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EOS Launch: Bitfinex Among the Most Influential Block Producers

Cryptocurrency NewsJun 19, 2018 02:01AM ET
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EOS Launch: Bitfinex Among the Most Influential Block Producers

The EOS phenomenon keeps gaining strength each day after its launch, despite the network freeze last Saturday. The asset’s price is also charting a trajectory of its own even after the end of daily auctions at the beginning of June. Now, the leading block producers have been voted in, as expected. But the EOS ecosystem still attracts criticism.

Recently, Bitfinex has become a voting hub, offering a functionality to those who keep EOS in their exchange wallets.

https://twitter.com/bitfinex/status/1008649080388706304

Bitfinex itself is among the top-voted block producers, also supporting EOS airdrops.

After fixing the network issue, the EOS market price has remained in its usual stability. The asset grew by around 3% overnight to $10.61. In the meantime, the trading profile of EOS has also shifted. More than 51% of trading is happening on Binance, according to data from CryptoCompare.

!EOS!

The influence of Ethereum pairings has shrank to about 5%, now that the token is no longer on the Ethereum network. But the share of Tether (USDT) trading continues to expand, rising from 22% a few weeks ago to the current levels of 39%, with a growing trend every day.

This factor keeps supporting the EOS market price, although it has yet to see a breakthrough. In the past days, EOS trading against BTC has also decreased, partially dragging down the price.

Who Makes Decisions for EOS?

One of the chief critical points for EOS is the level of centralization that may create problems, or at least go against the idea of decentralized, independent systems. Recently, a body of EOS decision makers, a still-nascent governance unit called the EOS Core Arbitration Forum (ECAF) suspended seven EOS accounts for being compromised.

Some greeted the extra protection, but others saw it as the possibility for too much influence from a small group within the EOS community.

“The troubled EOS launch is indicative of a greater problem plaguing the crypto space. As scaling problems holding back legacy blockchains reach a fever pitch, the community is becoming more receptive to sacrificing decentralization in order to achieve enterprise adoption,” said Brendan Playford, CEO of crypto project Constellation.

Additionally, EOS has a complex human-written set of rules, which may be understood only later. One of the rules may see users lose their tokens, if not moved, undermining the idea of crypto assets as a store of value:

https://twitter.com/ummjackson/status/1007659548176314368

Whatever EOS does, the coming months will invite more and more attention, as the project finally attempts to deliver as promised, and possibly displace Ethereum.


This article appeared first on Cryptovest
EOS Launch: Bitfinex Among the Most Influential Block Producers
 

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