Crypto Market Update - BTC ETH LTC BCH NEO EOS
6 years ago in #bitcoin by nuggetsnews (59)
$16.58
- Promotion Cost $0.57
- Past Payouts $16.58, 0.00 TRX
- - Author $12.56, 0.00 TRX
- - Curators $4.02, 0.00 TRX
Great video as always Alex.
In regards to your fundamental analysis for EOS and the comment regarding centralization.
I think it is important to realize that with Delegated Proof of Stake, each witness has an equal share in block signing; i believe block.one is recommending 21 witnesses for initial launch but it is also important that settings like - witnesses, number of witnesses, blocksize, blocktime ect are network parameters that can be changed with enough voter support.
In Bitshares for example elected 'committee members' can propose changes to network parameters to be determined by stakeholder voting; if approved changes to the network happen automatically at the next scheduled maintenance interval (also a network parameter) Bitshares voters have set this at 24 hours intervals.
The main point here outside of the flexibility baked into DPOS protocols is that the elected witnesses (21 in this case) are elected by stakeholder vote and are also dismissed by stakeholder vote. if a witness is seen to be bad for the network they can be voted out; this is not possible on traditional POW or POS chains which means once someone has a position of power they can not be removed.
Also consider POW miners for Ethereum and Bitcoin when thinking about centralization barrier set at 21 entities.
Eth Miners - past 7 days
Bitcoin miners - past 4 days
Bitshares and Steem - DPOS - Example (always the same as each witness has a deterministic order in which they have an opportunity to sign a block)
Also worth considering the ability of another party to replace an existing witnesses, you don't need a mining farm but some hardware (potentially substantial in EOS's case) and most importantly shareholder approval
Cheers,
Jim
Fantastic post mate! Thank you!