EOS Tech Score Downgraded By Weiss Ratings, Severe Centralization Issues Cited | ELEVENEWS
Connect with us

EOS

EOS Tech Score Downgraded By Weiss Ratings, Severe Centralization Issues Cited

Published

on

At face value, the EOS network is a scalable, decentralized blockchain-based operating system that also mimics the hardware facets of a real computer. However, according to the blockchain research division at Weiss Ratings, there are some underlying issues severely affecting its adoption.

While EOS does seemingly fit the bill for the future of decentralized computing, there are some serious centralization issues that crop up when you really delve into how the EOS ecosystem functions. This centralization issue is so apparent, that Weiss Ratings, an independent rating agency, recently downgraded the blockchain’s technology score.

EOS centralization

Issues With EOS

To set itself apart and tackle the scalability and throughput problems faced by Ethereum, EOS adopted a fee-less transaction model and a DPOS consensus protocol. However, it isn’t a completely permissionless system. In doing this, EOS had to sacrifice true decentralization and instead relies on a regularly refreshed list of 21 Block Producers — at least on paper.

Taking Bitcoin, for example, the combined hashrate of the four largest mining pools contributes more than half of the total hashing power in the network. For Ethereum, this is even lower, since the top two pools combined to contribute more than 50 percent of the network hash rate. In comparison, distributing the governance and administration of the EOS ecosystem across 21 separate entities might seem fair on paper.

In reality, these 21 entities tasked with securing the EOS blockchain are essentially getting paid nearly $1.8 million a year to maintain a hardware setup estimated to cost around $25,000. This becomes more of a problem when the fee-less transaction model comes into play.

EOS

Weiss Downgrades

When the EOS network is not overtasked, everything works as advertised. Transactions are truly free for all users and EOS dApps, for the most part, run without a hitch. However, the same can’t be said when the EOS network begins to experience congestion.

During these periods, EOS prioritizes transactions from accounts that have the highest amount of staked or delegated tokens. This gives an unfair advantage to core developers, exchanges, whales, custodians, and especially the wealthy dApp developers and block producers that have the funds to spare.

Though there are instances where a dApp developer or block producer will share their resources with users in exchange for them using their sponsored applications, this still results in a small minority essentially controlling how the network is used during these peak times.

One of the key arguments presented by the Weiss Rating Agency is the lack of attention the EOS developers have paid to this centralization issue. As such, the agency is looking at what other similar blockchain projects like Cardano (ADA), Lisk (LSK) and Bytecoin (BCN) can do to overtake EOS in overall ratings.

News Source

Click to comment

EOS

EOS Price Analysis: Bullish Trend Encourages Moderate Improvement In EOS Price

Published

on

EOS has started with a bullish trend in the market today. The coin has picked up a nice pace to move ahead. The expectations with the coin are higher. It is speculated that the intra-day traders can recover yesterday’s losses today.

EOS is one of the top performers in the list of top 10 coins of the crypto market. The coin has never failed to impress the investors. Many crypto reviewers have ranked EOS above Litecoin and Ethereum because of its price momentum. The recent price drop made the currency go through a hard time, but the coming days seems to be brighter than ever.

Let’s have a look at the current statistics:

  • The price of the EOS is $6.37
  • It is at the 6th rank in the crypto market.
  • The market capitalization of EOS is 5,849,012,358 USD.
  • The 24hr volume of EOS is marked around 2,105,319,617 USD
  • The circulating supply of EOS is 918,756,596 EOS.

The chart is taken from Trading View on 12th June 2019 at 04:01: 31 UTC for price analysis.

EOS Price Chart - 12 June

If we compare yesterday’s movement in EOS with that of today, then we can observe a similar hike and a sudden drop is taking place during the opening period. Today, the price touched a low at $6.2630. Soon, EOS picked up and started walking upward and booked a high at $6.404. The progressing in price is marked around 2.25 % (not bad at all!).

However, yesterday the price tried to hold the momentum of the price at the resistance level of $6.4400 and support level $6.3359, but unfortunately, the price of EOS dropped and was trading between the resistance level of $6.2727 and support level $6.1597.

EOS Price Prediction and Conclusion:

Block.One parent company of EOS is planning for social media based platform to be launched soon. The project is named as Voice which would be built on EOS blockchain. Along with this, EOS is involved in many business ventures which can escalate the price in the crypto market in the coming time.

We recommend EOS to the short-term and long-term investors as the return on the investment is quite a sure shot.

News Source

Continue Reading

EOS

EOS Price Analysis: EOS Price On Fire Crosses $7.1 In The First Hour

Published

on

EOS price opened with a bullish trend. The coin was seen suffering around $6.7 to $6.8 in yesterday’s market. To everyone’s surprise, the coin crossed $7.1, and now the investors are eyeing towards $7.5 sooner or later.

