Ethereum ETH/USD co-founder Vitalik Buterin recalled an old joke about cryptocurrency project EOS EOS/USD on Twitter Inc TWTR.
What Happened: “EOS is Ethereum on Steriods,” joked Buterin, in response to what was presumably more sarcasm from Ethereum developer Josh Stark who asked what EOS was.
EOS is Ethereum On Steroids.— vitalik.eth (@VitalikButerin) June 27, 2022
The name reflects the fact that the core team learned from Ethereum's amateurish naivety and idealism, and built out a team of professional top-talent software developers that created a smart contract platform with much higher scalability and speed.
EOS is a smart contract platform that quickly gained popularity after its launch in 2018, where it raised $4.1 billion in an initial coin offering (ICO). At the time, EOS was named a competitor of Ethereum because of its capacity to offer a higher rate of transactions per second (TPS) than the leading smart contract platform.
The project’s native token reached a high of $22.71 in April 2018 but is currently trading 96% below its all-time high.
See Also: HOW TO BUY EOS (EOS)
After a series of internal issues, and an SEC lawsuit dubbing its ICO an “unlawful securities offering,” many consider the cryptocurrency project to be unsuccessful.
In fact, in November, EOS Foundation CEO Yves La Rose himself said “EOS, as it stands, is a failure," as per a CoinDesk report. However, La Rose stated that the new EOS Foundation would take a more centralized approach to support the ecosystem with the introduction of four pillars - Audit+, Wallet+, Docu+, and API+.
Price Action: According to data from Benzinga Pro, EOS was trading at $0.96 at press time, down 4.7% in the last 24 hours. ETH was trading at $1,173, down 3.87% over the same period.
Photo via TechCrunch on Flickr
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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