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HomeCryptocurrency NewsAltcoin News: Litecoin, Monero, Ripple NewsVitalik Buterin about EOS, Bitcoin, Monero, Zcash and Ethereum

Vitalik Buterin about EOS, Bitcoin, Monero, Zcash and Ethereum


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.


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