EOS Produces Its First Block However Votes Not So Decentralized – Bitcoinist.com

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EOS Produces Its First Block But Votes Not So Decentralized - Bitcoinist.com

Having handed the 15 p.c threshold wanted for a quorum to be constituted, the EOS community is now up and operating as all regular capabilities are supposedly activated. 


Focus of Voting Energy

In an official announcement, the crew stated that the community has efficiently produced its first block. But, taking a better have a look at the voting statistics exhibits alarming indicators of centralization and focus of energy.

As beforehand reported, 50% of all EOS tokens are held by a mere 10 addresses. Additionally, a complete of 1000 addresses maintain 85.81 p.c of all 1 billion tokens distributed through the year-long Preliminary Coin Providing (ICO). This offers means for severe centralization of the voting energy, which could already be taking its toll on the end result of the necessary vote for Block Producers (BPs).

A better have a look at the distribution of votes reveals some severe whalish habits. Bitfinex, which is among the main candidates, presently standing eightth on the BP record, has acquired greater than 50% of its votes from simply four voters.

Right here is the EOS BP votes abstract:

Most notably, the highest voter (gyzdcmjwgmge), has allotted greater than eight,500,000 votes to Bitfinex, accounting for roughly round 27% of all of the votes the cryptocurrency trade has acquired. The numbers could be seen right here.

One other instance of the discrepancy could be seen with one other BP candidate – EOS New York, which acquired 50% of its votes from greater than 40 voters in whole.

Clearly, having highly effective buddies with plenty of tokens does include its perks. And whereas EOS’ principal purpose is to “Decentralize Every part”, the present situation of its BP vote painfully reminds us of conventional governance buildings, which the challenge hopes to interchange.

However Hey! The First Block is Produced!

EOS crew formally introduced the manufacturing of the community’s first block. The official launch of the mainnet occurred on June 10th following the unanimous vote of the EOS Mainnet Launch Group (EMLG). Initially, the launch was supposed to happen on June 1st, however vital vulnerabilities found within the community pushed again the occasion.