Redditor Rips EOS to Shreds Days Ahead of Big News: It’s Not a Blockchain, Operates As a Scam

A Reddit user Platinum | QC: ETH 305 has called out EOS in a Reddit post. The Redditor who claims to have investigated EOS said the project is nothing like a blockchain project because it is highly centralized with a fake number of transactions per second (TPS).

According to Platinum | QC: ETH, the users on EOS are fake as well as the transactions. This is backed by the report of a test on the EOS ecosystem that was conducted by blockchain testing company Whiteblock. According to the result of the test, EOS is not a blockchain in strict terms but rather a non-autonomous homogeneous distributed database system.

The report also states that there is no mempool for accessing pending transactions because the index table is not open source, a feature that is not characteristic of a decentralized blockchain network. Consensus on the EOS network is not designed for transaction validation as blockchain architectures are designed but is rather a way of enabling the system process more transactions.

Platinum | QC: ETH also provided the transcript of a secret meeting among block producers which seems shady as they were discussing how to print thousands of EOS to pay for RAM. An article published by Bitcoinexchangeguide.com in October 2018 detailed how Block.one has failed to release the audit report for EOS and investors were getting desperate. This has led to a wash trading accusation against EOS during its ICO.

EOS is supposedly a blockchain platform for building dapps and smart contracts. As at the end of April, it was the platform with the second largest number of visitors for the month as well as the transaction volume. The platform has been one of the biggest in this category and still is.

EOS is also doing quite well on the cryptocurrency market, with it being the highest gainer among the top ten cryptocurrencies in the last few days. With the revelation about the fact that it is not even a blockchain platform, what implications will this have on its status?