The $4 Billion ICO Token, EOS, Is Still Learning And Evolving How To Live Up To The Hype
EOS Is Still In Progress
EOS is a blockchain project that has gained a space among top market contenders and it is currently vying for the position of having a high amount of market capitalization. The platform boasts decentralized storage, high bandwidth, and incentives.
The platform also released an ICO, which was relatively successful and completed in an ambitious timeline. The platform was able to raise over $4 billion in ETH, which was a record at the time. The EOS platform has also gone through several successes, but even so, there has been criticism as well.
According to Beni Hakak, CEO fo LiquidApps,
“Blockchains today don’t yet scale. EOS . . . which has solved many issues on the transaction speed side, still has resource limitations, which are critical for the extensive dApp developer that is so needed for users adoption.”
Peter Todd has also expressed his sentiment on EOS’s scalability, sharing that “it was more likely than not deliberately designed to be terrible.” Moreover, EOS launched a bug bounty program, but it too has had issues. Apparently, the program has a vulnerability, which was exposed by a Chinese cybersecurity firm. The vulnerability has allowed hackers to deposit EOS into exchanges and wallets and then the deposits would transfer. EOS repositories also had buffer overflow vulnerabilities, causing the company to have to pay white-hat hackers in 2019 in the tune of $50,000.
These are not the only errors the platform has exhibited. There are others and together, they continue to suggest that the platform is still a work in progress.