Whats your guys thoughts and Feedback on EOS?
I think it’s a really interesting platform worth watching I haven’t yet delved much into the tech aspect of their project (their smart contracts, how their blockchain works etc.) but I’ve been looking up some educational material for it so that I can deepen my knowledge on it. In a space that develops as rapidly as crypto it’s very important to stay up to date with any new developments I think! I’m excited to see where EOS goes in the next years.
What do you see so far that you like about it?
I’m a huge fan of their promised blockchain speed currently. The idea of 0.25/0.5 second blocks is an interesting one, this kind of scaling is really good for big blockchains that run dApps, and something I’m hoping Ethereum will be able to reach as well with the advent of Casper and Plasma. I think another noteworthy thing is that dApps can be updated at the discretion of the Block Producers. If a critical flaw is detected after deployment then fixing it will be less of an issue than on the Ethereum blockchain. Another small thing I really like about their platform is that you can reference accounts by name instead of address, making it a little more user-friendly. They seem to really have a focus on usability and sustainability of their technology, which is essential for adoption.
I think a big downside to this platform is their planned consensus mechanism, DPOS. The appointment of Block Producers introduces a sort of centralization aspect to the platform. Block Producers are chosen by the people, but once they are appointed they are granted CEO-like rights over the blockchain. This includes the possibility of freezing accounts. However, if a block producer is acting maliciously, the people have the power to vote them out of their position and appointing another block producer in their place.
A lot of it definitely remains to be seen, and I’m going to be watching the platform closely once it’s fully launched.