Vote Buying: EOS Protocol Blamed for Having an Incomplete Approach to Governance

2018-10-4 15:55

Having received a number of claims of suspicious voting activities among block producers, Block.One, the creators of the EOSIO software, for the development of which they managed to raise $4 billion in their long-lasting initial coin offering, published a statement in the company’s official blog.

The statement is signed Block.one’s CEO, Brendan Blumer. It reads:

“We are aware of some unverified claims regarding irregular block producer voting, and the subsequent denials of those claims. We believe it is important to ensure a free and democratic election process within EOS and may, as we deem appropriate, vote with other holders to reinforce the integrity of this process.”

This statement appeared as a reaction to accusation of the platform’s major Block Producers (who perform a function similar to the function of miners on the Bitcoin blockchain) including Chinese crypto exchange Huobi, of having participated in “mutual voting” and “collusion.”

These accusations were based on a leaked Huobi spreadsheet. Looking at the spreadsheet it was possible to see some tables containing “node mutual voting table” and “node income statement”. According to Eosone that published this data, it could mean that some EOS nodes were used for mutual voting along with pay-offs.

However, the Huobi exchange officially denied the allegations in its blog post without giving details:

“Based on the initial investigation, there were no financial contracts involved between Huobi and any third party. The investigation is still on-going and therefore, we seek your patience and co-operation in this matter.”

Nevertheless, it’s worth mentioning that it is far not the first case when the EOS voting process has been criticized. It has already come under fire from a number of prominent figures in the cryptocurrency community, and Ethereum co-founder Vitalik Buterin is also among those who have some doubts about the transparency and fairness of this procedure.

Buterin has already warned about a risk of quid pro quo voting and emergence of so-called ‘voting cartels’. Regardless such opinions, Blumer has always been absolutely sure that their principles will help them to create a stable participant-friendly system. He stated:

“As we go forward and continue to improve the EOSIO open source code, we extensively think about the future of decentralized governance and are committed to continually pushing thought leadership on optimal design.”

However, such an approach still appears to be rather controversial for many experts. To promote EOS’ decentralization, major Block Producers are allowed to take part in collaborative voting. But such a situation doesn’t seem to be very  beneficial for the general idea of decentralization, especially given EOS’ coin holder voting framework.

Though Blumer insists that existing democratic governance (as he called it) is a key to decentralization, the company’s plans to achieve it doesn’t sound very realistic. Summarizing all the above-mentioned facts, we should say that still if any kind of collusion on the network exists, it means that all the project governing principles don’t work in a proper way.

The post Vote Buying: EOS Protocol Blamed for Having an Incomplete Approach to Governance appeared first on CoinSpeaker.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

EOS (EOS) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.9581
Капитализация $0 Rank 99999
Цена в час новости $ 5.7018 (-100%)

eos protocol governance vote approach incomplete buying

eos protocol → Результатов: 33


VegaWallet Announces New Mobile Payment App with POS Aiding Mainstream Adoption

Bitcoin Press Release: FinLab EOS VC $100 Million venture injects a seven-digit financial stimulus package into Instaffo and its blockchain project VAEON. September 25th, 2018, Malta –  VAEON, a decentralized protocol built on the EOSIO blockchain, announced today that the FinLab EOS VC Fund will be making a seven-figure financial commitment to Instaffo GmbH to […] The post VegaWallet Announces New Mobile Payment App with POS Aiding Mainstream Adoption appeared first on Bitcoin PR Buzz.

2018-9-25 19:28


VAEON Secures First EOS VC Fund Contribution

Bitcoin Press Release: FinLab EOS VC $100 Million venture injects a seven-digit financial stimulus package into Instaffo and its blockchain project VAEON. September 25th, 2018, Malta –  VAEON, a decentralized protocol built on the EOSIO blockchain, announced today that the FinLab EOS VC Fund will be making a seven-figure financial commitment to Instaffo GmbH to […] The post VAEON Secures First EOS VC Fund Contribution appeared first on Bitcoin PR Buzz.

2018-9-26 19:28


Фото:

EOS Price Rises Despite Claims of its Core Protocol Development Being Outsourced

Not much is happening across the cryptocurrency industry as of right now. Most currencies are seemingly stuck in a bit of sideways trading momentum, which can mean one of two things. In the case of the EOS price, it seems things are heading in the right direction, courtesy of a small gain over the past […] The post EOS Price Rises Despite Claims of its Core Protocol Development Being Outsourced appeared first on NullTX.

2018-9-20 11:56


Фото:

Governance, Part 2: Plutocracy Is Still Bad

Coin holder voting, both for governance of technical features, and for more extensive use cases like deciding who runs validator nodes and who receives money from development bounty funds, is unfortunately continuing to be popular, and so it seems worthwhile for me to write another post explaining why I (and Vlad Zamfir and others) do not consider it wise for Ethereum (or really, any base-layer blockchain) to start adopting these kinds of mechanisms in a tightly coupled form in any significant way.

2018-7-21 23:03