If you could rewind back to 2017, there were a lot of striving cryptocurrency and at this point, so many projects were Launched, one of them is EOSIO backed by Block.One. It was known to be the Ethereum Killer. One of the longest ICO i have experienced in my crypto years was that of EOS which lasted for about 1 year and to be candid, it was a success with $4.1 billion raised. Why am I not surprised, it had Dan Larimer and so many of us would remember Dan and how he created the DPOS consensus mechanism.
Image from investing.com
EOS was to kill Ethereum starting with fees, smart contracts, and become the blockchain for so many dapps. I do not know, is this too much of a promise?
Do not mind that image, I got from goodread I haven't even read it before
The promise includes free transactions per seconds after staking EOS as CPU, NET, and RAM and trust that there were a lot of hype, marketing and speculations. In 2018, the price reached $21.5 per EOS and a market cap of $17 billion.
EOS was doing well in the beginning at it attracted a lot of people, companies and even Hedge fund magnates like Alan Howard so what went wrong?
From account freezing as a result of theft, to block producers (BPs) issues where the big rich exchanges were the major producers, to Net and CPU attacks making EOS unusable to users, and then SEC suit and fine of $24 million dollars.
EOS currently, isn't what it used to be, it didn't even do well in the last bullish market making it look like it is going through a lot of problem. Its social media platform Voice which was hyped is yet to see the light of the day but news fly around that Block.one is looking into launching an exchange.
With all this, I ask myself; "Is the Ethereum killer Dead"?