EOS Seeks To Substitute Ethereum In The DeFi Market

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Brendan Blumer, CEO of Block.one, says that EOS is the most suitable blockchain for the decentralized finance (DeFi) market, as users are known to have slow and costly transactions on Ethereum.

In the tweets he shared on his Twitter account, Blumer complains about the performance of Ethereum with the growing DeFi market, where network congestion and high transaction fees are increasing day by day.

“Ethereum is controlled by a 3-pool cartel that refuses to increase the scalability of the protocol and receives billions of dollars a year in mining fees and $ 90 per transaction; resulted in a slow, costly, high inflation chain. ”

Blumer points out that EOS currently has solutions, despite the problems that follow the protocol that underlies most DeFi protocols.

“ETH causes problems for users with upgrades that sound more like EOS, but as everyone knows there are delays and no practical way to implement. EOS, on the other hand, offers technological innovations every month, which is subject to a high degree of scrutiny by a talented global community.

EOS is touted as one of the ambitious platforms against Ethereum, and Blumer believes the blockchain can help the decentralized financial industry break its boundaries. Block.one’s president says EOS already has the ecosystem that will take DeFi to the next level.

“EOS will let DeFi go completely free, so to speak. EOS has the performance, liquidity and developer community to support DeFi applications that are not possible anywhere else. ”

Ethereum creator Vitalik Buterin had criticized EOS on these points in the past.

A Q1 2020 report from Dapp Review showed that Ethereum remains the dominant platform for decentralized applications, moving with a volume of $ 5.64 billion compared to $ 1.74 billion on EOS.

What is EOS?

EOS aims to be a fully decentralized operating system where industrial-scale decentralized applications can be hosted.

Target use cases include smart contracts, decentralized storage solutions, and DApps environments. EOS developers claim that thousands of transactions can be calculated efficiently with the dPoS-consensus mechanism.

The developers also aim to implement parallel processes in which program operations are shared among multiple processors. Thanks to its unique architecture, it claims to be able to scale vertically and horizontally, and aims to make transactions lifeless when the project is finished.

EOS’s token is called EOS. It is a utility that can be used to purchase storage and bandwidth within the network. In addition, voting rights are gained in proportion to the number of tokens owned.

Who Founded EOS?

EOS was founded in 2017 by a private company block. Dan Larimer, the creator of Proof-of-stake (dPoS), STEEM and Bitshares, is the CTO of block.one.


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