Ethereum Creator, Vitalik Buterin shared his thoughts on which of the blockchain systems of the system is the most promising in his opinion.
In a new video on Zcash YouTube channel, Buterin explained why he is against blockchains with a single decision-making body, such as EOS, where users select representatives who provide the functioning of the network.
A couple of years ago, I would most likely have supported Tezos-EOS, who believe that the blockchain needs to be managed. But now? I’m totally against it, I think it’s a crazy idea.
EOS has 21 representatives who are elected by voting. To become a representative, you need to have a sufficient stock of EOS or that the owners of a sufficient number of EOS voted for you.
In the last elections 17% of EOS owners took part. The candidate who received the most votes is Bitfinex. And Bitfinex has only about 3.5% of all votes. Of these 3.5%, 1.8% belong directly to Bitfinex. And the other 1.7% are just random people. Thus, having 1.8%, Bitfinex was able to become one of 21 delegates alone.
And what does this privilege give them? Basically, this gives them the opportunity to get 1% per annum from the funds that are allocated to delegates to EOS. Thus, this voting mechanism creates such a super-linear pro-plutocratic effect where, if you are large enough and have more than 1.8% of all coins, you can actually buy a delegate’s seat and this will give you the opportunity to earn even more money.
Buterin also explained why he favored the management outside the network:
Finally, in terms of decision-making quality, I believe that managing Bitcoin was pretty bad because it is overly conservative and appreciates very specific things on a much larger scale than most real users of this technology.
But, besides this, I think that Ethereum is quite capable of improving functions in which, it seems to me, ordinary users are interested. The Zcash leadership is moving along its roadmap, which I think Zcash investors are very excited about. Bitcoin Cash begins to implement changes. There are many new blockchain projects. Monero implements forks every six months.
And I do not see that all these blockchains, which are not managed centrally, had some problems with making decisions.