‘EOS Is A Great Retrogression of Blockchain History’, Bitcoin Early Investor Jeffrey Wernick Says

After a yearlong Initial Coin Offering(ICO)—the biggest offering of its kind—-that raised a record $4billion, the highly anticipated Block.one’s EOS 1.0 was launched on June 2. This move marked that EOS shifted from Ethereum to its own mainnet. But the so-called game-changer for Ethereum is still a target of criticism for its vision and execution.

In a recent interview with China’s blockchain media chaindd, Jeffrey Wernick, an early investor in bitcoin, Uber and Airbnb displayed his strong antipathy towards EOS,saying that there is no technological advancements for this project, but it has done a great job at marketing and its story is very attractive, too.

“ EOS is a shitcoin.” Mr. Wernick said.

He stated that he has never owned EOS tokens because investing in such centralized cryptocurrency conflicted with his investment principles.

“ EOS is a great retrogression of blcockchain history. Blockchain is built on decentralization principles, while EOS manages its community in a centralized way. Only a few addresses are in possession of the majority of EOS tokens, including 21 super nodes. ”Mr. Wernick said.

Indeed, there is good reason to cast doubt on EOS’s centralization problem. It has been found that 10 addresses are holding nearly half of all EOS tokens, according to tracking service Etherscan. And the biggest holder, Block.one, controls 10% of the total.

“Some people enter the blockchain space to bring disruptive changes and impacts to the world, but EOS enthusiasts care more about pushing EOS price higher and then to sell off their coins.” Mr. Wernick said.

When it comes to a series of “epic” bugs discovered by China’s security firm Qihoo 360 on May 29, Mr. Wernick believed two factors contributed to the existing of these vulnerabilities in EOS platform.First, EOS platform adopts centralized structure of super nodes which facilitates potential . Second, EOS’s system structure is not strong enough to meet its designing capabilities. And he thought solving blockchain security issues requires the collaboration among all ecosystem participants.

In addition, he also offered his opinion on blockchain’s current state of development. He mentioned that everyone was talking about blockchain , too much noise around it, and the real information was instead neglected.

“The key question is which problem are you going to solve with blockchain.In the centralized world, the gap between the haves and the haves-not are widening. It is important to use blockchain technology to build a decentralized world and make the world a better place.” Mr. Wernick said.

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