EOS faces 6 major problems, according to new study

11 Jan, 2019 | Updated: 11 Jan, 2019
by David Robb
Analysis
EOS faces 6 major problems, according to new study

Despite its status as a top 10 token, the crypto community's confidence in EOS has been relatively low since the launch of the mainnet back in 2018. A recent report has identified six major technical and governance problems that the network faces.

EOS makes use of a proof-of-stake (PoS) protocol, as opposed to the proof-of-work (PoW) mining systems that are used by most major coins. It is currently the most high-profile crypto network to use PoS, although Ethereum (ETH) may be pivoting towards this sometime in 2019. EOS is also one of Ethereum and Tron (TRX)'s major rivals for dApp development.

These unique features led many to see significant potential in EOS, and the network tops the monthly blockchain rankings released by China's Center for Information and Industry Development (CCID) almost every time.

Read more: EOS tops China's final CCID rankings of 2018

However, there have been many security issues and other flaws since the launch of the mainnet, and the EOS team has paid out more to developers in bug bounties than any other network. 

This latest report from Chinese media outlet ODaily has broken down the issues that EOS faces into six main points. The first two problems that the network needs to confront are related to the supernode mechanism. The report questions the fairness of the election system for the 21 'super-nodes' that act as block producers, and also suggests that profitability is relatively low for all other nodes.

Other problems are related to the "status quo of rights allocation" between BPs and the ECAF (EOS Core Arbitration Forum), as well as the network's RAM issues and CPU usage. Furthermore, as with other dApp-focused blockchains, the eco-system is relatively limited, with simplistic gambling-based platforms like EOSBet and EOSDice dominating the network. Finally, the report reiterates how many security vulnerabilities have been identified with EOS.

Read more: 2018: A Bitcoin and cryptocurrency year in review

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Read more about:EOS (EOS)

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