Where are the problems and prospects of EOS?

Write in front ❖

EOS is probably the biggest currency in the currency dispute. There are two extreme voices about EOS. Some people think that EOS technology is very powerful. Some people think that EOS is a zero coin. Recently, with the bitcoin diving, the decline of EOS is even more terrible:

Since the beginning of June, the dollar price has fallen by about 54%, while the bitcoin price has fallen by 60%. At the beginning of June, the highest price was above RMB 50, and the lowest price in recent days fell to RMB 23-24.

四EOS's four major problems❖

EOS prices have fallen to this point, and some even think that EOS is a zero-coin, which is inseparable from EOS itself. Three problems with EOS have caused EOS prices to fall:

(1) Product issues: EOS efficiency issues

Before EOS went online, it claimed to reach the throughput of millions of TPS. However, in fact, after EOS went online, it did not achieve such efficiency. The DAPP game experience on EOS is not good, and users can obviously feel the phenomenon of Caton.

This means that EOS has a certain degree of centralization on the one hand, and does not improve the experience of ETH on the other hand. In this case, people's expectations for EOS have plummeted.

(2) Propaganda issues: marketing is not in place

Some people think that EOS is good at marketing, and TVB really can't agree with this view.

Although EOS once reached as high as 130 yuan, it is the EOS main network is about to go online, and the technical team and founder BM behind EOS is technically strong, which makes people have high expectations for EOS, not EOS. Caused by marketing.

On the one hand, blockone, as the developer of EOSIO, is only responsible for program development and announces related news. As for the fluctuation of EOS, blockone has no action.

On the other hand, the main node of EOS has a limited contribution to EOS marketing.

First, although the main nodes are also promoting EOS, it is obvious that these nodes are not very good at marketing. No one node can play the marketing and publicity of EOS like Sun Yuchen and Litecoin.

Second, each of the main nodes is in a political position, and there is no match between EOS marketing in each other, resulting in a vacuum in EOS promotion in both time and space.

Third, the main nodes are more busy developing their own applications and products, and promoting EOS by the way. More interesting, the marketing of the EOS main node is often internal marketing, for example, the Whale Exchange will invite other EOS nodes to broadcast live, but will not invite the big V outside the EOS ecosystem to do activities.

In fact, EOS marketing rarely cooperates with the outside world, which limits the development of EOS in marketing.

The main nodes do not understand marketing, nor are they good at marketing. The problem is 21 main nodes. Who will bear the cost of marketing?

This is a blockchain development problem that TVB has said before:

One monk picks up water, two monks raise water, three monks have no water to drink…

Among the EOS main nodes, there are many Chinese nodes, and there are many Chinese people. There is no shortage of such thinking: I will spend money and effort to promote EOS, and the other 20 nodes will benefit…

(3) Price issue: lack of market value management

Market value management is also a controversial issue.

One view is that the price of the currency should be natural, let it fluctuate with the market, and should not be centralized by market value management.

Another point of view is that market value management can interfere with currency price fluctuations, thus preventing the currency price from fluctuating.

TVB's personal view is that market value management is not necessarily in the secondary market, and it is operated by pulling and protecting the disk. Moderate operations are also part of market value management.

Obviously, EOS is missing both in the management of the secondary market and in the management of the market value of EOS through operations.

Although the EOS main nodes are also making efforts for EOS promotion, they are not implemented in line with the market value.

(4) Political issues: centralization of governance

The initial governance mechanism of EOS is this:

First, the EOS Convention was adopted by a referendum;

Second, the EOS master node is selected by one citizen and one vote;

Third, the EOS transaction is voted by the master node. If more than 2/3, that is, 15 or more nodes pass, it can pass.

Look at such an event:

Volkswagen can vote for other candidate nodes. If you do not consider the large number of eos held by the master node, you have higher voting weight. If the public agrees, overthrow the existing master node and elect a new master node from the candidate nodes. If this happens, the new master node may still have the same decision as the original master node.

