EOS enjoyed a remarkable foray into the cryptocurrency world. Popularly called the “Ethereum Killer”, EOS was positioned as the project that would solve the problems facing Ethereum and establish itself as the go-to platform for creating Decentralized Apps (DApps).
No doubt EOS started very well, riding on the fanfare that followed its historic $4 billion ICO. For a project that promises to offer what ethereum offer and even more without the limitations, there was a lot of following. If there was going to be any problem with the new platform, it wasn’t going to hide for long.
Voting Problem on EOS
The first hindrance to its lofty goal to dethrone Ethereum came from within. Its Voting process, which was designed to increase the security level of the system, was too complex to for an ordinary voter. This difficulty has raised concerned which were validated by the reduced percentage required to launch its MainNet. Voters were reluctant to vote fearing that they may expose their keys in the process.
Tron (TRX) on the other hand has a less complicated voting system. Given that most investors value ease, they will be inclined to jump ship from EOS thereby reducing its market value.
EOS is acting too ‘centralized’
Its recent MainNet launch revealed an ugly side to the EOS network. Just 48 hours after the launch, it soon became a tale of controversies, vulnerabilities, and constitutional crisis. Following the attempt to steal cryptocurrency during its transition to the MainNet, blockchain producers unanimously decided to freeze some accounts. Though this action was well-meaning, questions were raised about the BPs’ authority to freeze the accounts because, the constitution that empowers them for such an action had not yet been ratified by users.
Such ‘authoritarian’ actions against the ethos of decentralization, will only drive cryptocurrency investors and DApp developers to more decentralized platforms like Tron and Cardano. For instance, the EOS considers expelling members who are inactive for three years and this will not favor investors who want to HODL.