What Happened to EOS? — Blockchain Supposed to Kill Ethereum
Summary
Brendan Blumer had promised to invest $1 billion from the ICO revenue (via EOS VC) to grow the blockchain and foster startups building apps on it.However, critics claim that the funds went to unrelated ventures instead. Blumer told The Block that they spent $150 million to build it.A year later Voice closed down and opened as an NFT marketplace in 2021.Overall, the former executive said to Wired that the companys chairman, Kokuei Yuan, had made it clear from the start:Block.one is a marketing organization selling a token: We need to put up the minimum software necessary and then get out.EOS has faced criticism for its centralization. After the EOS blockchain released its mainnet, EOS block producers froze a total of 34 accounts without providing an explanation, raising concerns about centralization risks.EOS uses a delegated proof of stake (DPoS) consensus mechanism, where token holders can vote for specific delegates who are responsible for maintaining the blockchain. While there are hundreds of registered Block Producers, only 21 BPs who receive the most votes are elected.Binance, OKx and Bitfinex are among these 21 BPs.Not all is lost?Overall, EOS has faced significant challenges and controversy since its ICO in 2018. The EVM compatibility is supposed to bring high throughput, scalability, security and reliability from EOS, with low transaction costs for users.To sum up, lack of support for the ecosystem have hindered its growth and adoption.