 with a possibility of further losses. The major support now lies around $2.92 and the resistance range around $3.

 

This article is only the viewpoints of the author and the author is not a financial advisor. You should do your own due diligence before taking any position in Bitcoin or any Cryptocurrency market.

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