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.