Hilariously, Blumer then described the poorly thought out EOS constitutional democracy as the forefront of optimal system design. Block.one raised about $4 billion to drag this hunk of junk to market, so it's safe to say they're pretty well motivated by money. This would mean dropping the pretence of decentralisation though, and there's similarly no reason to expect Block.one to be any more altruistic than the other colluding block producers. In short, Block.one (which is itself a huge EOS holder with a lot of voting power) is saying that it might just start voting for desired block producers itself.
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We believe it is important to ensure a free and democratic election process within EOS and may, as we deem appropriate, vote with other holders to reinforce the integrity of this process," wrote Block.one CEO Brendan Blumer in an official response." We continue working on our potential involvement with the goal of empowering the intent of the greater community through a transparent process that incorporates community feedback." "We are aware of some unverified claims regarding irregular block producer voting, and the subsequent denials of those claims. The weak official response to these allegations doesn't instil much confidence or hope for EOS's future, but at least it's good for a laugh. It's a failed system, which once again comes as no surprise to all those who pointed out that it was destined for corruption and failure before launch. There are only 21 block producers, and as long as the colluders control 8 of them, either directly or indirectly, it's going to be almost impossible to pass a resolution to prevent these kinds of abuses.īasically, solving the problem within the bounds of the EOS system is dependent on the people profiting from these arrangements to altruistically turn in their cash cows. The kicker is that actually levying any penalties, or changing the system to prevent this kind of abuse, can only be done with the approval of block producers. The grand EOS constitution – the guiding light for this supposedly cutting edge decentralised governance system – is just a meaningless and easy to ignore set of terms and conditions, enforced by nothing but the honour system. It's worth noting that none of what's alleged to have happened here is actually illegal, and there almost certainly won't be any actual penalties except the potential for a bit of bad PR. Far from discouraging it, EOS's entire system might as well have been designed specifically to facilitate this kind of thing. In the real world it would be much more shocking if these kinds of backroom shenanigans weren't going on. "With the secret internal information as direct evidence, seeing the world of EOSONE still feels shocking!" says Weixin, one of the outlets that first spread the news. There might be some sense of indignity stoking people's fires. The main reason people are pretending that this is some kind of big deal might be because it's EOS users whose funds are being used to facilitate this alleged abuse. This means its voting power keeps accumulating day by day as it hoards more EOS tokens. Second, because it's a block producer itself as well as an entity that's allegedly being paid significant sums in EOS per day. First, because as an exchange, it's holding on to a lot of customer EOS, which it can use to vote for whoever pays it. Huobi has a big say in deciding who gets to be a block producer.
But block producers are elected, with EOS token holders being allowed to lodge votes, the power of which depends on how much EOS they stake on their chosen candidates. The amount can vary from hundreds to thousands of dollars per day depending on what EOS prices are doing at the time, and the exact position of the block producer. Don't miss out! Follow Crypto Finder Follow Crypto Finder on Twitter Follow Crypto Finder on YouTube Follow Crypto Finder on Facebook Follow Crypto Finder on Telegram Follow Crypto Finder on Twitchīeing a block producer is a desirable position that people are naturally willing to invest in because it gives back a significant amount of money in return in the form of EOS rewards.
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