Daniel Larimer admits that the governance of EOS is not decentralised
Blockchain

Daniel Larimer admits that the governance of EOS is not decentralised

By Alfredo de Candia - 24 Sep 2019

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A few hours ago on Twitter, block.one’s CTO, Daniel Larimer, announced a solution to the governance of EOS and the issue of the purchase of votes by Block Producers (BP), effectively admitting that the governance is currently not decentralised.

 

Indeed, one of the problems with the EOS blockchain is the fact that it is possible to create a cartel among the various BPs, which could thus coalesce and hinder certain implementations or useful solutions for the blockchain.

In fact, the top 21 BPs receives tokens for the production of blocks according to the position they hold, similar to how miners are rewarded on bitcoin, they are incentivised to keep the blockchain going as they receive an economic benefit.

With this system, however, BPs can use the funds to buy the votes of some users who, in exchange for an economic return, can vote for a BP and make it rise in the rankings to enter the top 21.

A huge amount of tokens is required to enter the top 21, currently over 256 million and now the first in the list, okcapitalbp1, has over 310 million tokens with a daily profit of almost 1000 EOS.

The problem is known to all in the EOS ecosystem and there are several proposals and solutions to mitigate the problem.

In the referendum section, for example, there is also a proposal regarding the possibility of providing economic incentives to users in order to calibrate the number of accounts that vote and are active in the governance of the blockchain.

As the famous Colin T Crypto (who has more than 10 million tokens with his proxy) also mentioned, what would happen if the BPs were against the proposal? 

The CEO of EOS appeared positive and confirmed that Block.one has several distributed solutions in mind for the governance of EOS and, from what can be read, the community will decide.

“We’re always researching improving opportunities for various types of distributed governance, and have some ideas we’re excited to put forth. As we have always seen, the community is the only verdict that matters when It comes to EOS”. 

 The theme remains hot, especially after the recent fork of the blockchain that has led to significant improvements, paving the way for the Voice project.

 

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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