A quick look into the current community of EOS IO.
Many EOS community members have been curious about the recent loss in EOS’ value. We’ve seen explanations from “It’s just FUD man!” to “The whales are looking for a deal.”. What do you think? Let’s take a closer look into the situation, why the price has fallen and where we need to go from here.
It’s around six months since the release of EOS IO. EOS IO has already built a sprawling ecosystem of applications and multiple networks run it. This ecosystem now seriously competes with Ethereum and on pace to pass it. Relative to other blockchains, EOS IO deployed apps continue to crush in activity. Block.one’s CTO Dan Larimer’s ideas of what a blockchain should be, clearly resonated with developers. However, EOS IO suffers from serious issues and the community is waiting for both fixes and answers. Dan Larimer has offered solutions to many of these issues and has even provided the community with a handful of things to look forward to. Unfortunately, a list of concerns and promises continue to grow since the release of EOS IO and the community is becoming frustrated.
Let’s take a quick look at the largest of these issues and promised fixes that have been discussed.
– EOS IO has been to suffer from rampant voting collusion and buying in the east. This should be against EOS rules but the community has seen no action.
– The EOS BP Starteosbpio is now literally paying EOS holders for votes. The EOS community is waiting for action.
– EOS has begun to suffer from massive unfixed CPU bottlenecks as the popularity of EOS has grown and weak BP’s have bought their positions at the top of EOS. Each EOS token generally now receives 10x-100x less allocated CPU usage as a result. This needs immediate attention. Staking more EOS doesn’t fix this problem.
– New EOS accounts don’t have basic operations without staking EOS. A user leaving EOS can’t easily empty their wallets because they need EOS staked in order to sign those transactions. This is very confusing and scary for an inexperienced user. Accounts need shared CPU for basic operations. Maybe lower allocated CPU per EOS and move that to a shared pool for accounts. Accounts need access even just to a few free operations per day.
– The community was promised EOS storage since before the release of EOS. No new information has been provided.
– Multithreading has been touted as a big fix for CPU issues but the community awaits in the dark.
– The idea of users being able to lease out their allocated CPU resources to other users was offered to help alleviate CPU pressure and fix EOS voting participation. This update is called Rex. Rex will pay EOS holders to lease out their EOS resources. This could increase voter participation from near 5% into a majority. This update is said to be done but not much more is known. This is a big feature and sorely needed.
– Block.one has promised an official wallet. Not much was known about its progress until a couple of weeks ago. The community has been advised that there was a delay but we should expect surprising features like the ability to use the wallet on any EOS IO based network. More information on this wallet would be helpful.
– EOS is under an onslaught of BP’s that are more interest in soaking up free money than making EOS more valuable. We have an alarming number of BP’s that don’t perform well. This could be corrected with monetary punishments or incentives for performance. The community can’t count on democracy to act quick enough when BP’s don’t perform. We need to see things like coded minimum BP execution time, uptime, latency and etc. We received no response as to any action from Block.one on this issue.
– AS the EOS IO community matures, we are witnessing multiple EOS IO networks sprout. This was expected and good! However, the community is still waiting for more information on interchain communication. These communication layers will help increase the value of the EOS main-net as it’s sister chains increase in value. Not much is known on it’s progress.
– A while back, the CTO of Block.one advised that we would see Steem 2.0 and BTS 2.0 integration. Nothing more has been said on the subject and we aren’t even sure if these plans have dropped.
– The CTO of Block.one explained in Telegram that we should expect the EOS IO 4% worker proposal fund to be shifted into a EOS IO basic income for unique users. This is a great idea! This could lead to many new EOS users and help cover the investment of minimal EOS usage. This would only be possible with the addition of a biometric feature. Both features have been in the dark since first mentioned.
– Biometrics – Can we expect it to be used to add weighted voting for each unique EOS voter? We don’t know. This one idea could help fix DPOS voting issues. Every unique user could receive 10x the voting power for their first 100 EOS tokens used to vote. This would offer a louder voice to the average holder without silencing large investors. Nothing has been touched on with this idea but it is the next logical step of biometrics.
