EOS' 4 Terabyte 'Blockchain Bloat': Analysts Claim EOS Has Critical Design Flaws

  • EOS is suffering from "blockchain bloat" as the total size of its blockchain data has already surpassed 4 Terabytes in 8 months since launch of its mainnet.
  • EOS has critical design flaws, analysts claim.

EOS Weekly, a “Crypto Twitter” account supporting the ongoing development of EOS, published a video earlier this week in which it expressed concerns regarding the relatively large size of data stored on the EOS blockchain.

In response to various criticisms of the design of the EOS network, Tim Sweeney, the founder of the main company behind Fortnite, a popular online video game developed by Epic Games, remarked: 

According to an independent crypto researcher and Twitter user Hasu:

The absurd growth rate of the EOS blockchain shows again why networks need TX fees. When transaction costs are socialized on full nodes, demand to transact is infinite (e.g. for spam or fake activity.) The resulting blockchain bloat soon becomes a hugely centralizing force.

As crypto enthusiasts know, there are no costs associated with conducting transactions on the EOS network. Expressing his concerns regarding EOS’ “blockchain bloat”, Christian Antkow, a “gaming geek” and “bitcoin nerd”, said that EOS has “an unsustainable long-term growth model for such a young project.”

"Foundation Can't Hold What's Being Built On Top Of It"

Antkow compared the relatively large size of the EOS blockchain (data) to that of the Bitcoin network, noting: “Bitcoin, that has been around for over 10 years, can still comfortably run on a 500 GB hard drive for a many more years, still.”

Meanwhile, Guy Swann, a Bitcoin advocate, argued via Twitter:

There is no solution for [EOS’] fundamental design flaw. If the foundation can't hold what is being built on top of it, realistically the only "solution" is to start over with a new foundation.

When CryptoGlobe asked Swann to clarify what he meant by “design flaw” and why EOS’ highly experienced group of developers, led by Block.one CTO Dan Larimer and Block.one CEO Brendan Blumer, may not have anticipated such an issue, Swann remarked: 

Maybe they didn't hold this belief [storing large amounts of data on a blockchain is acceptable] specifically, but a 4TB blockchain in 8 months is essentially all the evidence necessary to prove they didn't have an accurate/sustainable understanding of what blockchain is useful for.

New EOS Client Software To Be Released

Despite issues raised about allegedly poor data management practices by EOS’ developers, the multi-billion dollar blockchain network’s development team is set to introduce EOS version 1.0. Commenting on the highly anticipated release of a new version of EOS’ client software, Luke Fitzpatrick, a Forbes contributor and self-proclaimed “tech geek”, wrote that the EOS referendum system had entered its public beta state a few months back.

Presumably the testing phase has been successful - as EOS’ developers will be releasing version 1.0 - which allows “anybody with EOS tokens to propose, comment on, and vote for code updates along with other new developments for the EOS blockchain”, Fitzpatrick explained.

Elaborating on version 1.0’s current state of development, Fitzpatrick noted that the new EOS client version is stable enough to support most real-world projects, however it might not yet be prepared to handle “mission-critical operations.”

Cosmos Milestone: ATOMs Transfer Enabled, OKEx and Poloniex to Support PoS Token

Cosmos, a recently launched distributed ledger technology (DLT)-based platform developed mainly to facilitate blockchain interoperability, or communication between two separate and independent DLT-enabled works, has already seen more than $300 million staked on its network.

As a decentralized proof-of-stake (PoS)-powered platform, Cosmos’ community recently voted and approved the first official “transfer of ATOMS,” the DLT-powered network’s native crypto token. Notably, the completion of this phase marks the beginning of “Phase II,” which is the next major stage in Cosmos’ ongoing development.

“High Voting Participation Rates”

According to available data, there are currently 99 validators that are active on the Cosmos Hub, out of a total of 105 eligible transaction validators. Moreover, Cosmos’ governance has reportedly seen “impressively high voting participation rates in the proposals leading up to activating Phase II, with participation exceeding the minimum 40% quorum needed to pass each proposal.”

Referred to as the “Internet of Blockchains,” the Cosmos Hub, or the platform’s mainnet, has a “built-in on-chain governance system” which allows “delegators and validators” to cast their vote on “proposals to signal future changes to the Hub,” Chjango Unchained noted in a blog post published on April 23rd, 2019.

Chjango added:

Once specific changes are approved by governance, Cosmos Hub validators can upgrade their software accordingly in order to enable new features.

“Dual-Proposal Process” Implemented

As mentioned in Chjango’s blog, a “dual-proposal process” has now been implemented which enables the transfer of ATOMs on the Cosmos Hub. This, after the platform’s community voted in favor of activating such transactions.

The first of these proposals was reportedly “passed with a unilateral YES vote of 92.61%,” and it “defined an expedited upgrade process.” Meanwhile, the second proposal, called the “Expedited Cosmos Hub Upgrade proposal,” which closely resembled the first proposal, but also “expedited acceptance to shorten the 14-day voting period” has now been approved and activated as well.

Moreover, “as of 17:00 UTC April 22, the two proposals that passed allowed ATOM transfers to be enabled,” Chjango wrote.

As explained in the announcement, ATOMs “denominate a single unit of the staking token which secures the Cosmos Hub.” The “smallest unit” of ATOM is the uATOM (micro ATOM) where “1 atom = 1,000,000 uATOM.”

“Value Of ATOMs Not Guaranteed, All Value May Be Lost”

The ATOM token is “required to participate in staking and governance on the Cosmos Hub. The value of the ATOM is otherwise not guaranteed and all value may be lost.”

The “recommended way to interact with the Cosmos Hub is to use the gaiacli Command-Line Interface tool, as it is the most mature,” Chjango noted.

Additionally, the blog stated that “less mature options include the Lunie.io web-wallet, which recently launched and spun off from Tendermint Inc. as an independent entity.”

On April 22, 2019, cryptoasset exchange Poloniex began supporting ATOMs. In a press release shared with CryptoGlobe, Malta-based digital asset exchange OKEx revealed that it also added support for ATOM on its “spot trading market.”