EOS Surpasses Litecoin Despite New Criticism of Its ‘Useless’ Token

· April 12, 2018 · 6:41 am

Block.One’s Blockchain app platform EOS has come under fire after announcing its incoming mainnet ‘launch’ as its EOS token will have no “uses.”

EOS Tokens Can’t Be Redeemed On EOS’ Nonexistant Platform

The project, which today surpassed Litecoin by market cap and intends to allow developers to create decentralized applications (‘DApps’), raised $700 million in its ongoing ICO despite developers at the time openly acknowledging the token users were buying had zero utility.

Now, with developers confirming a mainnet “release” in June this year, fresh criticism is coming from those who have realized that only software will be released, not an actual platform.

“They’re just releasing the code and there will be *multiple* networks/blockchains you can then hopefully redeem some sort of other token on. It won’t be ‘EOS’ though,” Dogecoin creator Jackson Palmer wrote in a Twitter debate April 11.

Zero Utility Never Stopped ICO Investors

Block.One had been at pains to state publicly that its ICO token was little – if anything – more than a vehicle for raising funds.

In the project’s website FAQ, the tokens are described as not even serving a purpose for the EOS platform itself, let alone its prospective clients.

“The EOS Tokens do not have any rights, uses, purpose, attributes, functionalities or features, express or implied, including, without limitation, any uses, purpose, attributes, functionalities or features on the EOS Platform,” it reads.

While the information had been common knowledge even before the ICO, a 35% uptick in EOS’ value as investors anticipated an airdrop appeared to stoke discontent among the cryptocurrency community.

“There is no ‘network’ being launched that you can then go and use, or redeem EOS tokens on,” Palmer continued. 

[…] If you’re not reading between the lines: The EOS ERC-20 token provides zero utility and is absolutely useless.

Pro-EOS defenders retaliated claiming the token description was “legalese” and did not reflect the project’s true value.

What do you think about EOS? Let us know in the comments below!

Images courtesy of Shutterstock, Twitter

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Source: Bitcoinist

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Litecoin is similar to Bitcoin, and in some ways a direct competitor. Like Bitcoin, Litecoin exists as a blockchain where participating nodes process transactions, and miners provide security and verification for each of those transactions. Litecoin was originally conceived and developed by Charlie Lee in 2011. For a period of time, Charlie was a Director of Engineering at Coinbase, having joined our team in 2013. Since its launch in 2011 Litecoin has seen steady adoption with an active community of traders, merchants, and developers. We believe Litecoin is here to stay and will continue to play an important role in cryptocurrency and digital asset development.
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