Even if the EOS Network concentrates on distributing the new digital coin EIDOS, the platform is riddled with challenges. According to research done by the crypto exchange platform Coinbase, the platform is operating on borrowed resources.
Coinbase team reveals that the EOS Network temporarily ceased operations between November 1 and November 8. However, the operations have now resumed but most of its activity runs on lending resources. While most transactions still support the EIDOS simulated airdrop, only big accounts with loads of EOS at stake can purchase CPU resources to help them operate their distributed apps.
A section of the statement from the Coinbase team reads:
“Currently, we’re observing around 95% of all EOS transfer actions are related to the EIDOS contract. Because each transfer counts towards the amount of CPU used in a block, this spike in transfer actions caused the EOS network to enter congestion mode.”
The EIDOS coin is already widely traded on various exchanges, offering an opportunity for generating almost guaranteed income from sales.
Free Money Printer
Apparently, the EOS network is currently a free money printer. Before October 31, the CPU usage went up by 10,000% immediately after the lunch of the EIDOS airdrop. This followed a situation whereby many participants bought up network resources, including RAM, CPU, and NET.
Therefore, this implied that only major resource owners could afford to acquire EIDOS and later sell it on an exchange for USDT. The current market price of EIDOS shows high volatility with a steep drop from $0.056 immediately after its launch to around $0.020 at the time of writing. This has been caused by constant selling pressure. All the same, the EOS price has remained steady hovering around $3.53 at the time of writing. The new digital coin has developed its presence on various exchanges, including Bithumb Global. Since its launch, the EIDOS craze has spread widely through WeChat, as EOS started offering the coin to its clients.
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