The intone that Bitcoin’s scalability and speed setbacks are the major focus of most emerging altcoins has been revisited by Brendan Blumer, the CEO of Block.One, the company backing the development of EOS blockchain technology. Unlike the general tone in the industry, Brendan grouped Ethereum in the same circle with Bitcoin.
Although Ethereum claims to exist to correct those setbacks by Bitcoin. Brendan, just like most members of the EOS team, believes that Ethereum lacks enough speed and scalability to perform most tasks.
Remember that EOS had its nursery stage been within the Ethereum’s ERC20 blockchain network before finally migrating out of the ecosystem for independence with its mainnet launch. EOS claims it left the Ethereum network because of the network’s low speed, scalability, and congestion.
Nevertheless, the CEO, in a fresh statement, thinks EOS can be of great help to Bitcoin and Etheruem in mitigating their speed and scalability problem.
Brendan Blumer said tethered assets on EOS network can help improve the speed and scalability of Bitcoin and Ethereum.
He added that the programmability of Bitcoin and Ethereum, among other blockchain network inflicted by the technology limitation, could also be enhanced with the help of tethered assets on EOS.
The EOS-based Tether was created after a partnership agreement between blockchain company Tether and Block.one to develop a stablecoin (USDT) on the EOS blockchain network.
According to Tether.to, the currency balance of USDT circulating on the EOS blockchain is $5,251,000.50 at press time.
EOS to Become a Fully Inclusive DeFi Platform
Brendan also said that “in time” with the Inter Blockchain Communication (IBC) protocol, the world’s 12th largest cryptocurrency by market cap has the ability to become a “fully inclusive DeFi platform.”
Akin to the number of crypto projects like TRON, Ethereum, EOS is making great inroads in the DeFi sector, as the demand for DeFi projects in the crypto space continues to rise.
Recently, it was reported that an EOS-based DeFi project, Equilibrium, which performs similar functions with MakerDAO (MKR), announced the addition of Binance, EOS Cannon, EOS Nation, and Eosfinex to its governance system to enhance decentralization.
The four block producers were added to help Equilibrium oversee the blockchain’s smart contract upgrade features it was adding.