The original post: /r/cryptocurrency by /u/MericanInBKK on 2024-12-07 22:27:47.
Hey everyone,
I’ve been diving deeper into the world of blockchain projects and came across EOS. It’s hard to ignore its history—it was once considered an “Ethereum killer,” raising a record $4 billion during its ICO and promising fast transactions, scalability, and zero fees. However, over the years, EOS seems to have lost its momentum. I rarely hear it mentioned alongside other major players like Ethereum, Solana, or Avalanche.
That said, I’ve noticed some chatter about the EOS Network Foundation (ENF) spearheading a revival. This has me wondering: does EOS still have a shot at becoming a major player in the blockchain space? Or is it too late?
Here’s what I know so far:
Strengths of EOS: From a technical standpoint, EOS has a lot going for it. The delegated proof-of-stake (DPoS) model allows for high-speed transactions with no fees, which seems ideal for scalability. This is particularly attractive compared to Ethereum’s often high gas fees (even after the Merge).
The Downfall: Despite the initial promise, EOS’s reputation took a hit due to centralization concerns, governance issues, and accusations of mismanagement by Block.one. As a result, it didn’t achieve the level of adoption many expected, especially when compared to Ethereum or even newer chains like Solana.
Recent Developments: I’ve read that the ENF, led by Yves La Rose, is trying to breathe new life into the ecosystem. There’s talk of improving governance, developing partnerships, and expanding interoperability with other blockchains, including Ethereum. I’ve also seen claims that EOS is pivoting to position itself as a top-tier platform for Web3 development.
So, I’m reaching out to this community for insights and advice. Here are my specific questions:
- What’s the investment case for EOS in 2024? Are there any strong use cases, partnerships, or dApps being built that make it stand out today? Have adoption rates or developer activity picked up recently?
- How credible are the revival efforts by the EOS Network Foundation? Are there tangible signs of progress, or is this more of a PR move to regain relevance?
- What are the risks of investing in EOS? The concerns around centralization, governance, and ecosystem stagnation still linger. Have these issues been addressed, or are they still valid?
- Why should people buy EOS now? For those of you who are bullish, what’s your thesis? Is it based on new developments, market cycles, or long-term potential?
I’m also open to hearing from skeptics. If you think EOS is a lost cause or a poor investment, I’d like to understand why. I’m not here to shill or FUD; I genuinely want to weigh the pros and cons of this project before making any moves.
Lastly, if you believe there are better Layer 1 projects out there that are currently undervalued or overlooked, please share those as well. I’m always on the lookout for high-potential opportunities.
Looking forward to hearing your thoughts and advice!