Because no matter who is the main node, its interests are the same.

Of course, in the case of accounting, the possibility of attacking EOS by the master node is very low, but in one transaction, since the EOS master node has common interests, a centralized governance mechanism is formed.

It is like a feudal society, overthrowing a rule, and the new ruling class is much the same.

In fact, whether the EOS main network can be started or not, the code of EOS operation is determined by 21 main nodes, because the whole people pass, but if the main node does not run the program, the referendum is meaningless. Therefore, the EOS transaction is more in the hands of the 21 main nodes.
This is a weakness of the DPOS consensus.

❖EOS's future❖

On June 1, blockone announced several news, three of which are critical events:

First, EOS is about to go online;

Second, a social application on the EOS public chain – voice is in preparation;

Third, an EOS-developed learning platform that learns to get EOS rewards.

In fact, because BM announced in advance that it will release major news on June 1, EOS has risen a lot before June 1. After the news, EOS fell quickly.

However, these three messages are actually blockbusters for EOS.

Short term

(1) Product enhancement

The most important news for blockone is the EOS virtual machine.

We know that the Ethereum virtual machine is an operating environment for smart contracts in Ethereum. The virtual machine is to open a separate space for the smart contract to run on the node. Other smart contracts cannot access this space. This space is relatively closed, so the security of the smart contract can be guaranteed, and since it is only running on one node, This can also improve the efficiency of smart contracts.

EOS virtual machine can greatly improve the efficiency of smart contracts. With the EOS virtual machine, it is possible to solve the Eton DAPP's stuck problem and make DAPP smoother.

The EOS virtual machine is an improvement made by blockone in the face of EOS public chain products.

(2) Marketing enhancement
Although blockone is a technical team, not good at marketing, it is not going to be a chicken-blood marketing.

However, blockone intends to solve marketing problems through technology and products. Learning eos can get rewards, this is a promotion of eos, if more people learn to develop eos, then the threshold of the eos public chain in the application field will be reduced;

And voice as a social application, if you can develop like Facebook, naturally can get more people's recognition, marketing effect will be achieved.

Long term

(3) Market value potential

In the long run, blockone has no plans to do market value management, so EOS still faces the risk of ups and downs.

However, in the long run, EOS may have room for growth. Because once the EOS virtual machine can really make the dapp smooth, EOS can then carry large-scale commercial applications.

More traditional enterprises or other institutions will have further growth in the demand for blockchain applications. EOS's carrying capacity will be strengthened and the development threshold will be lower and lower, so EOS will have a larger application space. As the demand for EOS increases, there is room for growth in the growth of currency prices.

Of course, this time is relatively long, and the current demand for the blockchain has not yet been clearly demonstrated.

(4) Governance problems

The EOS governance issue is the most difficult problem to solve. Because the EOS program requires the master node to run, even if the whole person approves, the master node refuses to run and the program cannot be executed.

Therefore, complete offline governance can not solve the governance problem, perhaps making changes in the code, such as the code of the referendum system, the decision to run the branch by the referendum, perhaps better.

TVB believes that in the long run, the future of EOS will depend on the efforts of blockone and a few nodes. EOS has two extreme endings:

First, more master nodes are committed to developing EOS, making more efforts for EOS to promote the health and prosperity of EOS;

Second, the main node only pays for its own money, does not act on the EOS ecology, and even harms the ecology, and finally makes EOS go to the end.

The long-term EOS can only say that things are artificial. After all, the world is changed by a few people.

Written at the end

The launch of the EOS virtual machine is likely to improve the efficiency of DAPP operation and possibly solve the fluency of DAPP. On the other hand, EOS learning platforms and social applications are likely to advance EOS marketing.

In the long run, EOS is also facing serious difficulties. Lack of market value management, volatility will still be relatively large; how can we convince more institutions with blockchain needs to develop applications in EOS; where are the application needs of enterprises and institutions for blockchains; how to cure EOS governance problems, etc. I can only wait for the time to answer…