AnChain, a blockchain security firm, released a Blockchain Bot Report on May 31, detailing how dApps are failing to attract users and how most of the reported volume from gambling dApps and sites powered by EOS/Ethereum or other similar blockchains, were infested by bots. EOS New York has come out and rebutted this report on a Medium post, addressing the misrepresentation of facts by AnChain.
The rebuttal says that AnChain spoke about the analysis of top 10 gambling dApps on EOS, but failed to mention a metric by which it was categorized. It thus, failed in its attempt to “de-legitimize” EOS, the rebuttal said. Additionally, the post stated,
“Nevertheless, nothing in Anchain.ai’s report can be used to infer that EOS is any less fast, secure, decentralized, flexible, scalable or agile than it actually is.”
EOS New York also spoke about how EOS has been live for only a year and that dApps and other technologies in general, are still in their nascent stage and need to find their footing.
The post added that there has been massive diversification, even after being live for only a year which can be seen in the image attached above. The post further addressed the source of the transactions, stating,
“We are not interested in debating whether or not these transactions are driven by bots or humans. Nor do we wish to debate the intent behind the transactions at all because, frankly, EOS does not care about intent when processing transactions. Transaction intent of a subset of dApps is not important when evaluating the fitness of the EOS blockchain.”
The rebuttal also addressed the “fake” activity on dApps, stating,
“Verifying that any business applications’ activity is authentic is foundational to understanding the value of any business overall. No one should refute this.”
EOS New York also responded that transaction intent did not alter the intrinsic property of the blockchain, adding that “95% of Bitcoin’s transaction volume is fake, but its value is real.”
The report concluded by stating,
“We look forward to watching the EOS dApp ecosystem mature and for amazing businesses to continue to disintermediate, disrupt, and reposition power and influence back into the hands of the everyday value creators.”
Subscribe to AMBCrypto’s Newsletter
Top Losers: Ethereum, XRP, and EOS bleed as crypto-market follows Bitcoin’s lead
The cryptocurrency market has been enjoying an unprecedented bull run over the past few months, a trend that reached its apex when Bitcoin briefly touched the $13,000 mark on Binance. However, on June 27, the market witnessed a trend reversal, with the bears returning to the world of digital assets.
Apart from Bitcoin’s price dropping by over 5% in an hour, popular altcoins like Ethereum, XRP and EOS also suffered a hit in value, with the bears ravaging all coins in the top ten cryptocurrencies club.
At the time of writing, Ethereum had fallen from $331.39 to $321.52 within an hour. This whopping 9.87 percent drop contributed to its market cap settling at $34.35 billion. The second largest cryptocurrency held a 24-hour trading volume of $106.66 million, a decent amount when compared to its figures during the bear market.
A majority of the volume was held by DOBI Exchange, a popular cryptocurrency exchange which controlled $636.38 million of all ETH trade. DOBI was followed by Huobi Global, with a 3.3 percent hold on all Ethereum transaction volumes.
The next altcoin to be affected by the sudden bear market was XRP, which fell by 6.67 percent in the hourly cycle. At press time, XRP was trading at $0.42, a far cry from the $0.47 it was trading at 24 hours ago. The cryptocurrency had a market cap of $18.22 billion and a 24-hour trading volume of $3.27 billion. BW.com, a relatively unknown cryptocurrency platform, controlled a majority of XRP trade with $232.13 million in ETH trading volume.
EOS was the third most affected by the bears’ attack, as the cryptocurrency fell by 3.41 percent in 50 minutes. EOS was trading at $6.446, with a market cap of $5.97 billion. The $5.29 billion trading volume was majorly split between LBank and Huobi Global, both of which recorded 9.48 percent and 5.75 percent in EOS trading volume, respectively.
The sudden market crash was speculated to be a major correction of prices after a sustained period of bullish rise by the coins. This fall coincided with predictions made by popular analysts and traders who had previously claimed that Bitcoin and the rest of the market will go through more bear runs, before they reach their all-time highs.
Subscribe to AMBCrypto’s Newsletter