Block.one, the largest holder of EOS tokens, intends to exercise its voting rights and influence the choice of block producers. The developers' intentions excited the community and alerted the validators.
Block.one, the developer of the main EOSIO 1.0 ecosystem, initially refused to vote. Partly to encourage network participants to vote and launch the mainnet. Now the company has decided to use its 10% of the 1 billion issued tokens. It is Block.one’s possession of such a large supply of coins that alarms the community. Essentially, small holders of EOS tokens collectively may control less than 14 percent of the asset. 85 percent of tokens are controlled by 1,000 large wallets. Thus, EOS is controlled by a group of the richest users (whales). And the largest investor, Block.one, entering the game can theoretically vote for absolutely all validators at his discretion. Thus, the network model works against the principles of decentralization, where individual participants can maintain the network. EOS dictates rules and laws from the top down.
The EOS network model requires the election of 21 network validators through ongoing elections. On the one hand, such a limited number of validators makes it possible to quickly reach consensus, on the other hand, it gives them unlimited power in the network itself. Key participants have the right to block accounts, restore stolen funds and support authorities within the framework of the internal constitution of EOS.
Recently, Block.one officially proposed to change the current constitution and adopt a new one in order to limit the influence of miners and narrow their powers. When this will happen is still unknown.
However, Joshua Kaufman, head of one of the leading block producers, EOS Canada, believes that Block.One intends to undermine the absolute power of other whales. The company is determined to cast its vote in support of the consensus of the majority of users.
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