Blockchain testing solutions provider Whiteblock has announced the successful completion of the first ever independent test of the EOS platform, throwing up a set of results with potentially seismic implications for the network, which has been marketed as the “Ethereum killer” as well as the wider cryptosphere.
Released on November 1, 2018, the report titled “EOS: An Architectural, Performance and Economic Analysis” says that EOS is not a blockchain at all, but rather a “distributed homogeneous database.”
According to the announcement, the EOS test results show a significant difference in actual performance versus reported performance when measuring transaction throughput under “realistic network conditions”. Organized by the Bounties Network and led by Consensys Project Lead Brent Xu, the study was intended to ascertain the veracity of claims made by EOS regarding it speed, scalability and transaction throughput against a backdrop of blockchain companies making unverified claims about these statistics.
Whiteblock’s independent testing process was described in the announcement as a necessary counterpoint to the effects of high powered marketing and fantastic claims, which risk hurting the development of the blockchain ecosystem by attracting government and developer attention to the wrong projects.
The test measured the performance of the EOS network in terms of its transactional throughput, its resilience to adverse network conditions, the effects of variable transactions rates and sizes on the network, its average transaction time, its fault tolerance, and its partition tolerance. Launched in September 2018, the two-month long test saw Whiteblock observe the behavior of the EOS network under a wide variety of environments and conditions to confirm the true capabilities of the network.
Shocking Test Results
The results announced by Whiteblock are nothing short of shocking, with reverberations sure to extend through the EOS community and the wider crypto world as the implications sink in. A damning quote from the statement reads:
“EOS is not a blockchain, rather a distributed homogeneous database management system, a clear distinction in that their transactions are not cryptographically validated”.
EOS token and RAM market is essentially a cloud service where the network provides promises for computational resources in a blackbox for users to access via credits.
According to Whiteblock, the EOS network has no effective accountability due to an absence of transparency in terms of how much block producers can create. At a time when EOS has already come under fire for allegedly permitting collusion between Block producers, this will come as another blow to the credibility of the network once hailed as the “Bitcoin and Ethereum killer”.
Whiteblock also stated that the throughput of EOS is much lower than was claimed in its marketing materials, which is compounded by the network’s consensus failures and lack of Byzantine Fault Tolerance. According to the company, EOS is built on a fundamentally flawed system that does not promote genuine decentralization.
Concluding the statement, Whiteblock informed interested parties that an invitation-only live stream of the EOS benchmark tests will hold in November.
EOS, currently ranked #5 by market cap, is down 0.67% over the past 24 hours. EOS has a market cap of $4.83B with a 24 hour volume of $632.43M.
Chart by CryptoCompare
Cover Photo by SpaceX on Unsplash
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Did you like this article? Join us.
Get blockchain news and crypto insights.
Follow @cryptoslate Join Us on Telegram
Credit: Source link