Tuesday, May 30, 2023

EOS centralized?


EOS is an ecosystem that relies heavily on decentralization. Nevertheless, it became known that about half of all EOS tokens are kept at only 10 addresses.

Imaginary decentralization

The user Reddit under the nickname u / Lannisan stated that, as a result of the research, he managed to find some information about the distribution of EOS tokens.

So now that EOS Authority has released a copy of the genesis snapshot results, I was really curious to see how the final distribution of tokens worked out and how rich (or not rich) we all are compared to the other holders. So for those of you who are interested, I took a closer look and did some stats to see what the breakdown was like and here’s what I came up with.

And it turned out that 49.67% of the 1 billion tokens in circulation belong to 10 addresses, while the “largest hundred” owns 74.82% of the tokens. Of course, most of the tokens belong to Block.One, the company behind EOS ICO and the recent launch of EOSIO MainNet. It is unknown who owns the accounts from the top 10, perhaps it’s accounts of crypto exchanges.

In any case, it seems that 10 companies or individuals have extremely significant power over the EOS network, provided such a large share. Holders of the top ten accounts can change the face of the cryptocurrency and its path, and, what’s more important, do it with the maximum benefit for yourself.

Whom to believe?

Such a distribution is not just undemocratic, but also calls into question the very idea of decentralization.

Full post u / Lannisan, containing an analysis of the current situation and the resulting threats from it, is located here.

In any case, everyone decides how to treat this information by themselves, but it’s hard to deny that this study has revealed something very interesting.

Get The Latest Cryptocurrency News First - Join Us In Telegram

Recent Posts

Most Popular