EOS "go to the threshold", can it be red again?

On September 23, EOS will be upgraded to EOSIO v1.8 as planned. From the official information released, a major focus of this upgrade is to modify the RAM billing method, developers can pay RAM fees for users, reducing the threshold for users to use DApp.

At this time, it has been more than three months since the first anniversary of the EOS in early June. For EOS holders, this time is a bit difficult.

On June 1, EOS reached a one-year high of $8.7, and it went down all the way. On August 29, EOS fell to $3.048. In three months, the EOS market value evaporated by 65%. Even on the eve of the upgrade, the EOS currency price only rebounded to 3.86 US dollars, the higher point is still a long way.

The first anniversary conference became the dividing line for EOS from rising to falling. Behind the currency price, in addition to the natural landslide brought about by the favorable price, there is also feedback from the market on the expected development of EOS. The heavy product Voice, released at the anniversary, is still in the test period until now, and EOS has not been able to make people shine for a long time.

The sluggish performance of the currency and the loss of confidence from investors have forced the “Pomelo” to seek change. This upgrade is like a "self-help" action that will profoundly affect the future of this star public chain.

Upgrade now EOS for users to lower the threshold

Going to EOSIO v1.8 will be the biggest upgrade since the EOS main network was started, and it is also the first time to perform a hard fork, which will affect all node operators.

According to EOS Nation's September 19th data, 27 nodes in the EOS TOP30 node have confirmed that the upgrade is ready and 29 nodes have promised to upgrade. Not surprisingly, this hard fork will be executed on time and will not lead to community splits and new currency generation.

EOS TOP27/30 node is ready for upgrade

From a functional change point of view, this upgrade is mainly around DApp developers and users. For example, after the upgrade, the smart contract can determine the transaction initiator to make it resistant to malicious attempts; for users, this update will allow DApp Developers calculate RAM charges into other accounts, reducing the threshold for users to use DApp.

EOS users have been consuming RAM, whether they are creating accounts or using DApps. This has not only caused the price of RAM to soar, but also made many ordinary users deterred from the EOS ecosystem.

On September 15th, EOS's helm, BM, issued three tweets, suggesting that EOSIO DApps, which do not pay for bandwidth, are wrong.

"At the beginning of the release of EOS, we mentioned that the developers working on resources and RAM should be DApp developers. Voice will show the best practices."

In BM's view, requiring users to pay for resources and RAM is an important reason to block the EOS ecosystem from moving forward. He made the ratio of the operating system of the Internet company.

"You won't see Twitter asking people to pay."

Block.one CEO Bredan Blumer (BB) also said that by funding computing and transaction costs, EOS enables applications to create a zero-cost, zero-resistance user experience. He also "snapped" the competition chain by the way.

"Other public chains require users to pay for each behavior. Who wants to pay for opening a web page or posting?"

At the previous first anniversary conference, EOS released the official blockchain social product Voice, which was mentioned by BB at the time, and Voice will eliminate the threshold for user access, and all resources will be borne by the developer.

Zhao Yu, CEO of EOS SuperNode EOSLaoMao, believes that this upgrade will bring performance improvements and paving the way for Voice. He expects that after the successful launch of the Voice project, it will play a big role in the growth of EOS accounts.

Currently, the highly anticipated Voice is still in beta. However, a few days ago, BB revealed on Twitter that Voice is about to be updated. After the EOS upgrade, users may soon see the true face of this product. After the threshold of self-defeating, the rise of Voice is crucial to the development of EOS.

DApp has not yet broken the EOS bottleneck

Behind the active search for upgrades and changes is the current dilemma facing EOS.

In June last year, EOS completed the main online line and had a high-light performance of $23. This project, which was headed by the coin technology giant BM, was attached to the star aura. With a strong focus on smart contracts and high TPS, EOS became the representative of “Blockchain 3.0” and played a key role in the outbreak of DApp last year.

But the prosperity that DApp brings is very short-lived. Users who flocked to the EOS ecosystem found that the DApp experience was a far cry from the centralized application. In the app leaderboard, the top few are almost entirely occupied by betting apps. Moreover, these gambling DApps, which are known as decentralized, have been repeatedly questioned as "pseudo-centered", and developers are easily confused, causing players to lose money.

At the same time, security incidents frequently occur in the EOS ecosystem. The most recent incident occurred on September 14th when EOS DApp EOSPlay suffered a new random number attack and lost tens of thousands of EOS.

Originally, EOS was regarded as the biggest beneficiary of the DApp outbreak bonus, but due to the above problems, the DApp was quiet again after a brief burst of red in the second half of last year. According to the data of dapp.review, the EOS DApp transaction volume is not dominant in the three major public chains, and even once was overwhelmed by the wave field.

Comparison of the three major public chain Dapp transactions

The EOS, which began with God, is as much a "unexpected" trend as other unscrupulous public chains. It is in the midst of slow commercial progress and stagnant ecological development.

Three months ago, the first anniversary conference that the holders looked forward to for a long time failed to solve this embarrassment.

In March of this year, BM and others pre-heated that they would release "the biggest news since EOSIO was launched." But the conference in early June made investors' illusions greatly discounted.

On the same day, Block.one released four products in just half an hour, including software product EOSIO 2, hardware product EOS yubico key, educational products launched in cooperation with Coinbase, and finale application Voice.

After the meeting, EOS suffered from the collective squandering of investors. They believed that EOS's achievements on the first anniversary were not good, and there was no direct benefit to the price increase. On the first anniversary of EOS, the price of the currency fell by 10%.

In the following three months, EOS became a weak public chain that was frequently squandered. As of September 19, EOS quoted 3.86 US dollars, compared with the high of 8.7 US dollars, fell 55.6%.

The DApp that EOS is most concerned with is also in the growth bottleneck. Dapp.review shows that the number of active users has been hovering around 120,000 in the past three months, compared with the number of users exceeding 500,000 at the end of last year.

From the current situation of EOS, it is not difficult to understand that this star public chain is so eager to carry out self-change and upgrade.

In the opinion of the industry, after the “going to the threshold”, the more important task of EOS is to improve the quality of DApp and further enhance the user experience:

“Otherwise, even if the threshold is removed, EOS DApp is still separated by 'several streets' compared to Internet products.”

Interaction time

Do you think you can see 100 more EOS?

Text: Kyle

Edit: Wendao

Source: Honeycomb Finance News