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. Financial technology and blockchain is going to be a pillar of our business model moving forward.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.
expressed much optimism on the opportunities bringing the platform and new form of digital transaction to the country, “With the launch of EOS Philippines, LR Data is at the forefront of infrastructure provisioning and supporting decentralization and democratization. Gonzalez, Vice-Chairman of LR Data Center Solutions Inc. Some of the developments EOS has made include designing their system to process a high number of transactions per second, fee-less transfer and remittance transactions, decentralized block production - utilizing proof of stake instead of proof of work, and adopting a more democratic and community-based governance.Įnrique Y.
With popularity and interest in distributed ledger technologies, “blockchain”, rising, EOS pursues a vision and design that solves many of the issues that hinder people from adopting blockchain solutions. It aims to support the EOS global network and infrastructure, which is one of the top 5 digital tokens in the world.ĮOS is a blockchain-based, decentralized operating system, designed to support commercial-scale decentralized applications by providing all the necessary core functionality, enabling businesses to build blockchain applications in a manner similar to that of web-based applications. (LR Data), a corporation serving regulated online gaming communities in Asia, announces the launch of EOS Philippines, the first EOS block producer in the country.
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