EOS is the blockchain that epitomizes fanfare. Is it living up to expectations is what many are wondering.
Recent research suggest the shine might be fading from EOS.
The project kicked of with a near year-long ICO which raised $4 billion. To date, it is the largest ICO. It also got the company behind it, Block.one in some trouble with the SEC. This resulted in a "slap on the wrist" settlement which included a fine of roughly $20 million.
We also saw a lot of hype surrounding the social media application that was going to "change the world", Voice. Announced about a year ago, the application has failed to take off like some thought. The fact that it requires KYC might be part of what is causing users to reject it.
Users are not the only ones turning away from the latest Dan Larimer project.
A report put out by research firm Outlier Ventures suggests developers are leaving. By analyzing the data from Github, it was determined that EOS suffered an 86% decline in developer activity.
As we can see, BCash and Tron also experienced a large decline.
The report further states:
Designed to take on Ethereum in the Smart Contract world, EOS garnered a lot of publicity. Over the past couple years, it seems like many developers are still remaining true to Ethereum. The upcoming switch to POS could further enhance this as transaction times increase and scaling takes place.
It is quite common in the industry to see the last "XXXXX-killer". On Steem, for years, we watched new projects dubbed Steemit killers, only to fall by the wayside. In fact, Dan Larimer liked to use that term along with Steemit 2.0 when referring to his latest creation, Voice.
When EOS was being introduced, many called it the "Ethereum Killer".
Thus far, things have not worked out so well. Oddly, it was not Larimer who altered the path of Steemit but the one behind one of the other blockchains mentioned in the report, Justin Sun of Tron.
His actions resulted in the community forking the blockhain and creating Hive, which did get a bit of attention in the report.
Hive registered as one of the blockchains showing the most Daily Active Users (Page 30 of report). Not bad for a blockchain that is less than two months old.
Here is the full report:
https://outlierventures.io/wp-content/uploads/2020/06/OV-Blockchain-Dev-Q2-2020-4.pdf
What this all details is the importance of continued development. While the industry is still hard to get the true pulse of considering the metrics are all over the place, the bottom line is that developers still drive the show. There are very few users involved meaning it is up to the developers to keep laying the foundation that the masses will eventually use. There is a great deal of infrastructure needed to truly serve the general population.
We also see that even though a lot of projects receive hype, the actually activity is showing a different picture. It might be boring but slow and steady does win the race. Continued expansion in all areas is what will lead to successful projects. Those that burst onto the scene with a great deal of fanfare tend to fade out. None was bigger than EOS.
Some question the future of general blockchains, believing that we are more likely to see growth taking place with specialized blockchains. Instead of trying to cater to all needs, a blockchain such as Hive can focus upon offering a few core features at the base level with anything else added on top of it.
Nevertheless, while EOS and Tron appear to be suffering, Ethereum puts this theory to bed by plugging along with consistent growth. It seems unaffected by all the blockchains that are out there to "kill it".
One thing we know about the world of blockchain and cryptocurrency: things do not stay the same for long.
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