– ECAF – ECAF has been a problem for the EOS community since day one and it has generated enough FUD to keep the FUD monster alive for the next 100 years. ECAF has NOT held elections for their official positions. They have NOT had any community engagement. They have NOT responded to EOSSTARTNPIO openly buying votes and nothing came from the ECAF investigation into Huobi collusion. Why ECAF? Does Dan or anyone from Block.one have a comment?
– EOS governance needs work. Our constitution isn’t even linked to signed transactions and there are no clear guidelines for many issues. Even things that should be simple like referendums. Where do you stop voting in a referendum? Should BP’s have power to overrule a bad decision? Where’s the line on what can be voted on and change? Who holds the most authority on what decisions? All stuff needed from Block.one. We have received no help.
– Dan Larimer has nearly quit updating EOS IO on his Bytemaster Github account. This is where EOS IO developers come to update the backbone of the EOS main-net. Dan has not contributed much of anything since the launch of EOS IO. You may be fine with Dan moving into other roles or other ideas but the community should know if Dan will go back to updating on Github and why he left. Dan has claimed that 100 engineers work on EOS IO. Is that the 100 engineers contributing to EOS IO on Github? We don’t know. If so, only three or so actively work on the code and Dan is no longer included. Maybe Block.one has shifted the coding to in-house and they don’t use Github. That’s very possible and likely. We don’t know but we do know Dan has spent his time discussing his new privacy coin idea “shower coin” in his new telegram channel “EOS Privacy.”
The price is down. EOS is losing its position on Coinmarketcap.com. Is it time to panic or are the fudsters working overtime? Maybe it’s the whales looking for a deal! Stop.. take a step back and look at this from an Occam’s razor approach. Shorters spread fud. That’s a given. However, this doesn’t change the growing list of concerns for EOS IO. These concerns can be fixed and the growing list of promises from Block.one can be addressed. EOS IO has built an ecosystem that has been shockingly explosive. The activity in the EOS deployed apps already crush its competition and the value moving through services like Betdice is nothing short of amazing. However, if these issues aren’t fixed, things will slow and move in the wrong direction. It’s time Dan Larimer and Block.one keep the community more in the light and show us that our biggest EOS IO concerns are being worked on.
Dan and Block.one have both expressed that they like the Apple approach of things. Things come when they come. Dan stated in Telegram that he doesn’t like roadmaps because the community will be disappointed with broken promise dates. We don’t need promise dates. We need to know what’s receiving the most attention and what is planned. This isn’t Apple. Apple is a regulated corporation with strict guidelines. This a project which will only succeed by the strength of the community. It is decentralized after all. Without knowledge, the community can’t fight the FUD. I sincerely hope this Block.one approach sees a change in direction.
Clearly, EOS IO needs a lot more governance fixes, polish, transparency, and features. Especially if it intends to hold a top title in blockchain and handle a stream of healthy adoption. I’d like to see that. I’d like to see that list get tackled as quickly as possible. I believe Block.one and EOS IO are in a great position to do this. Especially, with its ecosystem going parabolic. Winds can shift quickly. We can’t let that advantage slip. There’s no mystery why there’s been a major price slip. It’s not a conspiracy. It’s more likely related to selling pressure from everything discussed in this article. Though, nothing has been mentioned that can’t be fixed. Until we see official fixes, keep up the pressure on Dan, Block.one and the BP’s to stay focused on the most critical issues. As long as our infrastructure is sound. The community will continue to build and grow. EOS IO currently has the best shot for this.
EOS Donation address: makeoshmifty
Want another way to help in the short term? Vote! Voting will help take care of half our current concerns. Install that wallet and vote! Use a proxy or stroll over to https://eosauthority.com/voting_analytics and look at which BP’s receive the most EOS accounts that vote for them and not the number of votes. That’s a good hint as to which BP’s have our attention.