EOS is Attacking Ethereum, Raising Transaction Fees to $1, Says Dapp Developer
A dapp developer has accused eos of orchestrating congestion in ethereum’s network through “airdrops” of random tokens that seem to be backed by no project.
Justo, from the team that launched two gambling dapps called PoWH3D and Fomo3D, says in a brief interview:
“Myself, and many other high profile
ethereum application developers made a prediction that EOS would in all likelyhood, attempt to attack the eth network gas prices to validate the launch of their platform.
Without fail, every day up until the launch of the EOS platform, which was June 6th, gas prices increased due to “Airdrop” tokens.
Thousands of random tokens, with no website, or bootstrapped template websites made in hours. Wasting hundreds of ethereum daily, hundreds of thousands of dollars to drop tokens.
This happened up until the launch of EOS, on the 6th, then immediately stopped. In one day, gas prices dropped back to normal.”
On or around the 25th of June, ethereum’s network started being congested again in a very peculiar way whereby a transaction consumes far more gas than normal.
At the height of the Cyrptokitties congestion in December, ethereum was processing about 1.4 million transactions a day on fees of just under $1. Now, it is processing around 500,000 transactions, yet fees have shot up:
Ethereum’s current transaction fees.
“EOS has been attacking the eth network on/off every time something they do doesn’t run properly,” Justo says before adding:
“It started 1 month running up to the mainnet release. It was predictable and very clearly orchestrated… follow the wallets.
If you don’t think EOS is doing it, then who has 2 million dollars a day to attack ethereum, and also owns eos tokens?”
He says he manually investigated one of these tokens, their funding and movements, and found that IFishYunYu, a
token which doesn’t have any features or anything, was partly funded by an address that received “a lot of crowdfunded EOS,” according to an announcement Justo’s team made.
He says this isn’t just limited to IFish. Another random token today, Hashcoin, is consuming 20% of ethereum’s network.
“I actually saw this coin earlier when i was investigating ifish, one of the wallets was owning it,” Justo says.
“Looks like an entire network of s*** coins connecting into one another to look legitimate,” he adds.
Airdrops can be a reasonable funding method for new projects, but it does cost considerably, with some suggesting the congestion is due to a China based
exchange that some say has a nonsensical token listing set-up where a community vote is counted by the number of addresses that send it transactions.
Fcoin, however, doesn’t really show up anywhere on
blockchain data. Nor is there a smoking gun here in regards to eos, although it does appear some who have bought eos tokens are now funding these random tokens that take a considerable share of eth’s network capacity.
With Justo alleging the IFish token creator is effectively wash
trading on ethereum’s blockchain by sending tokens back and forth.
Making it all quite an expensive exercise that can lead to transaction delays as well as high fees for others. For his part, Justo says in regards to the congestion:
“Our community is disapointed, and we’re unable to launch one of our products, which was the sister game to Fomo3D.”
It should however hopefully be a temporary state of affairs as short term and long term solutions are implemented, but this sudden congestion while there are so few transactions does look peculiar.