The team behind the EYES Protocol (EYES) cryptocurrency hopes to cash in on Open Source software.
Specifically, the EYES team hopes to provide many sources to open source software providers and users. Those services could include a qualitative assessment of open source code, and an open source rating platform for open source solutions.
They intend the EYES Protocol to be an open source license and vulnerability auditing service built on over 10 billion audited open source codes. Additionally, EYES will test open source solutions for security problems. The long-term goal at EYES is to build a secure open-source ecosystem through the EYES CHAIN blockchain.
The EYES Protocol white paper states EYES will use artificial intelligence (AI) to rate open source code and govern open-source communities.* The EYES Protocol will also offer FOSSGUARD, an application that detects security vulnerabilities and verifies Open Source license compliance.
Is There a Market for the EYES Protocol?
There could be an enormous market for the EYES Protocol. Notably, EYES estimates that over 90% of commercial software uses open source code. In addition, EYES claims 96% of software uses open source codes.*
Notably tech giants are paying big money for open source companies. For example, Microsoft (NASDAQ: MSFT) bought GitHub for $7.5 billion and IBM (NYSE: IBM) bought the Linux developer Red Hat for $34 billion.
GitHub is an open source software development platform. GitHub claims over 40 million developers contribute to over 44 million repositories it operates. Management estimates customers made over 87 million pull requests at GitHub in 2019.
EYES estimates the value of the open source market at $75 billion in 2017. Moreover, EYES calculates the Open Source Market grew from $67.40 billion in 2016 to $75 billion in 2017.
Hence there is an enormous market for open source software that interests giant companies such as Microsoft. They intend EYES Protocol to correct problems with the open source market. Those problems include security vulnerabilities and widespread violation of licenses that can lead to expensive lawsuits.
Is There a Demand for the Eyes Protocol?
EYES claims that 78% of open source software applications have security vulnerabilities. EYES wants to offer solutions that scan open source software for regulatory violations, license violations, copyright violations, and security holes.
In particular, EYES alleges that over 85% of open source applications are violating licenses. Plus, EYES could not verify the licenses of 53% of open sourced applications. In addition, EYES estimates over 78% of open-source software applications had security vulnerabilities.
EYES Protocol will try to prevent these problems with a package of services. Those services include Open Source Automated Analysis, an Auto Collision Check, Service Code Identification, and a Verification Result Report. EYES will offer FOSSGuard services that include open source license auditing and open source licensing consulting.
To build the Protocol and the solutions, EYES is collecting data about open source and code and building a database that information. A datacenter will connect users to the database. The datacenter will continuously collect information about open source software and code.
EYES will create a marketplace where customers can pay for its services with the EYES Protocol (EYES) ERC20 (Ethereum Request for Comment) cryptocurrency. Users could purchase services from EYES Open Source Code Assessment platform with EYES.
Is EYES a Good Cryptocurrency?
They designed the EYES Protocol to address actual problems. In addition, large corporations are investing in the markets EYES targets.
However, Mr. Market gives the EYES Protocol (EYES) little value. For instance, Coinmarketcap had no market capitalization for EYES on 14 June 2020. However, Coinmarketcap gave EYES a 0.03842₵ Coin Price and a $115,534 24-Hour Market Volume on 14 June 2020.
I advise speculators to avoid the EYES Protocol for now because EYES is an interesting proposal for a blockchain platform not a viable cryptocurrency at this point. On the other hand, I think EYES is a blockchain proposal investors need to watch.
Originally published at https://marketmadhouse.com on June 12, 2020.