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As Vitalik Buterin hails EOS while bashing Ethereum,

Published by
Nonhlanhla P Dube

Vitalik Buterin recently lauded EOS, calling it “Ethereum on Steroids.”

He stated that the name reflects the lessons gained by the core team from “Ethereum’s amateurish naivety and idealism” in order to develop a platform with superior scalability and speed.

EOS is Ethereum on steroids

The name represents the fact that the core team learned from Ethereum’s amateurish naivety and idealism, and assembled a team of professional top-talent software developers that designed a smart contract platform with considerably greater scalability and speed.

Given the unusual nature of the tweet, particularly the criticism leveled at how ETH developers have conducted themselves, the internet is divided on whether Buterin was being sarcastic.

EOS is planning a return.

Some argue that EOS was a victim of its own success. Its year-long Initial Coin Offering (ICO), which concluded in June 2018, raised a record R66 billion, making it the largest ICO raise in history.

Expectations were high, but a series of disasters, including claims of falsely overstated speed, the highly centralized Delegated Proof-of-Stake (DPoS) mechanism, and the resignation of CTO Dan Larimer, turned investors off.

EOS is currently down 96% from its all-time high of R366 set in April 2018. EOS was a top 5 token at the time, competing with Ethereum and Cardano.

In a recent tweet, EOS CEO Yves La Rose recognized the issues. However, he reversed this by referring to a resurgence and the development of “The New EOS.”

The Recovery+ effort, which refers to a defined hacker response mechanism for a safer, more reliable network, the introduction of Pomelo Season 3 NFTs, and the rollout of Co2Zero carbon trading DEX are all projects in the works for EOS.

It remains to be seen whether La Rose and the EOS developers can rekindle enthusiasm for the project.

Was the co-founder of Ethereum joking?

In reaction to Buterin’s tweet about “Ethereum On Speed,” Input-Output CEO Charles Hoskinson asked if he was all right.

Jungle Inc, a crypto YouTuber, jumped in, claiming Buterin’s conduct has been “strange lately,” before concluding the conversation by expressing confusion over the remark.

In a June 24 post, @songadayman criticized Buterin’s utopian goals for society, claiming that his criticisms of “what eth has become” are lost on most people.

Buterin earlier expressed a wish to make the world more like “Yudkowskian dath ilan,” a fictitious parallel Earth in which the wealthy donate money to support “public goods” rather than frivolous “zero-sum crap.”

Buterin responded to @songadaymann by explaining that his criticisms about cryptocurrency stem from his expectation of more from the industry.

One could argue that he expects more from Ethereum as well.

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Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

Published by
Nonhlanhla P Dube
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