EOS is a blockchain platform that aims to be a decentralized operating system that can support decentralized applications. EOS has gained a lot of popularity as they plan to completely remove transactions fees. They also claim to be highly scalable and be able to conduct millions of transactions per second. EOS is seen as a platform that is able to combine the high throughput of Graphene and BitShare, with the smart contract function of Ethereum.
Although the company set the bar very high for themselves in regards to delivery expectations, they had a fairly messy delivery. There was also a lot of issues concerning security flaws. Two days prior to the launch a Chinese infosec company, Qihoo 360 noted that there was a number of bugs and vulnerabilities in the EOS software.
Qihoo 360 reported these bugs to the EOS team. The EOS team allegedly reported that they would delay the Mainnet launch. However, the EOS team quickly went to Twitter clarify their situation. They told the EOS community that media has incorrectly reported a potential delay due to the software vulnerabilities. The EOS team mentioned that they have in fact, fixed most of these bugs and are currently working on the remaining bugs. Despite the reassurance, EOS then released a bug bounty program on May 31, which worried a lot of investors, especially as it appeared to be a list minute effort to solve these bugs.
While this sounds fairly chaotic, one of the disappointing factors concerning the EOS mainnet launch was their governance structure. All decisions were to be governed by their constitution which was highly ambiguous and unclear. There was a lot of public discussion concerning the wording and confusion around the constitution. Larimer however, defended the governance structure. He mentioned that while there are many growing pains, “overtime the community will formalize arbitration processes, constitutional amendments, division of power, and limitations of liability. In the meantime, the community is using the tools it has today to enforce its contracts and combat the blatant fraud and theft so prevalent in the cryptocurrency community.
Let us know what you guys thought of the EOS mainnet launch. Do you think there was a lot of problems they could have prevented? Or do you think these issues are primarily due to the fact, that the cryptocurrency and blockchain industry is just beginning?
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