EOS falls from the altar
Produced by CoinVoice
Produced by CoinVoice
Text / Linghe
In the blockchain world, what kind of existence is EOS?
Many people regard EOS as the representative of blockchain 3.0. In the news reports at the beginning of its birth, EOS did have this trend. Focusing on the problems of block chain expansion difficulties, high transaction fees, and public chains not suitable for business, EOS has exempted transfer fees from the technical design, and adopted the graphene underlying block architecture and DPOS consensus algorithm. The transaction processing speed of EOS can reach million per second. Compared with it, the processing speed of more than 20 transactions per second in Ethereum and 7 transactions per second in Bitcoin is really stretched.
However, the speed at which the myth collapsed was also unexpected.
On November 1st, a zero-cost wool airdrop on the EOS public chain reached a peak of 620,000 per hour within two days of the transaction, which directly caused the EOS network to "crash". Not worth mentioning in front of practice.
But for EOS, such scenes may have become commonplace. Prior to this, many problems such as inconsistencies in the founder's remarks, internal strife among nodes, unhealthy public chain ecology, unreasonable resource design model, and sharp drop in currency prices have always surrounded EOS.
EOS, which once had a market value of 17 billion US dollars, is now falling rapidly from the altar, just like most star public chains.
Million TPS crash
After Bitcoin, the genius boy V God appeared with smart contracts, and ETH became the most widely used financing tool in the currency circle in 2017 with the largest number of users. And EOS is like a Jedi counter-kill. In the overwhelming glory of Ethereum, it claims to be able to reach one million TPS, hitting the lifeblood directly. Its purpose is to catch up with Ethereum.
From the data performance point of view, it did. On November 1st, the new project "EIDOS" of AP, the founder of the avocado project, was airdropped on EOS. Receive 0.01% EIDOS as a gift, and the same amount of EOS previously transferred will also be returned.
The story of "airdropping the white wolf" has attracted a large number of users to participate. According to the data released by the founder of HelloEOS, Zi Cen, two days after the launch, the number of transactions in the EIDOS smart contract in 24 hours was about 9.17 million, and the peak value was nearly 620,000 per hour. In the same period, the number of DAPP transactions with the largest 24-hour transaction volume on ETH was only 4132 times.
EIDOS exploded, EOS collapsed. Unlike Ethereum, EOS transactions do not require gas fees, but consume certain resources. When transferring funds between users, CPU computing resources (CPU) are consumed. However, EIDOS relies on frequent transfers to collect cash, which directly leads to 100% CPU usage in the EOS network, and other DAPPs on EOS are almost paralyzed, and the server crashes.
This is easily reminiscent of the CryptoKitties that caused Ethereum to "overturn", but on Ethereum, only the transfer fee needs to be increased, and the status quo of transactions can still be maintained. However, EOS users cannot transfer money normally because they do not have enough CPU. EIDOS’ original pursuit of zero-cost benefits has evolved into a competition of CPU computing power. A project that advertised to utilize idle resources ended up causing resource allocation issues hidden within EOS.
The problem with EOS is still at the governance level.
On November 28, internal strife broke out among EOS nodes. The node EOS New York found that there are 6 EOS candidate nodes controlled by the same group, and the registered email addresses are all eoshenzhen@gmail.com. It is suspected that the 6 nodes are all controlled by the EOShenzhen node. According to EOS regulations, a node can only have one account. Therefore, behind this behavior, there is a high probability that it is for rewards. As we all know, EOS nodes can receive rewards. Of the 6 nodes reported this time, 5 nodes received a total of about 547 EOS rewards every day.
As the actual controller, EOShenzhen can receive a reward of about 12,000 RMB per day. This is not the first time that EOS has this problem. Although EOS has repeatedly emphasized "decentralization", in fact most of the rights and interests are centralized.
At the same time, the ecological health defects of the EOS public chain are increasingly exposed. According to the data of DappReview, as of now, there are 644 DAPPs on EOS, of which 341 are lottery DAPPs, accounting for 52.95%. On the other hand, TRON, another major gaming public chain, has a ratio of about 32.03% for lottery, which is lower than that of EOS.
In April, the proportion of lottery DAPPs in EOS was lower than that of TRON. And according to the data of DAppTotal, after removing the robot, 6 of the top ten DAPPs on EOS come from the lottery category. In other words, most of the traffic on EOS comes from gambling projects.
The concentrated outbreak of problems is reflected in the currency price.
