EOS and Centralization
After all the EOS hype and Mainnet launch, many are realizing how centralized the EOS network is With 21 block producers EOS.
“Any system that delegates validation to vetted nodes is centralised. “
It’s been there for a long time now and I was thinking it’s over now but No.
Apparently, The accounts of the EOS blockchain members would be terminated if they do not use their tokens to use for three years.
What happens to the terminated accounts?
The company behind the EOS network, block.one has mentioned in the blockchain platform’s constitution about it. Such accounts will reportedly be put either on auction or the amount lying on the inactive accounts will be given to the rest of the holders.
According to TheNextWeb, the constitution says that the distribution of the amount will be based on the system contract provisions then in effect” for such event.” Currently, the draft related to HODLing (Article XV), mentions that a member of the blockchain automatically will be released from all revocable obligations under this constitution, three years after the member’s last transaction. Inactivity in an account for three years might put the account for auction and the amount will be distributed to the EOS members.
The EOS platform is a “”””decentralized”””” operating system with computing resources which are accessible through EOS tokens. And, the holders are supposed to use the tokens to build dApps and communities by staking tokens for CPU, RAM, Network, and finally storage. However, if some user stakes something such as CPU but if the resource is not used by any smart contract or any other computation action, then again, the user will be considered to be violating the Article XV.
Co-founder of EOS New York and a leading block producer candidate, Rick Schlesinger said the reason to keep this controversial rule is to make sure that the platform does not deviate from its intended utility. As long as the user is utilizing the resources, staking, and performing actions, the Article would not be violated.
This is both a good move for traders and Utility of the tokens and a bad move for those who see EOS as an investment and are getting in for LONG.
The main concern is how Block.io is deciding the rules and is in full control making the platform far away from decentralization.
What do you think, Is EOS centralized enough that it can be problematic in future?
Do let us in the comment box below.
Also Read: EOS: Why to invest in this project?
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