RE: Is The New $232 Million Ethereum EOS Token mostly hype?
I have done a bit of research into this as it looks quite interesting and I found the following (similar to you bit with a couple of differences):
- EOS does not exist at present. Dan talks about not wanting to release too early, but he has nothing to show at present. Should be ready for release by the end of the crowd sale (which has a year to run I think).
- There is due to be 1 Billion EOS tokens. At the current price of $1.89 each, that's a market cap of just under $2 bil. Quite a lot for something that doesn't exist.
- Dan has talked about Ethereum scaling and stated that it cant scale to anywhere near the levels that EOS can. To do so would involve a complete redesign which would break all apps currently on the chain. This is why he doesn't want to release too early as its easier to make changes before apps are running on the platform.
Overall I think it looks really promising IF it comes off. $2 bil is quite a valuation for something we haven't seen, based quite heavily on one or two key individuals.
On reflection, I think Ill buy in but at a lower level to what I was originally intending. This is one of the few alts I have seen that has real possibilities (although there is not much to see at present). Lots of possible upside and with current valuations, it has limited downsides.
The presale is a bit of a blind auction, so you could end up paying cents per token or hundreds of dollars. Not sure whether to buy in via that or via an exchange yet!
Well I think you have a few things confused; the EOS token does exist. As for EOS not existing, you are talking about the EOS blockchain and Dan releasing it, as if it is going to be one blockchain, which it is not! It is going to be multiple block chains using the EOS software, and Dan having no control over it, this is according to the Faq on the eos.io website... there may not even be any block chains running it... if Dan ever does release this code, one downside is that EOS tokens are not guaranteed to be worth anything on those chains... those real EOS coins will be the currency, not the EOS investment ERC20 ETH subtokens they are selling now. A second downside is that what Dan is proposing is MORE complexity to the chain, being able to write full programs... this is a problem, as look at what happened last week with the $40 million Parity contract flaw... it was just a small little error, but someone was able to exploit it and drain all the tokens out of everyone using that Solidity code for their contracts. If EOS allows even more complexity of programs, guaranteed, there will be ever more loopholes in those type contracts... the more flexibility, the more things that can go wrong.
I am fully aware of what exists and what is promised! I agree the website is confusing as basically, these tokens may be nothing more than for show!! Even if they are the tokens taken forward by the blockchain/s a valuation of just under 2 billion at this stage is madness!
I can make a token like EOS in about 20 min. I just don't have the money to pay exchanges to host it. is there testnet fast and flex. well empty streets are quick to drive. You know what else is fast and flex, Rinkeby ethereum's testnet. Testnet can do alot without users. You like whitepapers, well lets sit down and make one up. EOS is just an ETH token sitting on the ETH blockchain, talking about killing the mouth that feeds it. Riding on the back of its mothers. ETH has udates as well ETH isnt going to be what it tis today. You thinK EOS is fork proof? Guess again. its just a token with a testnet, stilling on its mother's blockchain with a whitepaper.