During a 12 months-extensive initial coin presenting (ICO) that finished in 2018, EOS lifted a record $4.2 billion, earning it the largest ICO in historical past. Put together with its Delegated Evidence-of-Stake (DPoS) consensus mechanism, which has throughput hundreds of instances larger than Ethereum’s, anticipations were being substantial.
But these expectations carry on to go unfulfilled. A look at EOS’s stagnant dapp development, and slide in the CoinMarketCap rankings, displays a venture that has fallen by the wayside.
In December 2020, the CTO at the improvement firm behind EOS, Dan Larimer, resigned, adding to the project’s unsure long term.
But new investigation from forensic fiscal examination company Integra FEC throws new question on the project’s viability.
What took place to EOS?
The explanations for EOS slipping by the wayside are numerous. To start with, there were being claims that EOS’s construction is extra akin to a dispersed database rather than a cryptographic protocol. Meaning the community isn’t as decentralized as claimed.
“the EOS network is not necessarily a blockchain based mostly cryptocurrency network, but somewhat a homogenous distributed databases community that allows unique consumer accounts to connect and interact by way of the distributed community database.”
Then in late 2019, EOS endured congestion difficulties ensuing in gradual transaction instances and high service fees. As a result, some accused it of staying unfit for function.
At around the identical time, on charges it had conducted an unregistered ICO, the SEC introduced settling with EOS for $24 million.
In quick, EOS