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Author Topic: [2018-05-30]EOS Is Coming, If Anyone Can Figure Out How to Vote  (Read 37 times)
Portal_Network
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May 30, 2018, 08:34:24 AM
 #1

After a year-long initial coin offering (ICO), perhaps what has become the most hotly anticipated blockchain is scheduled to launch on June 2.

That blockchain is EOS, which has raised more than $2 billion in its token sale for Block.one, the company that created what's being touted as a dramatically more scalable and user-friendly version of today's blockchains. Those assertions rest on the projects consensus algorithm, delegated proof-of-stake (dPoS), whereby a set number of nodes – in the EOS case, 21 – will be chosen to act as validators (or "block producers").

These nodes will take turns verifying blocks at a rapid clip, with each one taking a turn every three seconds or so. The idea is that with only a few validators it becomes easy to process lots of transactions very quickly (although there have been critics of these claims).

Since these validators will have a lot of responsibility, they will, therefore, be rewarded for their work (through the governance process, the EOS community will get to decide on what the rewards should be) with newly-minted EOS tokens, similar to how bitcoin rewards miners.

As such, it not only looks highly desirable financially to be a validator node but will also come with a certain amount of power. And vying for those spots (or backup node spots, which will also receive rewards) are several dozen organizations.

Companies aiming to serve as block producers range from existing crypto-mining operations, exchanges, blockchain consultancies and teams of EOS enthusiasts. Candidates are spread out all over the world, but China shows the most interest, followed by entities in the U.S.

This question of power has been at the center of quite a bit of debate, with skeptics, led by ethereum creator Vitalik Buterin, saying that EOS's governance system is easily manipulable. According to Buterin in a post titled  "Plutocracy Is Still Bad," it would be easy for cartels to form within such a small system.

Those spots, though, won't be chosen by Block.one; the company merely created the software, but once the mainnet blockchain launches, the choices made over the blockchain will no longer be Block.one's responsibility.

Sure, the company may be investing millions of dollars into the EOS ecosystem, but for now, just days before the launch, it doesn't seem to have invested in educating the community on how they can participate in its governance.

Even Katie Roman, an EOS cheerleader and self-described Dan Larimer (who co-founded Block.one) fangirl, acknowledged the issue stemming from Block.one's hands-off approach after launch.

"Block.one has said since the beginning of this project that they are not launching the chain, so the details of where and how to vote are not up to them," she told CoinDesk, adding:

"This is the hard part about decentralization and DPOS in general. Anyone can lead an effort, but that also means that there is a chance that no one leads an effort."

Nathan James, the founder and CEO of Scatter, a Metamask-like application for storing and interacting with EOS, echoed much the same, telling CoinDesk, "A lot of this launch has fallen to the community."

Block.One has not replied to multiple requests for comment for this story.


See More: https://www.coindesk.com/eos-coming-anyone-can-figure-vote/
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May 30, 2018, 08:11:50 PM
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Haha I was trying to figure out this before as well. Liquid EOS is coming out with a voting tool that will be ready in a day but besides that, I have no idea..
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May 31, 2018, 12:03:42 AM
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 #3

Centralized shitty non-scaling pile of garbage - just like the other alts/altforks in this piece:

https://hackernoon.com/the-ethereum-blockchain-size-has-exceeded-1tb-and-yes-its-an-issue-2b650b5f4f62

But go ahead, dump your money into this shit-pile. Should be hilarious.

fortitudinem multis - catenum regit omnia
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May 31, 2018, 04:32:11 AM
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Centralized shitty non-scaling pile of garbage - just like the other alts/altforks in this piece:

https://hackernoon.com/the-ethereum-blockchain-size-has-exceeded-1tb-and-yes-its-an-issue-2b650b5f4f62

But go ahead, dump your money into this shit-pile. Should be hilarious.

Crap like EOS and Cardano is just marketing hype, they've invested millions in promoting their coins on social media and news sites, as well as pumping the price on exchanges, and tons of newbies and idiots are parroting their marketing buzzwords like "third generation blockchain", but in the end it is most likely to end up just like every other ICO - after the hype there will be nothing, they will be reporting some small progress every few months, the media will be covering it less and less, the price will be steadily declining and after a year or two the project will be declared as failed. Tons of people will lose their money because they are investing in something they don't understand while the people behind these scams will become millionaires.

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May 31, 2018, 06:04:29 AM
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Centralized shitty non-scaling pile of garbage - just like the other alts/altforks in this piece:

https://hackernoon.com/the-ethereum-blockchain-size-has-exceeded-1tb-and-yes-its-an-issue-2b650b5f4f62

But go ahead, dump your money into this shit-pile. Should be hilarious.

Crap like EOS and Cardano is just marketing hype, they've invested millions in promoting their coins on social media and news sites, as well as pumping the price on exchanges, and tons of newbies and idiots are parroting their marketing buzzwords like "third generation blockchain", but in the end it is most likely to end up just like every other ICO - after the hype there will be nothing, they will be reporting some small progress every few months, the media will be covering it less and less, the price will be steadily declining and after a year or two the project will be declared as failed. Tons of people will lose their money because they are investing in something they don't understand while the people behind these scams will become millionaires.

LOL. You guys hit the bulleyes. It even been touted as the main competitor of Ethereum and so this is the main reason why it is being so pump right now. But after all the hype died down, it will go back to normal, not much activity unless someone pump it again. But I doubt that scenario will happen because all those pump-and-dump scheme usually happen once so if you miss the boat then you should look at the next coins. Only people who are going to be rich as the ones who are behind this project.

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