EOS is the blockchain that epitomizes fanfare. Is it living up to expectations is what many are wondering.
Recent research suggest the shine might be fading from EOS.
The project kicked of with a near year-long ICO which raised $4 billion. To date, it is the largest ICO. It also got the company behind it, Block.one in some trouble with the SEC. This resulted in a "slap on the wrist" settlement which included a fine of roughly $20 million.
We also saw a lot of hype surrounding the social media application that was going to "change the world", Voice. Announced about a year ago, the application has failed to take off like some thought. The fact that it requires KYC might be part of what is causing users to reject it.
Users are not the only ones turning away from the latest Dan Larimer project.
A report put out by research firm Outlier Ventures suggests developers are leaving. By analyzing the data from Github, it was determined that EOS suffered an 86% decline in developer activity.
As we can see, BCash and Tron also experienced a large decline.
The report further states:
Designed to take on Ethereum in the Smart Contract world, EOS garnered a lot of publicity. Over the past couple years, it seems like many developers are still remaining true to Ethereum. The upcoming switch to POS could further enhance this as transaction times increase and scaling takes place.
It is quite common in the industry to see the last "XXXXX-killer". On Steem, for years, we watched new projects dubbed Steemit killers, only to fall by the wayside. In fact, Dan Larimer liked to use that term along with Steemit 2.0 when referring to his latest creation, Voice.
When EOS was being introduced, many called it the "Ethereum Killer".
Thus far, things have not worked out so well. Oddly, it was not Larimer who altered the path of Steemit but the one behind one of the other blockchains mentioned in the report, Justin Sun of Tron.
His actions resulted in the community forking the blockhain and creating Hive, which did get a bit of attention in the report.
Hive registered as one of the blockchains showing the most Daily Active Users (Page 30 of report). Not bad for a blockchain that is less than two months old.
Here is the full report:
https://outlierventures.io/wp-content/uploads/2020/06/OV-Blockchain-Dev-Q2-2020-4.pdf
What this all details is the importance of continued development. While the industry is still hard to get the true pulse of considering the metrics are all over the place, the bottom line is that developers still drive the show. There are very few users involved meaning it is up to the developers to keep laying the foundation that the masses will eventually use. There is a great deal of infrastructure needed to truly serve the general population.
We also see that even though a lot of projects receive hype, the actually activity is showing a different picture. It might be boring but slow and steady does win the race. Continued expansion in all areas is what will lead to successful projects. Those that burst onto the scene with a great deal of fanfare tend to fade out. None was bigger than EOS.
Some question the future of general blockchains, believing that we are more likely to see growth taking place with specialized blockchains. Instead of trying to cater to all needs, a blockchain such as Hive can focus upon offering a few core features at the base level with anything else added on top of it.
Nevertheless, while EOS and Tron appear to be suffering, Ethereum puts this theory to bed by plugging along with consistent growth. It seems unaffected by all the blockchains that are out there to "kill it".
One thing we know about the world of blockchain and cryptocurrency: things do not stay the same for long.
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The idea that this or that blockchain is a killer of another blockchain is misguided. It's zero-sum thinking in a space that has potential to grow a huge deal and whose growth in value actually depends on connections between users. That's where the idea of one protocol killing another is utterly false. Bridges between protocols could massively boost the combined network effect of the protocols connected.
FIO is an interesting project along those lines, lukestokes is a big part of it.
I agree - in the future I see the blockchain not being that important. Everything is stored on a blockchain/decentralised computer and you just use different dapps/instances to connect with people and content you are interested in.
I agree with your statement completely.
It is a mindset reared in a scarcity world. People will decide where they go. In fact, I believe, in the not too distant future, people will not care about what blockchain they are on. It will be the applications used that they are interested in.
If EXODE, as an example, takes off, will the users care the JSON is going to Hive? It will not be material to their experience as long as the blockchain is able to handle the traffic and keep the game operating smoothly.
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I couldn't help but feel that EOS was fading but let's see. Isn't this blockchain named after the Goddess of dawn? There's some Suns ( pun intended) that actually do rise, again and again.
Could be. I don't really know where the name came from since I wasn't too involved in it.
There is one Sun who, according the report, is taking a bit of a hit also.
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Yeah, I'm glad it's not our ( real ) sun that is suffering.
We've only one and it gives life to the planet we're living on.
The hype has definitely went away but Eos definitely has its sleepers. One of my favorite apps that post to steem and soon to hive, APPICS, is actually an EOS app. I also think eos ran into problems with the App Store trying to kill their wallets/dapp explorers, but even that is starting to be a nonissue with the new anchor app they have.
I think it just hasn’t been around as long as eth, so it has to get beat up a little more so that it can adapt to things and become a better blockchain.
Has some cool tools to use for sure though...
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It high time we killed a blockchain competition with another blockchain, rather, look into holistic ways of collaborating and complementing activities for the overall health of Web 3.0. Thanks for this insights.
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Yes I have never liked EOS, on several levels. PoS is one of them so I worry about Ethereum struggling under PoS in their future. Larimer's PoS logic is flawed in my opinion. EOS showed it already, as did Steemit of course.
We've got to keep building and developing on Hive. We are doing great after all.
Awesome article, yet again!
Future is ethereum Vs Hive.
if #voice kicks of a combined facebook-youtube plattform than it will be hard for HIVE ecosystem to compete
but i dont see that
Voice is disastrous.
EOS/voice still has a lot reputation on the cryptospace. - people are betting on the bn in $ EOS had after launch
Hi can you make an article about xrp?
But in a long run few of this existing blockchain will remain.
Voice is no more asking for kyc in its upcoming July 4th launch. I think they have integrated some biometric system for user identification or something.
My latest sweetheart coin, XTZ is also taking a chunk out of EOS.
Not to mention the idiots behind EOS used too much occult symbolism for anybody with any sense to not notice. Not just a few, but seeming most of the symbols and pictorials were occult and even overtly satanic. I'm sure that scared off a sizable slice. Great job, EOS Team, GFYS and dry up and blow away now
😝😝😝
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Ethereum, for all the knocks it takes, it keeps humming along.
It is like Bitcoin. How many times was that proclaimed dead? A few hundred?
The ETH token is also becoming a trading pair, just like BTC. This will help to sustain it since there will always be activity with the token.
Hive is looking good in the early stages. Hopefully we see continued introduction of newer projects that attract some attention. We saw a few of late that hold potential.
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