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Instead of Bitcoin [BTC] death spiral, “we should be talking about EOS,” says Investment Analyst

Priyamvada Singh

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Instead of Bitcoin [BTC] death spiral, "we should be talking about EOS," says Investment Analyst
Source: Pixabay

Corey Miller, a member of the investment team at BlockTower in his recent tweets revealed his views on how the EOS ecosystem might be operating at a loss wherein the block producers [BPs] look forward to turning off operations. There were six tweets in total, justifying the standpoint. The genesis tweet read:

“1/ Instead of discussing a BTC mining death spiral, perhaps we should be talking about EOS Block Producers turning off their operations. Although the narrative is that EOS BPs are financially well-off, many are currently underwater…”

He subsequently posted a survey that was filled out by block producers of EOS, mentioning the break-even cost at $4 per token. However, Miller pointed out that this figure of the break-even cost looks frail as the cryptocurrency is currently trading at a depreciated price of $1.8.

In the next tweet, the blockchain space enthusiast wrote that if the EOS ecosystem does not have a difficulty adjustment mechanism, the block producers will have the obligation to operate at lower costs or shut down at once. In his words:

“3/ Given there is no difficulty adjustment mechanism in EOS, BPs are going to be forced to either downsize their operations/cut costs or, in some cases, completely shut down.”

Here, Miller admitted that the latter is a greater possibility at this point. In his opinion, approximately 10% of the 81 BPs who receive the rewards are currently inactive. Furthermore, in an efficient market, people would stop voting for these block producers but that does not seem to be the case, claimed Miller.

As a solution to this situation, the investment expert gave a quick opinion stating that the problem can only be solved if the price of EOS jumps up again or the BP reward is increased.



On these tweets, a Twitter handle called EOS New York commented:

“How are you determining that around 10% are shut off?”

Corey Miller reverted by explaining:

“I admit that it’s not really possible to tell, but I’m assuming that at least some of the BPs who’s endpoints are down are shutting down.”





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Altcoins

EOS, Tron [TRX] and Ethereum [ETH] are top three cryptocurrencies, says China’s CCID Group

Akash Anand

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EOS, Tron [TRX] and Ethereum [ETH] adjudged top three cryptocurrencies by China's CCID Group
Source: Pixabay

Analysis of the cryptocurrency market by various global entities has been a standard procedure for a lot of organizations to keep track of the updates and developments in the field. One such major analyst is China’s CCID Group, which works under the Xi Jinping-led country’s Ministry of Industry & IT [MIIT].

In the latest edition of CCID’s Global Public Blockchain Technology Assessment Index, it was stated that EOS retained its title as the best cryptocurrency according to three factors assigned by CCID. The three factors were basic technology, applicability, and creativity, criteria that are aimed at assessing the most effective digital assets in the market right now.

In terms of basic technology, EOS scored a whopping 103.7, making it the only cryptocurrency to breach the 100-mark. It received a score of 20.2 and 24.7 when it came to applicability and creativity, respectively. The surprising result of this assessment was that Bitcoin [BTC], the largest cryptocurrency on the charts, did not even feature in the top-10 of the CCID rankings.

According to the analysis, Tron came in second with a Basic tech score of 95.6 and an applicability score of 24.3. Tron CEO Justin Sun had stated multiple times that EOS and Ethereum were Tron’s biggest competitors, but it turns out that it had the lowest creativity score among the three, clocking 24.1 to Ethereum’s 31.0.



The third-ranked cryptocurrency was Ethereum [ETH], sticking to the trend as all the three cryptocurrencies were focusing on DApps. Despite being third in the rankings, Ethereum had the lowest basic tech score, with its 76.6 being lower than that of relatively smaller coins like Steem and Ontology.

There seem to be some connection with DApps and the CCID rankings as these applications slowly entered the main fore in the cryptocurrency environment. Sources informed that Tron DApps had recently surpassed that of Ethereum and EOS in terms of weekly active and new users.





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