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Is EOS an actual crypto? Lack of real decentralization casts doubts

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Is EOS a spam
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Lots of talks have been going on in cryptocurrency forums about EOS. That’s how it should be. For us, as cryptocurrency aficionados or investors it matters a great deal to know for sure what are we getting into. It’s an investment, we should know where our money is. And, within this context, there’s talk that EOS is not a real altcoin but a scam. We should care about that, it just makes sense.

EOS faces two main points of contention right now. Dan Larimer (a visionary EOS code writer, he’s also worked for Steem and Bitshares) is representative of EOS challengers and he’s not popular, but he has a point to make. At some point in time none other than Satoshi (of Bitcoin fame) talked to Larimer in very clear terms “If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry.”

They disagree on two main contention points. It’s about ICO vs distribution that starts from pow mine from zero. The second point is that Mr. Larimer started a new coin and he’s not quite done with it. Other observers have said Mr. Larimer’s has a huge vision for the future for his coin and for the world, and that blockchain technology is the means he could use to achieve that.

Crypto enthusiasts have followed Mr. Larimer’s career very closely. He’s been behind two very successful products so far (Bitshares and Steemit) before he moved on to create EOS. So, he’s brought credibility to EOS just because his previous track record is so good. Investors think he could revolutionize the world, three times over. Think again.

The Earth Operating System (aka EOS)

That’s how it’s called. Even Linus Torvalds, Steve Jobs and Bill Gates are humbler. In a recent article, Mr. Larimer talks about a Grand Unified Political Theory, and the fair distribution of the earth’s as if the Earth was his to distribute. As far as cryptocurrencies profits will go for sure, they will never render the whole earth as loot.

Decentralization

This is the cryptocurrency’s hallmark from the beginning. The whole point. Nobody holds all the information about every user, nobody can hold the system hostage. Is this true about EOS? It’s controversial, to say the least.

While EOS has been probably undervalued and has the potential to surpass Ethereum this very year the fact remains it relies on partial centralization through dPOS, aka proof-of-stake. True, decentralized coins have infinite nodes competing to do the needed calculations to render each coin valid and useful. EOS does not, it brings the number down from infinite to twenty-one nodes. Statistically, that means centralization and it’s bad news.

EOS’ rivals (such as Ethereum) say that EOS is totally centralized. Not hard to see their point when you compare infinity nodes to just twenty-one. So, it’s clear that EOS decentralization is much better with Bitcoin, Ethereum, and many other cryptocurrencies.

All this controversy could make EOS a lot more attractive. More intriguing. Opinions abound, controversy thrives, and you will have to make your own choice. It’s all very technical but also very relevant. Take your choice.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Alejandra Solett via Flickr

Blogs

Reasons Why You Are Much Safer When Crypto Trading on Dexes

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DEXes
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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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Altcoins

TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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TokenRoll
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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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