The EOS blockchain was developed with the aim of facilitating efficient and scalable decentralized applications (dapps). The blockchain includes an operating-system like set of services and functions that works similarly to the ethereum platform.
Despite EOS being a top 15 blockchain by market cap, my first issue was the yearlong initial coin offering (ICO)...which raised $4.1 billion in crypto for Block.One. My initial thought was they better deliver due to all the hype…well we know how that’s panning out.
EOS works on an ownership model whereby users own and are entitled to use resources proportional to their stake, rather than having to pay for every transaction. So, in essence, if you hold N tokens of EOS then you are entitled to N*k transactions. However, my second issue is the major whales control the majority of the token flow. Even Brock Pierce, one of the EOS’s early backers, called the blockchain a “little bit of a Chinese oligarchy,” meaning the EOS lacked decentralization on the blockchain.
Nevertheless, Google just got into bed with EOS.
On Tuesday, Block.one, the company that made the EOSIO software that runs the EOS blockchain, announced Google Cloud had begun preparations to list itself as a candidate to serve as a block producer – one of the 21 nodes chosen by the EOS community to serve effectively the same role as miners on Bitcoin or Ethereum.
In an interview with Naomi Brockwell on her YouTube channel Tuesday, Block.one co-founder and EOSIO architect Dan Larimer said that Google’s participation should allay some of the persistent fears surrounding the world’s 14th-largest blockchain by market capitalization.
He said that if Google Cloud’s node is elected into a block producer role, that could “represent a major shift in the decentralization of EOS.”
I can’t say I’m surprised though because Google Cloud also joined Hedera Hashgraph’s governing council and Google Cloud also runs a validator node for the Theta Network.
EOS will need more than Google’s help if it once to regain some of the news headlines like it once did as the price of EOS just fell off a cliff in recent years.
Because EOS offers a block time of 3 sec and can process up to 4,000 transactions per second (TPS), it could be a good blockchain for DeFi. However, I think personally, despite Ethereum’s issues at this time, one would choose still Ethereum over EOS to start a project. I personally can't take EOS serious until I see a candle on the month chart close above $4.00.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
