EOS’s Dan Larimer’s Hypothetical Token Concept Fails to Impress Fans

Dan Larimer, CTO of Blockchain company, Block.One, has made plans to develop a new crypto project public via Telegram messages and subsequent comments indicate that this plan has fail to warm the heart of fans.

Daniel ‘Dan’ Larimer also known as the creator of BitShares and co-founder of Steemit, claimed that he stumbled upon his new idea while working on improving the EOS blockchain. He pointed out that the new token will not be a general blockchain platform like EOS’ but will be “limited to a currency role”.

“[…] I stumbled upon a new set of trade-offs for a potential crypto token and I have been merely exploring whether there is a market for these trade-offs. EOSIO is the future of blockchain and each day our team at block one is making it more secure, more scalable and more flexible.”

The EOS developer on the same day gave vague details about the token, “MonerEOS” which at a distance seems to be mash-up of Monero and EOS. He further stated that the new token will generate lots of contradictions but it is for the greater good.

This hypothetical token would be immutable non-programmable and limited to a currency role. It would in no way compromise the much larger use cases for EOSIO applications.” He wrote.

EOS’ Teething Problems Generates Cool Reactions for MonerEOS

The fact that Dan’s latest project, EOS, has courted controversies since its integration has generated backlash of criticisms from commentators. Twitter pundit and investor, WhalePanda, wrote in reaction to Larimer’s latest development.

“Dan Larimer is already working on his next project…which sounds like Bitcoin but I bet he needs a lot of funding for it first […]”

For many commentators especially Reddit users, Larimer’s reputation of moving on to new projects quickly without full development is not exactly an endearing factor. He had previously moved from Steemit because “starting over with new blockchains is not something” he does lightly.

Steemit, it appears, is now going through some teething issues. Responses also focused on the issues with his latest project with many blockchain experts flaying the EOS blockchain. Crypt researcher, Emin Gun Sirer pointed out that the EOS is bound to get worse and not better.

The EOS bug bounty is designed to catch simple coding errors, not conceptual errors with the protocol. […] this is not like inventing your own scalpel, but then going ahead with brain surgery.”

For a community focusedon decentralization, EOS’ constitution is a major topic for critics as its platforms works like a centralized one. Blockchain expert, Nick Szabo wrote:

“In EOS a few complete strangers can freeze what users thought was their money. Under the EOS protocol, you must trust a constitutional organization comprised of people you will likely never get to know. The EOS ‘Constitution’ is socially unscalable and a security hole.”

Though responses indicate that the community is not exactly thrilled about the EOS, there is still some part of the community that wishes to see Dan complete his new project as it could mean another breakthrough for the crypto space.

 

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