EOS (EOS) launched its Mainnet, and many expected it to rise significantly. However, all that has happened is nothing but endless controversy, especially with regards to censorship. It all started when block producers decided to freeze some accounts before they were ratified to take such action. However, it is emerging that the censorship could be way bigger than that. A single individual actually has the power to inform block producers on what to do or not to do, as seen in the document below.
This goes to show that EOS (EOS) is probably heavily centralized, which would be going against what blockchain technology and decentralization stands for. The issue of complexity in the voting process has not made matters any easier for EOS (EOS). That’s why there was a delay in the achievement of the 15% voting threshold.
So, what are the likely implications of all this? Well, there is the possibility that EOS (EOS) could be hard forked to create a more decentralized crypto. The hard fork would be aimed at making this blockchain more open, and public. A hard fork attempt would most likely be successful because most developers prefer to work in decentralized blockchains, which is why Ethereum has such a huge developer network. If a hard fork were to be successful, the forked coin would be quite successful because it would only remove the censorship aspect of EOS, while maintaining its ability to create highly effective Dapps that can be compete with centralization applications such as social media platforms. Such a platform would rise in value by a huge margin, and could easily take the top spot in crypto rankings.
The other implication will be that EOS (EOS) could lose its ground to other upcoming platform blockchains that offer the same capabilities, while at the same time staying decentralized. One such platform is Cardano. Cardano (ADA) is designed to be highly scalable and is written in a language that is easily adaptable by most developers. EOS (EOS) could also end up dwarfed by Ethereum once it implements Sharding and Plasma. Due to its highly decentralized nature, Ethereum could easily eat into the market share of EOS (EOS) not just as an investment, but also in terms of adoption by developers.
However, the most likely thing to happen is that EOS (EOS) will hard fork. There will likely emerge a better version of EOS (EOS) in the future.
As an investor, looking to invest in EOS (EOS), waiting it out for a while would probably be a good idea at the moment. That’s because all these controversies around EOS (EOS) could hit its value in the long-run. Besides, sentiment in the crypto market is largely negative at the moment. The last thing you would want to do is to invest in a crypto that has any kind of negativity hanging around it. It could easily drop lower than the rest of the market, in case the market breaks downwards.