Hype can sometimes drive attitudes of investors. In fact, EOS is one of the most highly anticipated cryptos lately. Block.one is the one responsible for this particular project. And during its launch, a year-long ICO raised $4 billion in the process. In fact, because of the hype behind EOS, there were hackers that were able to get funds from investors using classic hacking techniques mirroring the EOS website.
Issues that Have To Be Addressed
And after it was launched this month, there are still a number of issues that have to be addressed. For instance, EOS Github page suggests that there are still around 620 bugs that are still unsolved. Though these problems may sound daunting especially on a project that was able to raise $4 billion, there were more than 1,400 issues resolved during its development.
In addition to this, the block producers are now working to get their code running available to the public, however, the blockchain isn’t live yet. And sadly, there could be more glitches that could reveal themselves. To make matters worse. Block.one is firmly leaving itself out of the entire process. Come to think of it, there will be a lot of trial and error involved in EOS.
Bug Hunter Earns $120,000 in a week
Since it is important that these bugs and threats are solved, the company offered $10,000 minimum reward for finding a bug. Guido Vranken who is an ethical hacker has reported a number of vulnerabilities within the EOSIO software. In one day, he was able to make $80,000. In a week, he was able to generate around $120,000. And because of vulnerabilities that he was able to point out, he was offered by the crypto startup a permanent role. However, there is no information whether or not he decided to take it or not.
The Lack of a Product?
Is EOS simply considered as crypto hype blow out of proportion? Despite not having a product, it was able to raise around $4 billion during its ICO. Consider its code to also be a point of concern. With that amount of money, finding 12 bugs in a matter of one week isn’t a good thing.
This isn’t surprising. According to the latest numbers, just this year alone, ICOs were able to raise $9 billion. However, it is possible that hype is about to fade soon. According to NEXT, “If we pull out Telegram and EOS on a monthly basis, the monthly trend looks severely down to $560 million from a high of $1.5 billion in December 2017”. They also added that “So unless you believe in continued presence of mega deals, token offerings have indeed been dragging due to continued regulatory uncertainty, tax overhang, and a lack of tangible progress in software adoption by the mainstream consumer”.
With 1 out of 5 ICOs today considered as a scam, are we going to see a decline in the popularity of ICOs? And with EOS, it isn’t helping that it has been surrounded by problems from investors who became victims of a phishing scam to those bugs existing in their code.