The recent episode on John Oliver’s ‘Last Week Tonight’ introduced cryptocurrencies to tons of people who had no previous knowledge on the blockchain technology. The show is a household TV show watched by tens of millions across the world and has a cult-like following especially amongst millennials, the primary market to most cryptocurrencies. However, EOS (EOS) investors and development team, will not be as excited as others as this current episode exposed the scam behind the coin which has raised over $1.5 billion USD since its ICO. This led to the sacking of Brock Pierce, an advisor in Block.one, after John prompted his viewers to search on Brock Pierce Scandal on google in the course of the show.
The EOSIO team released a report on Medium addressing the issues stated in the show. John termed EOS project as a useless and overly advertised project with $1.5 billion raised in investment. He questioned the viability of the project given that no actual project yet exists even with the huge amounts of cash collected. He ended the segment by highlighting Brock Pierce unsatisfying explanations to the team’s core development progress and his ‘scandal. The report released yesterday explained the coins value in general while informing the public of EOSIO’s decision to cut ties with Brock Pierce as the advisor to Block.one.
“As we mentioned last week, we recently came to a mutual agreement that Brock would end his role at Block.one as he transitions to independent community building and investment activities. We thank Brock for his contributions, support, and continued larger than life passion for the EOSIO project.”
EOS blockchain platform was created by Dan Larimer, the founder of Graphene, Steem and BitShares technologies in 2017 with the proposed token sale of EOS is scheduled to start this month and run for a year. The EOS (EOS) token is an Ethereum blockchain based token that will be used within the Eos.io ecosystem to purchase and create decentralized applications (dApps).
EOSIO platform is built to leverage the decentralized proof-of-stake (DPOS) found in Graphene and add the proof of work in Ethereum to develop low cost and highly scalable dApps on the network. The EOS operating system has familiar scripting languages that enable developers of the applications and any user to take advantage of the blockchains high performance capabilities and provide an open source platform for community driven business models.
The coin is taunted by its enthusiasts to be the killer blockchain of Ethereum as it solves the scalability and high transaction costs associated with the parent blockchain coin.
The show’s criticism is a special kind case of the FUD spread on cryptos across. Don’t get me wrong though, since John Oliver gave a really nice piece about the dangers this volatile world of cryptos offer to the common man, but his overly negative statements on the EOS project is out of line. By basing the validity of the project on one man, however important, shows that the comments were not aimed at positively criticizing EOS (EOS) as a decentralized system, but rather slander the coin entirely.
The truth will lie with you the investor as the recent dip will offer a chance for you to fill up your bags on EOS token.