Without any doubt, EOS is a huge and promising blockchain project. However, the shortcomings of the network have raised questions in the community.
After almost a week-long voting process for the activation of the EOS mainnet, the network froze within the first 48 hours due to a bug.
Looks like the EOS network managed to stay up for a whole day before running into a showstopper bug that froze the chain. https://t.co/bG9EuIBYBe
— Jameson Lopp (@lopp) June 16, 2018
Though the issues were fixed within hours, a 5-hour pause in the network was not something the team would have anticipated.
EOS is a well-funded project, and with a year-long ICO, it raised $4 billion. But the issues in the network are attracting a lot of critics, many well-reputed in the industry. Jackson Palmer, the creator of Dogecoin, pointed out that the situation of the network is “making it hard not to be critical.”
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…and this software had $4B in funding. Making it hard to not be critical folks 🤔 https://t.co/Z93qpkbxcS
— Jackson Palmer (@ummjackson) June 16, 2018
The project was already facing backlash due to the complicated voting process and the lack of interest in the community to vote for the mainnet activation. To gain 15 percent tokens’ vote, it took around six days, which went up to 21.9 percent till press time.
Security is an issue
Moreover, days before the mainnet launch, well-known Chinese security company Qihoo 360 pointed out some serious security vulnerabilities on the EOS platform. Though at that time, it was predicted that this might delay the mainnet launch, the EOS team was responsive enough to come up with a solution to tackle the vulnerabilities without affecting the launch date.
Cryptovest quoted EOS’s CEO Yo Sub Kwon: “The most important focus for investors and developers should be around the security of the currency itself. If that were able to be manipulated or damaged that would have grave financial consequences for Block.one and the entire EOS community leading to a fall in confidence and support.”