Saturday, July 20, 2019

Shocking Revelation: EOS Might Not Be A Blockchain But A Cloud Computing Service

The damning revelation by the benchmarking firm Whiteblock that EOS is not a blockchain took virtually everybody in the industry by surprise as more was even stunned by the piece of information.

The revelation by Whiteblock was based on several tests, which revealed the performance and abilities of EOS, the result of the test might not be sonorous music to the ears of lovers and fans of EOS, but the firm was resolute in its submissions.

Further revelation also indicated that EOS is not a decentralized technology, but a centralized form, and as such users can only access the network by using the block producers as intermediaries, a situation Whiteblock regards as “a single point of failure for the entire system.”

The report also said that EOS might not be immune to Sybil attacks, a form of attack that creates a fake identity for the sole purpose of subverting the whole system.

“This is in fact, a large vulnerability in the system as fraudulent users are essentially able to create malicious accounts much faster than the block producers are able to come to concessus. This further proves the the high level of centralization that exists in the EOS network and the tremendous powers these block producers posseses,” the report highlighed.

Though, one of the unique selling points of the EOS’ protocol is its amazing speed, the report by Whiteblock also puts that under the microscope, revealing that it’s not that impressed with speed, as they claim that the hype about its speed is overrated and its not as fast as presumed by both the network and the users.

“During tests with the real world condition of 50 (miliseconds) of round- trip latency and  0.01 percent packet loss, performance dropped below 50TPS, putting the system in close proximity to the performance that exists in Ethereum,” the report concluded.

The report is coming at a time when the momentum is at its highest among EOS users,and might reduce the confidence in the network by the users. However, the attention of the crypto industry is on the network and the damage control procedures, but whether they will be able to instill confidence back into their users is one of the mysteries the market will have to watch out for in the coming months.

Related Article:  Google Co-Founder Admits Mining Ethereum At The Recent Blockchain Summit

 

More Articles

Research Suggests That Hard Forks Threatens Cryptocurrency Stability

Recent research has hinted that the price stability of cryptocurrency is being endangered by the software update referred to as “hard forks,” the research...

Cobinhood Raises $20million for Blockchain with 1million/sec Transaction Processing...

The founders of cryptocurrency exchange platform, Cobinhood, have revealed its intentions to launch the development of a new Blockchain with a daunting capacity of...

South Korea Denies Reports of 10% Tax on Cryptocurrency...

South Korea's Ministry of Strategy and Finance says that the current information claiming that the government authorities are preparing to impose a 10% tax...

Things to Look Out For In an ICO before...

For beginners, an ICO or an initial coin offering is basically a fundraising method that aims to trade crypto coins about to be launched...

Germany to Deploy Blockchain Against Tax Evasion Schemes

The economic arm of Germany is making decisions to adopt blockchain technology as the ultimate combat weapon to ouster tax fraud and tax evasion schemes.

Starbucks to Allow Bitcoin Conversion to Dollars for Coffee...

Starbucks, popularly known as the one-stop store for coffee in over 28,000 locations around the world, has made plans to allow its customers to...

Crypto Giant Circle’s UDSC Dollar Reserves Confirmed by Independent...

Circle has revealed that it hired Grant Thornton LLP, an accounting company, to confirm its claim that each and every unit of its USDC...

Two Executives at Komid Exchange Face Jail Time for...

Two executives at Komid, a Korean cryptocurrency exchange are facing a jail sentence. The duo allegedly faked the trading volume of cryptocurrencies on the...

Microsoft And EY Will Use Blockchain To Simplify Copyright...

Microsoft, the company that created Windows, the most popular operating system of the whole world, and Ernst Young (EY), a big firm of financial...

GreySpark Finds US Dollar Traded More Than Cryptocurrencies

The United States Dollar has been found to be the most actively traded fiat currency above digital currencies. This report was based on the...

Coinbase Adds Zcash Coin to its ‘Learn & Earn’...

Major exchange Coinbase has announced the recent addition of Zcash (ZEC) to its slim list of obtainable cryptocurrencies on its educational program, Coinbase Earn. Earning...

Will The Troubles Associated With The Nigerian Financial System...

Latest Articles

Couple Pays For Breakfast Using Bitcoin, Community Finds This...

A Reddit user by the username u/portageco recently made a post in bitcoin's official subreddit. In his post, u/portageco boasts about how he paid...

Australian Woman Leads Adoption, Tours 10 Countries Spending Cryptocurrencies

Who says you can't go around the world spending cryptocurrencies? As many believe, cryptocurrencies are only good for speculations. But with a little research,...

Did A Physical Bitcoin Just Sell For $99k On...

As at the time of reporting, the listing on eBay had closed. This could be because the seller got a buyer or he decided...

Litecoin Now Approved In 30,000+ Stores

As cryptocurrencies gain ground, more and more technology-based firms find ways to incorporate the nascent technology into everyday life. Moon, prior to this time,...

Facebook Libra Coin did what you all wanted, and...

I think we need to take a step back and look at what’s really happening here… The primary issue with the entire Cryptocurrency industry is...

How To Shop on Amazon with Bitcoin – Step-By-Step...

Wondered how to shop on Amazon with bitcoin? Then here's how you can purchase goods on one of the largest e-commerce websites that ships...

How To Buy Bitcoin On Coinbase – Step-By-Step Guide

Buy Bitcoin on Coinbase instantly in the U.S., UK, Canada, or anywhere you are globally. Coinbase cryptocurrency exchange has enabled its customers buy the...

Grayscale Bitcoin Trust Boosts By 300%, Affects Oil &...

The institutional investment product, Grayscale Bitcoin Trust (GBTC), experienced a growth of more than 300% due to its outstanding performance since February, Forbes reports....

How To Create A Coinbase Account – Step-By-Step Guide

Create a Coinbase account with ease. Use this illustrative guide to create a Coinbase account for buying, selling, and storing cryptocurrencies. And you know...

$9.2 Trillion Transferred Using Bitcoins In 2.5 Years

Against present belief that bitcoin is only used for speculation, James McDowall, a crypto investor and advisor shared a metric about Bitcoin that's been...

Malware Posing as Movie File Manipulates Results and Steals...

A new form of malware posing as movie file was discovered last year and was designed to steal cryptocurrency and inject manipulated results into...

No-fee Mobile Trading App Quantfury Increases Crypto Support with...

The no-fees mobile trading app Quantfury has been expanding its crypto services lately, most notably with the addition of the DASH cryptocurrency. The coin...