The Company Block.One that developed the client for the blockchain EOS, decided to take a direct part in the management of the network and start voting with their tokens.
This step marks the unprecedented decision of the company that developed the network Protocol EOS, now occupying the fifth position among cryptocurrencies. Surprise solutions is that after you start EOS June 14, the company has largely abandoned its impact on the blockchain, preferring to encourage users to unite, even if you have problems making decisions.
And for good reason. Block.One controls 10% of 1 billion tokens allocated to the developers before the launch of the network. In addition, because the decisions platform is determined in accordance with amounts of user-owned tokens, this change may put the company in a very strong position, allowing it to determine who will decide the fate of the registry.
At this point each purse may vote for no more than 30 candidates who can claim the role of producers units. However, it is worth noting that the creators of the blocks with the largest support network can support no more than 3% of the current amount of tokens.
Block.One controls so many tokens that the field of potential creators of the blocks can be narrowed to 30 groups that have chosen the company, if and when she decides to finally join in the vote.
It is not surprising that this step has alerted several members of the community.
«It seems to me problematic that Block.one now participates in the selection of manufacturers of power because it undermines their role of a neutral third party and gives them a significant impact on the network,» said Arianna Simpson (Arianna Simpson) of Autonomous Partners.
Christian Catalini (Christian Catalini) from the Lab cryptoeconomy Massachusetts Institute of technology argues that every new approach to management in the cryptocurrency industry deserves the opportunity to be tested to the community as a whole could benefit from lessons learned. He said
«When you are experimenting, you can find solutions that look attractive but will not pass the test of time».
However, community EOS are largely expressed enthusiasm about the fact that the company is beginning to play an active role in management. In the discussion on Reddit
you can see the following comments:
«I’ve been waiting for this. I think it’s good, and will conform to our interests… If Block.One will earn money, I probably will too».
But apart from the positive reactions that were expressed following thoughts:
«I think that EOS is going to do great things, but this decision turns him into Ripple 2.0. It is, in fact, the blockchain, which is owned and operated by Block.One. I’m not even saying it’s bad, but let’s not kid ourselves».
How does the voting
Blockchain EOS has only 21 of the Creator blocks. Such a small number allows them to come to consensus very quickly, so supporters of the EOS, we believe the network will be able to surpass the leading blackany the number of transactions per second.
Community EOS identifies these 21 creators of the units on a continuous election, which allows at any time to eliminate unfair group. Each purse can vote with their tokens in no more than 30 candidates for the role of creators blocks. 21 organizations with the highest number of votes gets the authority to support the network for which they are rewarded with tokens.
One of the reasons why EOS it took so much time to run, is that the blockchain could not start work until 15% of the total number of tokens did not participate in the vote. Currently this number reached 30%.
The founders Block tokens.One steadily released over a 10-year period. Until then, all that the company can do is to use them online, including voting. The company has only one «newsletter», and as all of their tokens are in the network as long as they do not rasplachivayutsya, Block.One should vote either all tokens or nothing.
As reported by one Reddit user, who has studied
the balance of the purse in the zero block 99% owners EOS control tokens less than 14% of the total number of tokens. Top 1000 wallets control 85% of all tokens. Thus, a large part of the network controlled by the richest users.
Block.One is the largest owner of the token. Joshua Kaufman (Joshua Kauffman) responsible for the management and the efforts of the community for one of the leading manufacturers of power EOS Canada, said Block.One wants to use your voice in order to undermine the influence of other whales.
According to him, there are a few of the creators of blocks that have a small support small holders and supported by «whales». Kaufman believes that Block.One wants to vote for the strongest candidates from a technical point of view with the greatest support from the community to support the consensus of most users.
«It is in their interests and the interests of the community. This will make sure that over the networking work the best creators of units,» said Kaufman.
When the company announced its intention to vote by Block.One also expressed support for code changes to enhance the architecture of the EOS up to 50 candidates to the role of creators blocks.
According to Kaufman, to change the code, you will need at least two months, so if Block.One is waiting for this change to begin to vote, the votes of the company may appear on the network immediately.
Big decisions ahead
In addition to changing the number of the founders units, the EOS will be faced with the necessity of making other important decisions in the future. And if Block.One will take part in the election of the creators of the units, the company may affect the adoption of other solutions.
First, EOS has not yet adopted a Constitution to manage the Protocol, so it has no official rules as to how the creators will to resolve conflicts.
To solve this problem, Block.One suggested
a completely new Constitution. A new set of rules less ambitious than the one that was developed by the community. Co-Founder Block.One and the Creator of EOS Dan Larimer (Dan Larimer) wrote
«I saw that if you give people discretion to resolve disputes, it then becomes controversial, and the decisions are subjective».
Second, the system is approaching implementation. This system will allow the community to vote for the payment token, generated by inflation, for teams who want to create new products for the benefit of the Protocol and the users.
Over time, decisions about these proposals can also be important to determine the direction that will adhere to the network. Even if Block.One will abstain from voting in both of these cases, the manufacturers of the units supported by the company will likely follow its example, and the supporters of those manufacturers of power, will likely do the same.
Expanding the number of candidates for the role of creators of blocks for which Block.One can vote, it can also extend the number of users supporting the company’s decision.
Catalini said that now EOS experimenting in unexplored other blockchains region. He and his colleague Joshua Gans (Gans, Joshua) explained in a paper published in 2016 that EOS has drastically reduced the cost of verification, but now standing in front of other costs cost of network communication. Blackany must not only come to consensus around the truth, but to find a way to coordinate economic activity around the world.