• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: FTX Trust Sues Genesis To Recover $1 Billion Allegedly Misappropriated By SBF
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: FTX Trust Sues Genesis To Recover $1 Billion Allegedly Misappropriated By SBF
EOS network congestion

EOS Network Could Remain Congested Due to EIDOS Airdrop

Christine Vasileva
by Christine Vasileva
5 years ago
·
Posted in Altcoin News, Altcoins, News, News teaser
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The EOS network is currently operating with the sole purpose of distributing a new digital coin, EIDOS. The coin, widely traded on exchanges already, offers a chance for generating almost guaranteed income from its sale. 


EOS Network Runs on Borrowed Resources

The EOS network ground to a halt from November 1 to November 8. Now, activity has recovered, but research by crypto exchange Coinbase reveals that the bulk of activity is based on lending resources. Most transactions are still supporting the EIDOS simulated mining and airdrop, while only large accounts with a lot of EOS at stake are capable of buying CPU resources to run their distributed apps.

“Currently, we’re observing around 95% of all EOS transfer actions are related to the EIDOS contract. Because each transfer counts towards the amount of CPU used in a block, this spike in transfer actions caused the EOS network to enter congestion mode,” stated the Coinbase team.

Essentially, the EOS network is being used as a free money printer. Prior to October 31, several actors bought up network resources – CPU, RAM, and NET. The CPU usage price spiked by 10,000% right after the EIDOS airdrop started. The spike itself may have happened because of speculation on network resources.

Thus, large-scale resource owners could pay to acquire EIDOS, then sell it on an exchange for USDT. EIDOS’s market price is showing extreme volatility, dropping from around $0.056 right after the start of the scheme, to $0.021, due to the constant selling pressure. The EOS token price has remained relatively unchanged at around $3.55.

EIDOS has also grown its presence on exchanges, reaching a listing on Bithumb Global. The EIDOS mania has been spreading through WeChat, as EOS services started offering EIDOS to their clients.

Enumivo Project Defended Airdrop as ‘Price Discovery’ Mechanism

The Enumivo project, the predecessor to EIDOS, came out with a rather dramatic rationale for the airdrop. The organizers even encouraged dumping the asset, to cause the price to drop to a level that balances the airdrop.

https://twitter.com/enumivo/status/1193353931797057536

The airdrop organizers even present the airdrop as a use case for EOS and encourage the users to send coins to the smart contract and receive EIDOS in return, as well as their EOS back.

For the airdrop, the early adopters and those with resources gained access to more EIDOS, thus making the project look like a Ponzi scheme, where an exchange token is being sold to create demand for mining.

Many people believe EIDOS mining is ponzi – as no real utility of EIDOS token is defined. And neither have your team given any explanation of project beyond the airdrop. It sure is a ponzi by definition as it is simply using exchange token selling to create demand for mining.

— Blockstart Ventures (@BVmacro) November 10, 2019

The opinions on the airdrop are split, with EOS proponents heavily critical of the prospect of only using EOS for a ‘get rich quick’ scheme. Others have grabbed the opportunity to turn the network into a direct source of income. The EIDOS mining process has been automated, thus making it easier to spread the scheme to more users.

What do you think about the EIDOS airdrop? Share your thoughts in the comments section below!


Images via Shutterstock, Twitter: @enumivo, @crypto_iwad

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Christine Vasileva

Christine Vasileva

Follow

Christine Vasileva is a financial news and business writer, tracking the latest developments in fintech and the effect of blockchain and crypto-assets on global business and finance.

Full Profile

Related Posts

Altcoin OI Crash Signals Market Stress Beyond Bitcoin – $8B Wiped Out

Altcoin OI Crash Signals Market Stress Beyond Bitcoin – $8B Wiped Out

22 hours ago
Dogecoin

Grayscale Seeks Big Breakthrough: Amended S-1 Filed To Convert Dogecoin Trust Into GDOG ETF

2 days ago
BNB

BNB Price Rockets To New ATH Amid Explosive Blockchain Fee Growth – More Rally Ahead?

5 days ago
Altcoins

Altcoin Season Index Sets New 2025 High, What This Means For The Crypto Market

1 week ago
THORChain

THORChain Founder Loses $1.35M After Deepfake Zoom And Telegram Scam

1 week ago
Ogromne inwestycje Galaxy Digital w SOL

Galaxy Digital inwestuje miliony w Solanę. Co to oznacza dla rynku?

1 week ago
Please login to join discussion

Premium Sponsors

Press Releases

  • 加密錢包掀起發幣熱潮 Best Wallet...

    8 hours ago
  • Bitcoin Hyper

    ChatGPT предсказва следващата 1000x...

    1 day ago
  • Snorter надхвърли $4 милиона след...

    2 days ago
  • ตัวละครสัตว์ Snorter หน้าตลกโผล่พ้นกำแพงอิฐ

    นักลงทุนแห่เข้าซื้อ...

    5 days ago
  • Little Pepe ($LILPEPE) presale crosses $25 million milestone as investors eye exchange listings and meme coin Layer-2 blockchain growth.

    Little Pepe Presale Surges Past $25M as Stage 12 Sells Out...

    6 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.