According to non-small data, EOS has fallen all the way since reaching its peak of $8.55 in June this year, and has hovered around $2.5 so far, a drop of more than 70% from the peak. Although ETH and TRX generally fell during the same period, the magnitude was smaller than that of EOS, and the overall performance was better than that of EOS. EOS has shown a trend of rising first and then falling this year as a whole. The change curve is relatively regular. The peak value appeared on June 1, while the peak value of ETH and TRX both appeared at the end of June, reaching 319.09 US dollars and 0.0387 US dollars respectively, and BTC appeared in early July. , reaching as high as $12,549.63.
Although the four major currencies rebounded occasionally in the second half of the year, the overall trend was downward. Since the peak of EOS appeared earlier among the mainstream trading currencies, it led the decline of the market currency prices to a certain extent. For example, in September, the curve that had been falling before ushered in a wave of bottoming out in the middle of the month, and most currencies reached a small peak, and then began to fall sharply. EOS began to fall after reaching a small peak on September 19, while ETH, BTC, and TRX experienced sharp declines on the 20th and 22nd respectively, and BTC directly fell below the 10,000 yuan mark.
Silence "VOICE"
Equally embarrassing as the currency price is the application built by EOS with a lot of money.
In June 2019, a silent press conference was held in Washington, USA. The conference lasted only 20 minutes, but released a blockbuster product — Voice, a blockchain-based social product. Previously, EOS has been warming up for it for half a year. EOS parent company Block.one even spent $30 million to purchase the domain name "Voice.com", which shows its importance to EOS.
And EOS spared no effort to escort it. In September, the EOS mainnet was upgraded to version v1.8, which modified the billing method of RAM, and developers can pay RAM fees for users. A little earlier, Block.one also spent 3.3 million EOS to buy RAM, and all signs indicate that "all resource costs are borne by developers", and the threshold for Voice users is greatly reduced.
In addition, users who register for Voice can also get an EOS account for free. Everything is ready, just waiting for Voice to go live. According to the plan, after upgrading to the v1.8 version, Voice will be launched. But the fact is that this product, which was released with a high profile in half a year, has not yet been launched. The latest arrangement has been scheduled to launch the Beta version on Valentine's Day this year.
Perhaps Vioce bears the social ambitions of BB and BM to some extent, which can be seen from BB’s response to netizens’ doubts—“There is no doubt that 30 million is a large number, but both I and BM think it’s worth it.” But in fact, after the in-depth education of Internet social networking, most users don't care about the social mode of Voice itself.
On the one hand, most of these users come from the blockchain circle, and they are more interested in how much cash they can get from Voice than in how to use it. On Twitter, people’s questions about BB mostly revolve around “Will Voice have an early bird bonus” and “Will Voice be airdropped” and other issues. On the other hand, the social products of Internet giants have penetrated into every detail of life. Although people pay more attention to privacy and have an aversion to centralized organizations, it is still difficult to shake factors in a short period of time. Regardless of whether EOS wants to admit it or not, it is already difficult to shout only relying on dreams and feelings.
highlight moment
Since its development in 2017, EOS has experienced a process from high to low, low to high, and then to low, which seems to be the epitome of blockchain history. It comes with millions of "rich families", and because of mechanisms such as free gas fees, cross-chain interaction, and virtual machine independent architecture, it is regarded as a representative of blockchain 3.0.
At the beginning of the story, EOS did have such an aura. In June 2017, EOS started the first phase of crowdfunding, which is different from all previous projects. The creators designed many ways to play for it. In the first stage, EOS raised 185 million funds within 5 days, and "conferred gods" in one fell swoop.
After the end of the first phase, EOS quickly launched on Yunbi.com, becoming the first Token to be traded on an exchange while crowdfunding.
On the first day of launch, the price of EOS has been rising all the way up to 37 yuan, which is more than four times higher than the crowdfunding price of 7 yuan. The violent growth of EOS made Li Xiaohai known as "the world's best angel investor in 2017". He even accepted EOS as a crowdfunding token for his projects Press.one and Big.one.
With the advent of 9.4 regulation, cryptocurrency assets have plunged sharply, and EOS has not been able to avoid it, falling as low as 3 yuan. Compared with other projects, the EOS team extended the crowdfunding front to June of the following year. At this time, it is in the second stage of crowdfunding. EOS ushered in the election of super nodes, and the global candidate nodes launched a "tug of tug of war". The price of EOS once soared to 21 US dollars, with a total market value of 17 billion US dollars. In the end, EOS successfully raised 4 billion U.S. dollars, becoming the largest financing project in the circle.
This is the pinnacle of EOS development and also the pinnacle of the “Story of Making Wealth”.
Afterwards, the stories piled up with bubbles gradually disintegrated, and people began to wake up, questioning the landing and value.
As for the biggest hope of EOS in terms of landing applications-Voice, whether it is worth looking forward to before there is an innovative breakthrough, it still needs to be judged by the user. Anyway, Vitalik has already stated that he has applied for a beta trial.
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