ConsenSys-Supported Whiteblock Study Indicates EOS Blockchain Does Not Possess ‘Immutability’
As per a new joint study released by Consensys and Whiteblock (a blockchain research firm), it has been found that EOS, a top-10 altcoin in the world today, is composed of a framework that resembles a ‘cloud network’ more than a ‘blockchain ecosystem’
In regards to the study, a spokesperson for Whiteblock stated that:
“EOS is fundamentally the same as a centralized cloud computing architecture [client/server] without the fundamental components of a blockchain or peer-to-peer network.”
The Nitty Gritty Of The Matter
The tests were conducted in a laboratory setting that replicated the digital ecosystem which EOS currently has in place. The premise of the entire operation was to check whether the EOS network was truly ‘immutable’. The testing lasted for a duration of around two months, following which a research paper was published— the findings of whom indicate that:
“Through practical testing and experiments in a controlled laboratory setting, this research provides a thorough and objective model of [EOS’] design, performance, and economics in order to present a reference for the blockchain community.”
If that wasn't enough, the paper also demonstrated that almost all of EOSs native transactions were not secure since they were not ‘cryptographically validated’. As a result of this, there is no real mechanism in place that could potentially stop block producers from colluding against the network.
What Is Delegated PoS?
Simply put, delegated Proof-of-Stake is a complex voting mechanism that EOS makes use to decide who should process transaction blocks. This method is in direct contrast to the Proof-of-Work protocol that requires a host of blockchain networks to participate.
According to the paper, EOS fails in regards to consensus with no Byzantine Fault Tolerance [BFT], which effectively means that the native network could be at some point controlled by people who are colluding to hack the ecosystem.
In closing, TheNextWeb said the study also indicates that EOSs native transaction throughput is much lesser than what was initially advertised in the company’s whitepaper. For example, the current TPS rate being offered by EOS is around 250 (a figure that is quite low when compared to the originally stated rate of 4,000 TPS.)