EOS Launches A New Fork Chain, Is It a Zombie or a Lazarus?

[TL;DR]

🔹 EOS, that is, the enterprise operator system , aims to replace the current Ethereum and become the underlying infrastructure of the next-generation blockchain.

🔹 EOS belongs to Block.one, but the key person who is really closely connected with EOS is the founder Dan Larimer (often referred to as BM). Now BM has left for more than a year. Is EOS fine？

🔹 EOS wants to reshape the brand's influence by means of hard fork.

🔹 Most of the forks are hypes. Insiders know the real background and purpose of forks. We can wait and see if EOS can turn things around.


What Is EOS？

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EOS was once popular in the cryptocurrency market. its ICO raised more than $4 billion. Many people consider EOS as the representative of blockchain 3.0. Once there was a saying in crypto space, "only 10% of the people bought Bitcoin, and only 10% of the people did not buy EOS." It can be seen how excellent the community foundation of EOS is.

EOS, that is, the enterprise operator system , aims to replace the current Ethereum and become the underlying infrastructure of the next-generation blockchain. EOS was developed by Block.one and established in 2017. Its white paper was jointly written by Dan Larimer and Brendan Blumer. It was officially released as an open-source platform of blockchain in 2018.

You must have seen many people compare EOS with Ethereum. This is because EOS is a blockchain ecosystem as well through which users can create and develop decentralized applications (dApps).


Like many other cryptocurrencies, EOS was created to address the issues that exist in Ethereum and Bitcoin, including flexibility, scalability, speed issues and high fees.

EOS hopes to become the most powerful infrastructure of dApps. Block.one provides all necessary tools and resources to help developers quickly make functional applications. Humanized design is its distinctive feature.

Many investors believe that EOS will change the way enterprises interact by providing decentralized enterprise solutions that can significantly improve productivity.

EOS holders also have the right to vote on various issues and can participate in the on-chain governance. EOS has also been supported by famous investors such as Peter Thiel and Michael Novogratz.


After The Founder Left

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EOS belongs to Block.one, but the key person who is really closely connected with EOS is the founder Dan Larimer (often referred to as BM).

There is a saying widely spread in crypto space. When Daniel Larimer talked with Satoshi Nakamoto about Bitcoin in the early days, Satoshi Nakamoto told Daniel Larimer: "if you don't believe me or understand me, I have no time to try to convince you. I'm sorry."

As early as 2017, before founding the company with Brendan Blumer, the CEO of Block.one, BM was a well-known technical expert.

In 2013, he established the decentralized exchange “BitShares” with Charles Hoskinson, the co-founder of Ethereum, and subsequently established the blockchain “Steem” in 2016.

2018 was the peak of BM's business. Together with Block.one, BM completed the largest initial coin offering (ICO) in history, raising more than $4 billion.

On January 10, 2021, BM officially announced on Twitter that he had removed the post of chief technology officer of EOS on December 31, 2020. Block.one also issued a press release on the same day to confirm the news, and stated that BM would be engaged in some new "individual projects". After the news of BM's resignation came out, EOS plummeted by nearly 30% overnight.

In retrospect, since BM resigned in January 2021, EOS has risen to $8.72 in April of 21, and in early May, due to Block.one's protocol upgrade, increase of staked rewards, and the new CEX of Hong Kong Pacific Century Group Chairman Richard Li's investment in EOS jointly accelerated EOS to the current historical high of $13.47. In contrast, the price of EOS has dropped below the $2.9 after BM left, to approximately $1.40.



Hard Fork In September

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In fact, at the beginning of the birth of EOS, it seemed that EOS had always wanted to surpass the competitiveness of ETH.

Focusing on the scalability issues, high trading fees and inapplicability of the public chain to business, EOS avoids the transfer cost in terms of technical design. With the graphene underlying block architecture and DPOS consensus algorithm, the processing speed of EOS transactions can reach millions per second. By comparison, Ethereum can only process approximately 20 transactions per second, while Bitcoin can even process only 7 transactions per second. Compared with EOS, their processing speed is really limited.

Sounds pretty nice? In fact, EOS has been haunted by many problems, such as inconsistent opinions of the founders, infighting among nodes, unhealthy public chain ecosystem, unreasonable resource design mode, and sharp drop in currency price. EOS, which had a market value of nearly $20 billion, like most "short-lived" IP public chains, has dropped from the pedestal for a long time.

Nowaday, EOS seems to want to restore the glory of the past.

On August 17, 2022, Yves La Rose, founder and CEO of EOS Network Foundation, tweeted that last year, EOS community dismissed Block One (B1) and took control of the network; However, EOSIO's IP is currently owned by Bullish, a subsidiary of Block One. The EOS community cannot move forward without IP. This is why EOS needs a hard fork and brand renewal.

Later this week, the EOSIO alliance will announce the new code base of the core protocol to reshape the brand and announce the launch of a new forked public chain “Antelope” to replace EOS. According to the introduction, Antelope is an open framework for building the next generation of Web3 products and services.

In addition, on September 21, 2022, EOS will conduct a hard fork and activate its v3.1 consensus upgrade to upgrade to the new code base created by the EOS Network Foundation. The upgrade also includes the new EOS EVM function (TrustEVM), and the TrustEVM GameFi hackathon activity has been launched.

Yves La Rose stated that the consensus upgrade cut off all the links of Block One (B1) and represented the official start of the new EOS. Upgrading based on a hard fork means that the new version (EOSIO) will not be backward compatible with the original chain and will follow the new consensus rules.

The upcoming launch of EOS EVM (TrustEVM) and the hard fork next month are favorable. The price of EOS tokens has risen by more than 30% in the past 24 hours, reaching a peak of $1.64, the highest in nearly three months.
As of the time of writing, the price of EOS tokens has dropped slightly, and it is now at $1.39.


Can EOS Turn Things Around?

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As we all know, a hard fork means that all existing EOS holders will obtain the same amount of tokens on both chains in the case of possible chain splitting. Theoretically, it may increase speculators' demand for EOS in the days before the hard fork of Ethereum.

The EVM of EOS has been talked about for a long time. If EVM of L2 is said to be promising, it is estimated that other EVMs will be difficult to be successful in the ecosystem.

After all, Most of the forks are hypes and insiders know the real background and purpose of forks. The basic logic of a fork is unreliable. Just as Vitalik Buterin , the founder of Ethereum, called EOS "Ethereum with steroids" earlier, the name reflects that the core team of the project has learned "Ethereum's naivety and idealism", but it seems that they have only learned the surface without mastering the essence of technological development.

Therefore, which fork of EOS will get more support? Is the BM era over? How will the exchange stand in line? And will it trigger a fight for control? We will wait and see.



Author: Gate.io Observer: Byron B. Translator: Joy Z.
* This article represents only the views of the observers and does not constitute any investment suggestions.
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