It’s been about a year since EOS let Ethereum behind and launched its very own blockchain technology and network. Things were quite difficult at the beginning. The initial days and weeks of EOS’ independence saw a lot of bugs and problems pop around the system all the time, and it took quite a bit of diligence to fix them. But the project’s leaders and developers managed to make things work in the end.
EOS aims to be a third-generation blockchain suited for the development and deployment of decentralized applications and smart contracts, somehow like Tron, which is the blockchain it’s most often compared to.
So what should we make of EOS’ first year as an independent blockchain? Well, we think that the project is quite successful already and it’s only going to become more successful. Let us tell you why.
The first reason for further success is true decentralization. Yes, we know, decentralization is a controversial subject when you talk about almost any blockchain, and a lot of people think that EOS is not really decentralized because it has “only” 21 blockchain producers.
And it’s true; there are 21 block producers for the blockchain. But about 100 candidates are standing on line to take over. Nodes become block producers by winning elections, and the votes are counted every single hour. So maybe the number of block producers may be too small for the taste of some, but you must take into account that there are blockchains that only have seven producers.
Not every blockchain can imitate Bitcoin’s behavior in this regard and having 21 block producers don’t make a network centralized, especially if the turn over is very high.
Technology and market performance
Another reason is that in EOS, having some EOS tokens gives you real ownership of something. If you have some EOS in your wallet, then you get some network resources, the ability to vote or delegate your voting power as well as other features in the network. These features create a more compact community in which everybody is an active participant in some way.
A third reason is an effort there is in developing applications and getting adoption. The project’s leadership is spending quite a bit of money in incentivizing developers to come up with new apps and projects. And this is crucial because the EOS blockchain, just as any blockchain, will only be as good as the usage it gets.
Superior technology may count for a lot. But even the best technology is utterly pointless if nobody is using it. EOS knows this simple fact, and it’s working hard to make that a high priority.
Last for not least is the token’s performance in the cryptocurrency market. It’s ranked at number six by market capitalization, and it’s worth six billion dollars in total. This means that EOS is one of the most prominent players in the crypto verse, and it’s only a billion dollars away from taking Litecoins or Bitcoin Cash’ spot. So the project’s native currency is as reliable as the technology, and it has demand in the market on its own merit.
So EOS will remain a successful project because it has solid fundamentals and a leadership that has every base covered.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.