EOS looks hot, remaining unperturbed even as Bitcoin slid. The mainnet has been running for more than a week - but is now the best time to jump in? The EOS market price is not too inspiring, and the asset is relatively high-priced compared to its days below $1 prices.
Here are five additional reasons to wait a while more before joining the EOS hype.
Get to Know the Rules: The EOS project has a constitution drawn by Block.One, the company that granted the code to the community. There may be surprises in the rules, and the way they are applied. It is best to wait and see if there are cautionary tales of the human-drafted rules creating troubles for EOS holders. Immediately, the rule comes to mind that account with tokens unmoved for three years may be open to redistribution. But give that crypto holders often tend not to move coins for years - making EOS a potential danger for those who want to get coins and forget about them in cold storage.
https://twitter.com/ummjackson/status/1007659548176314368
Let the Network Sort Out Issues: The EOS code went through a period of discovering the low-hanging fruit of bugs and obvious errors. But then, on June 16, the network lagged for five hours. Another error of consensus was found and fixed. Waiting for a while more may show EOS has good enough stability to invest in.
Let Trading Hype Subside: At the moment, EOS is actively traded, though not at record volumes. Tether (USDT) coins are flowing in every day, doubling their effect within the confines of the Binance exchange. While the EOS market price is relatively stable at around $10, waiting out in the current bear market and seeing how it would affect all prices may prove safer. Also, EOS may have artificial support at the moment, or other mechanisms at work to achieve the price position.
Wait for Best Practices on EOS: At the moment, creating an EOS account is not so straightforward. Beyond having a pair of private and public keys, the EOS account requires that another registered user spends EOS tokens on creating it. To keep EOS safe, and not on exchanges, as well as participate in voting, an account would be needed.
https://twitter.com/ummjackson/status/1007870681218994176
But the convoluted creation may discourage some users. Until there is more clarity on new EOS account creations, it is better not to hold EOS on exchanges, except for trading.
See Who Will Be Block Producer: There are a few names gaining influence, including EOS Canada and EOS New York. Wait and allow the BP (LON:BP) candidates prove themselves. Bitfinex is among the prominent candidates, one of the most actively engaged. But time will show how BP will work together, achieve consensus, and understand and apply the EOS network rules. Since the voting is ongoing, and the list of 21 producers may change, it is best to wait and see who is running the EOS network, and how ready they are to work for consensus, fix glitches, and have a reasonable influence.
This article appeared first on Cryptovest
