EIDOS Creates New Chain Accused of "Mode"

Text | Kyle

Edit | Sword

On November 28th, due to the explosion of "transfer and mining", EIDOS had a new action. The EIDOS team posted an announcement on the official website to officially open the preparatory work of the EOS sister chain, the YAS network, to "start" the network by means of a 1: 1 two-way exchange between EIDOS and YAS.

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EIDOS issued a new chain, reminiscent of the previous project of its founder Aiden Pearce-Enumivo (ENU), the Chinese flower name "avocado". The project is known as the "first airdrop coin" and is also the sister chain of EOS. But in August this year, AP personally announced its death.

Today, AP is making a comeback with YAS, and it means a lot of making avocado. However, some people think that starting YAS by converting EIDOS to YAS is just a gimmick to provide "false value" to EIDOS.

Earlier, EIDOS also announced that it would be a decentralized exchange, but as of November 28, EIDOS only submitted the code on Github once on the day it appeared, and it was not updated for the next 27 days.

Currently, the price of EIDOS has fallen by more than 97% from its high point at the beginning of the month. Some users worry that it will repeat the mistake of "avocado". At the end of the announcement on the 25th, the EIDOS team wrote, "This is another attempt, and we are doing our best."

EIDOS plans "airdrop" to build a new chain

Almost a month after the launch of EIDOS, this coin-miner game of "transfer and mining" has gradually cooled down. On November 28th, the story of EIDOS was followed.

Three days ago, EIDOS announced the "Chain Chain" plan to build a YAS network by transferring EIDOS to dig YAS. YAS will be created based on the latest version of EOSIO and, like Enumivo "Avocado", is the sister chain of EOS.

EIDOS plans to issue YAS public chain

Earlier announcements showed that the EIDOS team will deploy a smart contract. Users can send EIDOS to the contract to exchange 1: 1 YAS Tokens and terminate the exchange after issuing 100 million YAS. Before that, users can "return" YAS to get back the same amount of EIDOS at any time.

On the 28th, the updated announcement officially announced the above-mentioned smart contract, and the nodes launched by the new network were set when 90 million YAS were issued. If the amount of YAS generated is less than 90 million by June 2020, it will be deemed a failure to start, and the EIDOS transferred to the YAS contract will be destroyed.

The startup method of YAS is quite "EIDOS characteristic". At the beginning, the latter also went to the market by "users transfer EOS to get airdrops", but EOS will be returned in equal amounts, not "purchase" vouchers, but more like "exercise" vouchers for airdrops.

"YAS uses the typical EOS side-chain cross-chain mechanism." The EOS community KOL "Star Master" interpreted the YAS rules and stated that after the mainnet goes live, users participating in YAS mining can use the private key of the mining account to register in YAS. Get the YAS account with the same account name on the main network, and distribute it according to the snapshot to get a new token.

The EIDOS team emphasizes that the YAS mainnet will be launched centrally before going live, and will not be officially released until it runs smoothly. Prior to this, the team reserves the right to suspend the launch of YAS, refund the currency, and cancel the Token freeze.

It is worth mentioning that according to the calculation of the EIDOS team's holding address, as of 11:30 on November 28, the current total circulation of EIDOS is about 57.92 million, which means that even if all the holders choose to exchange for YAS, 90 million is still early, that is, the start time of YAS's mainnet will not come soon.

From the perspective of "Star Master", the establishment of YAS network in the form of "exchange" is the second use of EIDOS. He believes that the use of EIDOS has been enriched, "but investors should make a trade-off before exchanging EIDOS with a consensus basis for YAS."

From the market feedback, although YAS is still in the concept stage, EIDOS has heard the wind.

On the 25th, the token continued to rise from 0.004 USD to a maximum of 0.008065 USD, an increase of more than 100%. At 11 am on the 28th, the price of EIDOS on the MXC platform was $ 0.006, which was still a 50% increase.

EIDOS, as the "new work" of founder Aiden Pearce (hereinafter referred to as AP), seems to be following the old path of ENU. ENU was strangled by AP in August of this year. At the time, he claimed that at least 6 of the 21 super nodes in the Enumivo network belonged to the same person, which was very unsafe, and declared the project dead.

Immediately afterwards, ENU plunged, and now quoted at 0.00071 USD, a drop of 92.89% during the year, and holders scolded.

"Star Master" sees YAS as a continuation of ENU's unfinished story. In the announcement, the EIDOS team also stated that the YAS network is trying to become an inexpensive sister chain that can replace EOS. This is a high-performance contract platform that has low operating costs and is truly dominated by the majority rather than the conspiracy of a few rich people.

"This is another attempt, and we are doing everything we can." Once upon a time, ENU was also known as the "poor man's version of EOS".

Code 27 days not updated

Back to November 1st, EIDOS appeared as an "airdrop coin", setting off a wave of "transfer and mining". The "Wool Party" flooded into the EOS network, causing the CPU price to rise 1,000 times in a short time and causing serious congestion in the EOS network.

The project is hot, and many trading platforms such as MXC, BiKi, and Whale Exchange have launched EIDOS. On MXC, EIDOS rose to a maximum of 0.3 US dollars, and the market value of the project has reached 300 million U.S. dollars based on the total issued amount of 1 billion.

However, to many people, the hot EIDOS, like the original ENU, lacked value support and had no practical use. It was more like an "airdrop model currency". Current data shows that the price of EIDOS has continued to fall after reaching a high point and has fallen by more than 97%.

