As Bitcoin hits new highs, the price of Ethereum is dismal. I would like to share my personal views.
Although Ethereum has countless innovations on its chain, it has many drawbacks: 1. Slow processing speed, unsuitable for large-scale commercial use; 2. High gas fees, also unsuitable for commercial use; 3. All interactions require authorization, making it easy to be hacked; 4. If the private key is leaked, a new address must be created, making it impossible for long-term use; 5. Once hacked, no remedies can be made.
Ethereum has developed to today, firmly sitting at the top of public chains, but its numerous drawbacks have made it very difficult for blockchain to achieve large-scale commercial use today, with little innovation beyond DeFi and NFT that can change the world.
Today everyone sees SOL rising. Looking back to that time, in order to achieve large-scale commercial use, BM and BB founded Block One Company, attempting to create a public chain capable of commercial use. Thus, EOS was born. From a technical perspective, EOS has many advantages: 1. 12-digit accounts, allowing users to create their desired accounts; 2. If there is a risk of being hacked, the private key can be modified; 3. Transactions do not require authorization, allowing direct trading; 4. If assets are stolen, one can report to the arbitration committee to lock and forcibly recover the stolen assets; 5. The chain supports high TPS, with stress tests reaching up to 100,000 at that time, and everyone was using scripts to interact with the chain without any lag; 6. Transactions do not require gas fees; 7. More decentralized than current Ethereum L2s, SOL, etc.
Everyone must be wondering, with so many advantages, why hasn't EOS developed? In fact, in 2018, the year the EOS chain was launched, the ecosystem was particularly vibrant. I was responsible for community management of a well-known wallet at that time, and we couldn't keep up with the messages. Every time the project team held community events, they were criticized for the slow bug fixes. The project leader was sweating profusely, saying that the programmers hadn't slept well for a week and were just taking a break before getting back to work, trying to keep everyone engaged. One can imagine the ecosystem back then, which led many people to believe that EOS would inevitably lead blockchain into commercial use and bring it to the general public, truly realizing the emergence of Web 3.0.
However, as of today, EOS is almost forgotten. What caused this? Undoubtedly, the price is too poor. The crypto circle is driven by price increases. SOL had no ecosystem at that time, but its price kept rising, attracting many ecosystems. The reasons for EOS's significant price drop are twofold: 1. It launched in 2018 during a rare bear market, with Bitcoin dropping from $20,000 to over $3,000 and Ethereum falling to $80, with both reaching this position twice, severely damaging morale, causing altcoins to be in dire straits; 2. The founding company B1 was unwilling to pump the price. B1 raised over 100,000 Bitcoins for EOS but refused to invest any, while SOL had a strong backing, rising nearly 300 times, winning over everyone. Due to EOS's significant price drop, old projects gradually moved away, and new projects were also unwilling to come, leading this chain towards zero.
Imagine if today it was EOS rising instead of Ethereum, there would definitely be many king-level commercial applications. But fate is cruel; Ethereum has risen, and this chain greatly limits the deployment of commercial applications, forcing the launch of a bunch of L2s, each requiring cross-chain interactions. The ecosystem keeps repeating and dispersing, and no one is using them. Even L2s have authorization issues, are easy to hack, and have the downside of needing to change addresses constantly. Meanwhile, the rising SOL is prone to downtime and interaction failures, making it difficult to support commercial-grade applications.
However, this is the reality. In this bull market, there are no world-changing applications like DEFI or NFT. To be honest, it's quite difficult because the Ethereum system is easily hacked and unrecoverable, leading users, especially new ones, to be wary of on-chain activities. They can only gamble on SOL memes, which are actually quite similar to EOS's past gambling projects, except that memes have a higher chance of large gains from small investments. Periodically, there will be news of turning a few hundred U into millions U, attracting everyone.
I hope blockchain can become a true Web 3.0, enabling the current internet to enter a new era. I hope a user-friendly chain emerges that is not easily hacked, and if hacked, has recovery paths, with high TPS, leading blockchain into thousands of households. At that time, no one would think that the crypto circle is just speculation with no practical use.
$BTC $ETH $SOL $EOS
