EOS and Tron (TRX) “Fake it till they make it,” says Ethereum Co-Founder Joseph Lubin

By May 11, 2019Ethereum
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Ethereum Co-Founder and CEO of Consensys Joseph Lubin recently commented on ETH’s competitors EOS and Tron in a podcast interview.

In a recent episode of the 51% podcast hosted by Tom Shaughnessy, co-founder of Crypto research firm Delphi Digital Joseph had a lengthy discussion on Ethereum’s competitors. Lubin acknowledged that Blockchain projects like EOS and Tron have attracted many investors but are failing to meet the expectations of users.

According to Coinmarketcap, EOS is the 6th largest Cryptocurrency and Tron the 11th at the time of writing. EOS and Tron have outranked Ethereum in Dapp adoption with more active users and faster transactions, although that is not the only metric that is to be considered when measuring the success of smart contract platforms.

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EOS is the largest ICO of all time raising over $4 Billion in a year. Many projects raised a lot of money during the ICO mania in 2017 but haven’t delivered on their promises.

It is Joseph’s belief that these projects raise money to be competitive to Ethereum and spend time on marketing in an effort to appeal to investors, he said:

“Some projects are certainly intending to be competitive with Ethereum, some projects are focusing on marketing to be competitive with Ethereum – Tron and EOS in that basket – and both of them have kind of taken an approach of ‘raise a bunch of money and fake it till you make it’ basically, and we’ll see how that goes.

However, Lubin also acknowledged that there are many good projects in the Crypto space that are much more collaborative, he said:

“There are other good projects in the space, many of which have had close ties to Ethereum right from the start… It’s an amazingly collaborative ecosystem. There’s certainly lots of competition going on a daily basis, but we all are very friendly”

Vitalik Buterin has openly criticized projects like Tron and EOS by calling them “centralized pieces of trash”, he even said that he would lose a certain faith in humanity if Tron overtakes Ethereum.

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