Perhaps it was aware of the lack of value support. On November 3, the EIDOS team announced the launch of the decentralized exchange CODEX, saying that EIDOS could trade with the tokens listed on the exchange. On the 25th, the project team began to deploy YAS linked to EIDOS to empower EIDOS.

However, looking at the EIDOS Github code base, it was found that the project submitted the code only once on the day it was opened on November 1st, and until 28th, the number of code submissions remained here, and it has not been updated for 27 days. Some people have questioned, "EIDOS does not have a technical team at all, and the news that CODEX and YAS are released is just to use the expected benefits to provide 'false value'."

Github shows EIDOS codebase not updated in 27 days

You know, ENU has also released DEX, but it ended.

According to the media, "Jie Ding Jie Yuan" believes that EIDOS is just an air project. The main purpose of doing DEX is to give EIDOS a little value support so that the project party can issue all the coins.

Data show that the total number of EIDOS issued is 1 billion, of which 800 million are sent to users through airdrops, and 200 million are owned by the team. EIDOS generates 25 per second, 20 enter the airdrop pool, 5 are sent to the team account, and the distribution is completed in about 15 months.

After all, the previous project did a good job, and later projects only hit the mouth, and the startup method of YAS was inevitably questioned by the outside world.

Some users believe that the premise of YAS launch is that the market will provide at least 90 million EIDOS to exchange for YAS, and this part of EIDOS will be permanently frozen, which means that the number of EIDOS in the market will decrease and the team's position will increase. "User mining has resource costs. It looks like free coins from airdrops. Due to the soaring CPU price of EOS, the cost is also increasing. Once the team has shipped a lot, EIDOS will plummet like ENU."

There is also a widespread conjecture in the market: The main purpose of the EIDOS team is to "break down" the EOS network. Since the emergence of EIDOS mining, the EOS network has continued to fall into congestion. On November 28, data service provider DappTotal showed that the EOS congestion index was 100, and the congestion level was at its peak for 28 consecutive days.

The "culprit" that caused the congestion points to EIDOS. Many users use mining software to make small transfers to obtain EIDOS without interruption, resulting in users who actually use DApps need to queue up in the network.

An EOS ecological project person said that the launch of YAS also requires the exchange of EIDOS and YAS on the EOS network, which may exacerbate this congestion.

In the announcement, EIDOS showed its wish to continue the "avocado" story, but the embarrassing performance of failing to submit code in Github for 27 days is attracting more and more doubts.

"Poor Version of EOS"

EIDOS is mixed. From the external voice of EIDOS, this second-generation "avocado" project is very dedicated to building a "poor version of EOS".

Last year, when ENU just released it, AP announced the full picture of his public chain plan in an interview.

"I plan to build a stronger community, develop some applications based on Enumivo, and involve community members and supporters. In the next two years, I plan to find a more stable and fast blockchain. If allowed, I also plan to port all successful large-scale EOS projects to Enumivo. If a community-sponsored project is voted through by the community, we will raise funds for everyone's benefit. "

AP had high hopes for Enumivo

Later, ENU died. Today, the AP is sent to YAS again. In the eyes of the KOL "star master" of the EOS community, AP is an entrepreneur with a sense of blockchain. "At the time, the Enumivo chain was okay, but it was monopolized by super nodes. He hoped to be more fair."

According to the team's description of YAS, this public chain will have the following characteristics: the bottom layer continues to track the latest version of EOS code; BP (mainnet witness node) voting uses a one-vote one-vote mechanism; RAM (memory) will not expand; The inflation rate is 2%. Some of these features have been changed based on EOS.

The decentralized exchange Newdex told Hive Finance that although YAS is called the "sister chain" of EOS, the two are actually independent of each other. YAS is equivalent to reconstructing a public chain with EOS code, and the account between the two public chains Unable to transfer.

Compared with EOS's current BP "1 vote and 30 votes", YAS has adopted a "1 vote and 1 vote" mechanism. Newdex believes that the "1 vote, 1 vote" mechanism of YAS means that the nodes with larger currency holdings have a heavier voice, which may eventually lead to more "centralization". In addition, non-expanding RAM means that the value of RAM will be more stable.

At present, YAS is only a preliminary idea of ​​the EIDOS team. In Newdex's view, a major limitation of YAS is that it relies too much on EOS code and inherits almost all EOS attributes, which is not innovative enough. "But it also has its own advantages. The cost of using resources is relatively cheap, which is suitable for some DApp developers who have requirements on resource costs."

In the market, sister chains developed based on EOS are not uncommon. EOS Force and BOS side chains are listed here. However, at present, the development of these "sister chains" is not satisfactory.

Some professionals believe that there is a model problem with sister chains, that is, it is not always meaningful for the above DApp to issue its own token. In many cases, DApps can run without their own tokens at all, and the created tokens will not generate much value.

"If this is the case, it will be difficult to motivate block nodes to accept these tokens as block rewards. These platforms may have to have a higher inflation rate in order to provide sufficient rewards for block nodes to cover costs, and high inflation will further The pressure of falling prices forms a cycle of value destruction. Only those projects with a convincing Token model and true value creation can use this model for a long time. "

At present, YAS has not demonstrated a convincing ability to innovate, and the value prospects are unclear. However, "Star Master" still has expectations for YAS. He believes that compared with other sister chains, its advantage lies in being able to screen the initiators of the ecology to a certain extent. YAS ecological builders have more resources and help greater development. "

In any case, after ENU, AP intends to return to his public chain career. On the official website, he defined this as "another attempt." But before he takes the first step, he still has to wait for a "vote" from EIDOS holders.

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