EOS was trying best to keep up at $7 but was seen struggling at lower levels. The coin was seen suffering at $6.6 in yesterday’s market. Many marketers expected that today, the coin is going to remain the same, but EOS looks in a different mood today. We are expecting the coin to cross $7.5 in the market today.

Let’s have a look at the current statistics of EOS.

Current Statistics of EOS Coin:

  • The price of the EOS is $7.02.
  • The coin is at the 6th rank in the crypto market.
  • The EOS marked 24hr volume around $2,168,257,890.
  • The circulating supply is noted as 919,976,285 EOS.
  • The market capitalization is marked at $6,449,095,804.
  • The Return on Investment (ROI) is around 579.71%.

The EOS price chart is taken from Trading View on 21st June 2019, at 03:01:51 UTC for price analysis.

EOS Price Chart - 21 June
EOS to USD Price Chart

Looking at the chart, we can observe that the coin was drenched in the bearish zone yesterday. EOS dropped from $6.9 to $6.7, marking regression by 2.95% in the first half of the day. The currency was trading around $6.75 and $6.80 during most of the time in the day. The price escalation took place towards the end hours of the day. Today, the market opened with the bulls. During the first hour, EOS jumped from $6.8 to $7.1, giving an impression of 3.64% progress.

EOS Price Prediction and Conclusion:

The investors of EOS are now looking up to the level of $8 for the coming days. We are expecting that EOS could touch $10 by the end of 2019. The best way to book high dividends is to go long-term in the crypto market. EOS is expected to give a high return on investment in the coming years to come.

Source:cryptonewsz.

Continue Reading

EOS

EOS Moves Up to Fifth-Largest Market Cap among Major Cryptocurrencies

Published

on

In spite of the steep increase in trading volumes of a cryptocurrency over the last few years, the top 5 names of cryptocurrency (in terms of market capitalization) were more or less fixed. Or at least the top 4 were, in any case – Bitcoin BTC, Ethereum ETH, XRP, and Bitcoin Cash BCH – were the undeniable favorites in the horse race.

For quite some time, the next name was Litecoin LTC, followed by EOS. This week, this order of things got turned around a bit when EOS overtook LTC to become the fifth largest cryptocurrency in terms of market cap, as per the rankings on CoinMarketCap, which is one of the most respected trackers of cryptocurrency values.

Market Cap

As we moved into the last week of May 2019, the tussle between EOS and LTC for 5th position on the charts had been heating up. Even on the 26thof May, LTC with a market cap of $6.90 billion led EOS comfortably, who had a market cap of $6.30 billion. However, by EOD of 29th May, this lead had not only been narrowed but actually overturned. EOS with a $7.38 billion market cap had jumped to 5th position on the list, to go beyond LTC at $7.12 billion.

Trading Volumes

The past 24 hours since EOD of 29th May had also exhibited similar trends. For example, the $7.38 billion market cap for EOS had actually been $7.07 billion only but suddenly exploded in 24 hours. In this period, the trading volumes for EOS had been $3.99 billion. At the end of the period, the price of the EOS was $7.59.

Major Exchanges Involved

In terms of contributions to this turnaround by EOS, the biggest name was that of OKEx, who contributed $2.09 billion out of the $3.99 billion trading volumes in the preceding 24 hours. This was done through the EOS/USDT set. Another digital asset exchange who contributed hugely was Huobi Global. On the other hand, the exchanges who carried the largest volumes of LTC transactions in this crucial period were Coineal and Dobi.

What are the Possible Reasons Behind this Positive Shift in the Position of EOS?

The following two reasons are thought to be behind the spike in the performance of EOS:

·         Halving of LTC:

The first is a phenomenon called halving, which is unique to cryptocurrency. It is an event which has been designed in order to control the problem of coin inflation in a cryptocurrency. The people who mine for cryptocurrency would get only half the value of cryptocurrency they would earlier get for starting a new block. This is a protocol defined event and gets triggered. Normally any coin gains when there is news of an impending halving. That is because the investors aim to scoop up as much value as possible. There was news that LTC was going to go for a halving in 70 days. But in the case of LTC, this news of halving actually worked contrary to historical trends, and the market cap of LTC fell.

·         EOS Purchase:

The second reason was a tweet sent out by EOS New York indicating a purchase of 3.3 million EOS worth of RAM by Block.one.

Block.one is an open source software publisher. They provide blockchain solutions to businesses, helping them with turnkey solutions like infrastructure and development of decentralized blockchain applications. The backstory to this was that in December last year, they became aware of an EOSIO RAM resource exploit, following which they quickly made a patch and distributed it (within 24 hours) to all public blockchains using EOSIO.

What Lies Ahead for EOS?

Experts peg the five-year price forecast for EOS at around $143, which allows for substantial appreciation for investors holding EOS. This news of EOS rising one place in the rankings for the market cap is sure to get more and more investors interested in EOS.

News Source

Continue Reading
Advertisement