Home / Bitcoin / The creator of EOS Dan Larimer proposes "MonerEOS" currency with ample skepticism

The creator of EOS Dan Larimer proposes "MonerEOS" currency with ample skepticism

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Is there any real point in these Larimer dollars?

"Cryptic people will hate it," said Block.One and EOS founder Dan Larimer about his MonerEOS coin.

It is not clear what he meant, but judging by the many responses to his announcement, he was right about the money.



For what?

Larimer came across the idea of ​​MonerEOS when he reflected on a new series of cryptocurrencies compromised between security and scalability, he said on Telegram, publishing a set of theoretical features for "MonerEOS", an apparent portofante of Monero and EOS.

"It looks bitcoin, but I bet it needs a lot of money first," said crypto person WhalePanda on Twitter, in one blow to the EOS record-setting fundraising efforts.

Others are more concerned about the time of Larimer's announcement, and are watching the news in line with Larimer's tendency to jump between projects, and simply create a new currency if the previous one fails.

In this case, MonerEOS was announced almost exactly as Steemit, the cryptographic publishing platform co-founded by Larimer, announced it would lay off 70% of its staff and run the rest to cut costs.

But in this case, Larimer insisted he will not leave EOS or Block.One.

"During the security and scalability process of EOSIO I came across a new set of compromises for a potential cryptographic token and I simply explored if there is a market for these compromises," he said. "This hypothetical token would be immutable, non-programmable and limited to a currency role."

Opinion: bad trade

The design of Cryptocurrency tends to be largely on a series of compromises, but many are skeptical that Larimer is so far on the right track with the compromises made to improve the sizing of EOS. In essence, it has improved throughput by sacrificing decentralization and immutability and choosing to entrust network security to the honor system.

But some argue that immutability and decentralization are non-negotiable characteristics of any public blockchain, and are the key point of difference offered by public blockchains, compared to anything else.

juicy words crypto

Basically, according to the thought, if you are willing to sacrifice decentralization and immutability for higher speeds, you can simply use one of the many even faster and cheaper private blockchains out there, which is why EOS does not it will never have any real value applications.

For any serious company to choose to use EOS and its expensive RAM markets, take care of creating headaches, worry about its lack of compatibility with other systems and get into the uncertainty of having to trust a cabal of network unreliably demonstrable when they can instead sign up for one of the blockchains managed by Amazon?

There's a reason why 99% of EOS dapps are just games and games. In contrast, only about 90% of Ethereum dapps are games and games of chance.

The lack of immutability and decentralization of EOS means serious applications where immutability is actually needed, such as car networks and pursuers of pharmaceutical supply chains and safe data markets, and so on – the things that really matter – will never be able to operate effectively on EOS.

Pure money, as Larimer is proposing with MonerEOS, is also one of those serious applications that depend on effective decentralization and real immutability. True decentralization is the difference between a true cryptocurrency like bitcoin and just another piece of data on the Internet.

And based on some of Larimer's claims, there are good reasons to be very conservative with MonerEOS. He said explicitly that it requires a reliable initial configuration, which is probably a sufficient reason to reject the whole thing.

It is also worth noting that he claimed to have found the idea while exploring new balances or scalability and safety. This suggests that it is:

  • Less scalable and safer than EOS, which means that Larimer recognizes that EOS is not secure
  • Either it is more scalable and less secure than EOS, in which case it is not absolutely suitable for currency

Just like decentralization and immutability, the security of the cryptocurrency network is not something you can compromise on.

That we can not compromise on the two pillars of security and decentralization in the pursuit of scalability is exactly why it is so difficult to solve the triad of downsizing the blockchain. That's why real and effective downsizing solutions require so much time, effort and ingenuity to create.

The world does not want or need these new Larimer dollars.


Disclaimer:
This information should not be interpreted as an approval of a cryptocurrency or a specific supplier,
service or offer. It is not a recommendation for trade. Cryptocurrencies are speculative, complex and
involve significant risks: they are highly volatile and sensitive to secondary activities. Performance
it is unpredictable and past performance is no guarantee of future performance. Consider yours
circumstances, and get their advice, before relying on this information. You should also check
the nature of any product or service (including legal status and relevant regulatory requirements)
and consult the relevant regulators' websites before making any decision. Finder, or the author, can
have participations in the cryptocurrencies discussed.

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