EOS Launch: Bitfinex Among the Most Influential Block Producers
Cryptovest
Published Jun 19, 2018 01:50AM ET
Updated Jun 19, 2018 02:01AM ET
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.
h2 Who Makes Decisions for EOS?/h2One 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
Get The News You Want
Written By: Cryptovest
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.