In a recent interview, Jimmy Song, Bitcoin core developer and educator, called EOS a scam and recommended that young developers keep away from such projects.
More Criticism for EOS
Jimmy Song, a Bitcoin core developer who now spends time educating people around the world about blockchain technology, in a recent interview with an online crypto publication, was blunt and to the point in his criticism of EOS.
EOS is a blockchain protocol powered by the native cryptocurrency – also called EOS. The third generation blockchain, which has often been called “Ethereum killer,” has been the subject of severe criticism since its main net launch earlier this year.
Despite raising nearly $4 billion in a year-long ICO, the project has experienced disruptions due to bugs and faced governance issues due to its centralized consensus mechanism. Even so, the digital asset is among the top 5 cryptocurrencies by market capitalization.
A Scathing Attack on EOS
When asked whether a young developer should choose to work on projects like EOS, he replied:
Well, I think EOS is a scam and I don’t think you should work on it.
He further cautioned:
Because working for something [like] EOS… I don’t think it’s a really [good] idea because it will die in a horrible dumpster fire in the next five years. Doing something for an ICO, that’s not gonna last. You’re not going to have anything good on your record by joining a lot of this stuff.
Song is not the only person who has spoken against EOS. Cryptocurrency investor James Spediacci has also been critical of the project. Spediacci recently took to Twitter to share 13 reasons why EOS is a disaster.
Last month, Live Bitcoin News reported about how Huobi, a cryptocurrency exchange was allegedly colluding with other EOS block producers for mutual gains, highlighting the weak governance structure.
Song’s Advice for Young Developers
When asked what advice he would give to young developers looking to enter the crypto and blockchain space, Song said:
Generally, I recommend that people start working on open-source projects and learn as much as possible because developers that know this stuff are incredibly rare and they become desirable in the marketplace anyway. So it isn’t that difficult to find someone that will hire you and a lot of these ICO projects will flush you with money but have no developers, and often times they will come and offer a lot of money.
But one of my recommendations is generally to look at what it is that you really wanna do and work towards it. I think most people will do fine trying to learn, getting better and seeing what market opportunities there are. It might involve getting an entry-level job at certain Bitcoin-related companies, or it might be creating a new open-source project. It really depends on the person and what they’re passionate about, and what their goals are.
EOS seems to be struggling in addressing the issues that have been pointed out by the community. Failure to quickly resolve the shortcomings does not augur well for the project, as its credibility has taken a big hit.
Do you agree with the views expressed by Song and Spediacci? Let us know in the comments below?
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