EOS is Not Centralized Clarifies Brendan Blumer on the Blockchain Network

By Maheen Hernandez February 29, 2020 Off

Buying votes is how businesses work in EOS blockchain.  The DPoS was initially subject to debate about its capability.  When EOS was just an idea, it was considered that validation candidates would be effectively bribing users to support them. The DPoS consensus limits the numbers of node validators to a particular set.

Genpool permits EOS holders to get paid to participate in governance. Brendan Blumer, the CEO of Block.One, supports vote-buying. There are critics who call it an opportunity for the rich to dominate.  

Joshua Gans, an economist, wrote, “There is no incentive to learn about whether someone is a trustworthy node operator and there is no ‘payback’ to being trustworthy. You earn as much as you payout just to be a node.”

Sydney Ifergan, the Crypto Expert, tweeted: “Whatever the democracy in the EOS world, it is good to see their inflation go down from 5% down to 1%.  For someone has paid and the system is on and working well. Governance evolves!” 

Brendan Blumer tweeted:  “Staking rewards are a powerful tool that can help further align incentives to grow and secure public networks long term. B1 is working on code that will allow EOSIO based blockchains to implement staking in unprecedented ways. #EOS.”

Brenden further clarified #EOS is attacked by competitors and media outlets they own as EOS aligns network operators with token holders. This alignment threatens entities that profit from controlling token holders who do not have a vote.  These are the entities that call EOS centralized.

EOS Inflation down to 1%

The EOS block reward is now halved down from 5% to 1%.  This is indicative of the power of the decentralized governance network.  The network operates in the best interest of the holders.

Brendan Blumer opined that the currently elected EOS BPs eliminate nearly 80% of the network inflation.  They have burnt more than 100m USD in tokens.  This further indicates that the BPs are the representatives of the community.  The community elects them, and therefore, he states that this is decentralization at its best.

EOS and Improved Transactions

The EOS network has been performing large numbers of transactions recently, and therefore an upgrade was required for the Coinbase integration with EOS software.  This will help sustain the pace with the velocity of the EOS blockchain Network transactions. 

EOS can tailor fit to almost all industries, whether market places, social media, Finance, HealthCare, Government, or Supply Chain.