CWC Newsletter #21 (April 6, 2020)

By Taylor Ryker, Analyst


Transcending Tribalism in Crypto and the EOSIO Ecosystem


Within the cryptocurrency space there are large in-fightings between the fans of every blockchain (Bitcoin, Ethereum, Ripple, etc.) spew fear, uncertainty and doubt on other perceived rivals. From the vantage point of an uninformed outsider, they would get the perception that the cryptocurrency space is filled with animosity, hatred, and maximalism. This is unproductive and detrimental in the mainstream adoption of blockchain, which is a needed technology in supply-chain management, authentic digital identification, and decentralized finance.


Tribalism between blockchains just prevents future growth and the EOSIO ecosystem is not immune to this phenomenon. Although tribalism and toxic animosity may be seen as a positive by a few, largely, it is a big concern for future growth. Currently in the EOSIO ecosystem there is unwarranted in-fighting between the different EOSIO sisterchains. When I follow the updates and progress of these needed sisterchains, I am disappointed to see that the leaders from different sisterchain target and attack other EOSIO blockchains.


Briefly, to provide a quick overview of the EOSIO ecosystem, I would like to make clear that Block.one, the parent company of the EOSIO source code, allowed the community to launch the EOS mainnet. After the mainnet was launched, other developers used the open-source EOSIO source code to launch other sisterchains or forks of the EOS mainnet. Such sisterchains like Telos, Wax, Ultra, EOSForce, Boscore, and Worbli arose within the EOSIO ecosystem.


The architect of the Telos blockchain, Douglas Horn, is known to undermine the effectiveness of the EOS mainnet. Telos, an EOSIO sisterchain and a fork of the EOS mainnet, attempts to provide a more superior governance model than the EOS mainnet. Rather than supporting the entire EOSIO ecosystem, Horn has resorted to maintain a discourse that attempts to win detractors of the mainnet. The Telos community should understand that the EOS mainnet is not in competition with their users, investors, or developers; rather, for horizontal scaling to work, the Telos community needs the EOS mainnet.


The co-founder of the Wax blockchain, William Quigley, recently attacked a perceived EOSIO competitor in Ultra. Although it seems like Wax and Ultra both do similar things in terms of gaming on the blockchain, Quigley's attacks on Ultra was not seen as very supportive from the rest of the community. Ultra responded by making light of the Wax's partnerships. I believe that competition is healthy but these two EOSIO sisterchains should not viciously attack each other when outsiders may take them for scams.


And proclaimed EOS supporters who presumably lost money in the decline of the EOS token price (note: the entire cryptocurrency market has been in a bear market for the past 2 years) or are personally upset in the direction of the EOS mainnet have resorted to spreading fear amongst their viewers. Such social media influencers like Colin Talks Crypto and Wilfra of marketcap.one have only sowed doubts in the EOSIO ecosystem.


Wilfra in particular is upset that the community coverage on the EOSIO ecosystem tends to trumpet the progress and development of the space. And he joyfully welcomes all negative press that he perceives as providing a holistic view of the EOSIO space. I understand that journalism should be unbiased and non-partisan, but if you want to magnify the shortcomings, then I would have to say that you need to put those flaws in context with other competing blockchains. In my opinion, EOS and EOSIO are heads above mainstream blockchains such as Bitcoin and Ethereum in terms of scalability and speed.


Although Bitcoin was launched in 2009 and the cryptocurrency space is more than 10 years old, I would argue that it is still a young and fragile ecosystem that needs more support, less tribalism, and ultimately different blockchain communities coming together.


Disclaimer: KJ Kingsley is not a financial advisor and holds the digital tokens or cryptocurrencies represented in the content above. This content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained in this post constitutes a solicitation, recommendation, endorsement, or offer by myself to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction. The opinions expressed in this publication are those of the author. They do not purport to reflect the opinions or views of any of the author’s employers.