EOS Can Unleash Bitcoin & Make It More Decentralized Than Ever Says EOS CEO
Recently, EOS co-founder and CEO of Block.one, Brendan Blumer said the leading cryptocurrency is slow as a “transfer takes an hour” and also “expensive” as he says we pay about $50 to $100 per transactions.
“It (BTC) can only process about three transactions per second for every person on the network. So huge scaling limitations.”
However, later on, when called out for spreading uncertainty about Bitcoin, Blumer said the flagship cryptocurrency doesn't actually need to scale to become the world’s biggest store of value.
“I love Bitcoin too, but that won’t make it fast or cheap. Bitcoin has everything it needs to succeed, and I think in time it will become the largest store of value in the world EOS isn’t designed to compete with Bitcoin, it’s optimized for different use cases.”
— Brendan Blumer (@BrendanBlumer) March 17, 2019
Currently, Gold’s market cap is at about $8 trillion and if BTC in the future reaches its market capitalization, as many experts are believing it to be, each Bitcoin would be worth around $380,000.
The Question Of Decentralization Or Lack Of It
Now, Blumer says EOS will help the top cryptocurrency in becoming the most decentralized cryptocurrency ever.
— Brendan Blumer (@BrendanBlumer) April 13, 2019
While Brendan wants to help make Bitcoin more decentralized, Joseph Lubin, Ethereum co-founder and Consensys founder shared his own views on the decentralized nature or the lack of it on EOS blockchain.
“As has been debated endlessly, a platform controlled by 21 crypto bros is just not all that decentralized. They can collude and censor if they wish. Governments and other well resourced actors can bribe them or force them to act against their will and against the well-being and security of the people using the platform.”
Lubin shared his view while speaking at the Deconomy forum in Seoul where he stated that he expects Ethereum to become the global settlement layer and sees EOS used for only “some games” and not even those that have high-value tokens.
“It has been argued that if these block producers start behaving badly, they will be voted out, and that is the main source of decentralization in the system. Unfortunately, there is no good way for anyone to detect that they are colluding, or have been corrupted or forced into some sort of improper action.”
Everyone Finding Faults In Others
Lubin doesn’t see EOS good for much and that
“it will be too easy to organize to steal value on this platform.”
Moreover, Cardano founder Charles Hoskinson see issues with both EOS and Ethereum’s path of development.
“This is a stark contrast to the development you see with things like EOS or with Ethereum with Casper, where they kind of adopt this lone samurai viewpoint. Wherein one brilliant founder, whether it be Dan [Larimer, co-founder of EOS] or Vitalik [Buterin, co-founder of Ethereum] will lead a small group of crack engineers to somehow innovate and solve a big problem. Nothing gets done that way”,