Skepticism and negativity are, once again, almost constant for the EOS project. While the network promises a lot for the future, there have been a series of minor, but significant problems in the past days. The biggest problem with EOS happens to do with its governance, which includes too much potential for errors, opinion, and coordination problems. A recent chat between block producers made the rounds in the crypto community, further undermining EOS:
https://twitter.com/WhalePanda/status/1011526513286672389
Whale Panda, a Bitcoin maximalist, also criticized the voting process for EOS as inherently faulty, ranging between small-scale politics and the possibility that block producers vote themselves in easily by proxy votes.
There were also concerns that block producers could form a cartel and vote for each other. Some have noted that Lisk has a similar problem with elite nodes to verify the network, which are very difficult to vote out of their positions.
The EOS digital asset, however, is surprisingly resilient. EOS was almost unchanged in the past day, to $8.05, but has slid more than 24% net in the past week. The share of Tether (USDT) trading in EOS has steadied at above 36%, with most of the trading concentrated on OKEx.
!EOS!
It is unknown what block producers do with their rewards, which as a rough estimate may reach the equivalent of $100,000 per day. For EOS, selling directly for cash is not an option right now, so it is unclear what the rewards are used for. The biggest concern is that the rewards should not be used for incentivizing voters.
More than 27% of EOS tokens have voted, a steady daily growth of about 1% of tokens. The 21 block producers have been settled, with Bitfinex, EOS Canada, EOS Authority and EOS New York at the top. Reddit users are bewildered that the Graymass wallet producer that helped the voting has not been elected, and is currently on position 22, a handful of votes away from becoming a block producer.
This article appeared first on Cryptovest
