BTC: $3,946.75 -1.70%
ETH: $134.02 -1.95%
XRP: $0.30229 -2.14%
MARKETCAP: $137,132,551,373
24H VOL: $32,664,215,700
BTC: 51%

EOS Creates Its Own Version Of The Lightning Torch

EOS

The EOS community has created a new token that it hopes will ignite a publicity movement. By passing the newly-minted “torch” token forward, the community will raise awareness for the EOS blockchain. Of course, this idea may sound very familiar, and with good reason: Lightning did it first.

The Brief History of Torches

The idea of a crypto torch was originally created by one Lightning Network user in January. The campaign has achieved great success following its humble beginnings. Some big names have already carried the Lightning Torch, including Twitter CEO Jack Dorsey and LinkedIn co-founder Reid Hoffman.

It may take time for the EOS Torch to gain similar levels of attention. Just hours into the campaign, the torch has already been carried by some notable companies and individuals within the EOS community, including Mythical Games, but earning mainstream recognition will be a much tougher task.

Subtle Differences

Although the two campaigns are superficially similar, there are differences. Users who carry the Lightning Torch add a small amount of Bitcoin as they pass it on. This means that the campaign is actually a test of trust, as the next participant could defect and keep the previous transaction.

By contrast, the EOS Torch is a single non-divisible token: there is no monetary value and no reason to keep the token. This means that torchbearers don’t add value when they pass on the token, although there are some RAM costs (i.e. account fees) associated with the process.

Spectators may also notice a difference: Since EOS permits named accounts and comments, the trajectory of the EOS Torch is clearly displayed in block explorers. The movement of the Lightning Torch, meanwhile, is mainly being published and coordinated on Twitter.

Original Campaigns

Whether the EOS Torch is a meaningful publicity campaign or an uninspired imitation is up for debate. This sort of campaign makes sense for Lightning, which intends to make crypto transactions easy. A movement that is entirely made up of transactions clearly reflects that goal.

EOS’s major selling point, however, is its large selection of DApps, not its general capacity for crypto transactions. It is not clear how the EOS Torch campaign will raise awareness of EOS’s features, and it seems likely that the campaign’s end goal is simply to increase name recognition.

Of course, no ideas are entirely original. The Lightning Torch was actually preceded by a similar Monero practice that is inventively called a “ring ritual.” That said, if more and more cryptocurrencies borrow the precise idea of a “torch,” the novelty could wear off quite quickly.

Join the NEW Unhashed Telegram or Follow Unhashed on Twitter for the Latest Cryptocurrency News Updates!

Bitcoin Bitcoin $3,946.75 -1.70%
Ethereum Ethereum $134.02 -1.95%
XRP XRP $0.30 -2.14%
Litecoin Litecoin $59.34 -0.96%
EOS EOS $3.65 +0.00%

Subscribe for the latest cryptocurrency news

Please enter a valid email address.
Something went wrong. Please check your entries and try again.

More Crypto News

Best Tether Wallets in 2019

January 14, 2019

Tether (USDT), the world’s most popular stablecoin, is designed to give users the stability of…

The 5 Best Stellar Wallets In 2019

January 3, 2019

Stellar and its XLM token were first launched in 2014 by Ripple co-founder Jed McCaleb.…

Best Bitcoin Cash Wallets in 2019: Picking a Bitcoin Cash Wallet for Your Needs

December 6, 2018

Bitcoin Cash (BCH), the controversial project forked from the original Bitcoin client, is now the…

Subscribe for the latest cryptocurrency news

Please enter a valid email address.
Something went wrong. Please check your entries and try again.
Scroll Up