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EOS Blockchain Confronts 6 Problems, Chinese Study Shows

EOS, the fifth most valuable digital asset by market cap, recorded a fall of over 15% amid a massive crypto market sell-off Thursday. The digital currency is traded at $2.43 at press time, according to coinmarketcap.

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In addition to a sharp price drop, EOS, touted as Ethereum Killer, is beleaguered by issues such as fairness and operational pressure, according to Chinese media outlet Odaily. These problems cast a cloud over EOS’s ambitious blueprint.

Odaily has recently published a research report of EOS ecosystem, saying the 6-month-old EOS.io, which is designed to present a platform for smart contracts and decentralized applications in an attempt to address essential shortcomings faced by popular blockchains like Bitcoin and Ethereum, is still immature for widespread commercial use due to its multiple technical and governance problems.

According to the report, the EOS network confronts 6 problems at present:

  1. The distributed-proof-of-stake (DPoS) consensus protocol of EOS makes the network more efficient, but thefairness remains a big concern for the community due to the supernode election;
  2. Supernodeoperators which serve as the backbone of the network are expericing financial stress. Only the first 21 supernodes profit from daily operations, and top 50 nodes basically break even. But the remaining nodes find it hard to make ends meet;
  3. The status quo of rights allocation between ECAF (EOS Core Arbitration Forum) and BP (Block Producer) may be the only correct choice at this stage;
  4. The EOS netwok suffers from RAM problems and high CPU-usage;
  5. EOS hasa monotonous ecological structure, while gambling DApps stand out;
  6. Security issues of EOS-based DApps need to be urgently addressed. Hackers usually take advantages of smart contract loopholes, random number vulnerabilities and controllable random number seeds to compromise popular DApps such as EOS.WIN、EOSBet、EOSDice.

Despite these problems, EOS has achieved some development milestones since its mainnet went live in June. According to DApp monitoring website,Dappradar.com, EOS has 254 Dapps which is only second to Ethereum. Data from China-based blockchain security company Peckshield shows EOS boasts 630,000 user accounts, although only 37% are genuine active users.

In late December, China’s Center for Information and Industry Development (CCID) under the Country’s Ministry of Industry and Information Technology rated EOS the best blockchain in the world in a Global Public Blockchain Technology Assessment Index Report as they think EOS has the great potential to be applied in many scenarios.

Liao Yangyang, founder of EOS Gravity, thought the outlook for EOS remains bright. “EOS will demonstrate its value when it evolves into a multi-chain world. After the implementation of EOS cross-chain, the decentralized exchange(DEX) will be a big trend, and EOS’s high processing capabilities also lays a foundation for DEX.” Liao sai.

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