Is there really decentralized cryptocurrencies?
We can hear lately many attacks on EOS and its governance where block producers can fully control blockchain. We saw that they can freeze some accounts or even stop EOS blockchain for some time. There is EOS constitution and if you are familiar with project you would know what they are able to do if they reach consensus. Many Bitcoin supporters are making jokes out of it without looking at their own yard.
I believe in Bitcoin and I am Bitcoin holder but I don’t think that Bitcoin is more decentralized than EOS. EOS nas 21 block producers that are elected by voting and I have voted for some of them. 21 is small number and I would like that there is 100 block producers but it’s not and I can’t change that. At least as EOS token holder I can vote and have minor influence who will be elected.
Look at Bitcoin mining pools distribution:
As we can see on this picture, EOS 21 block producers are maybe not that bad. Only 4 Bitcoin pools control more than 51% hashpower. Yea I know that they will not do anything bad to hurt Bitcoin because they would hurt their profit but point is that they CAN HURT BITCOIN if they want and we have to believe that they not gonna do that.
I really don’t like when major people of crypto space are trash talking each other projects because that is hurting crypto space and it is rejecting potential crypto users. All major crypto projects have some good ideas but they all have their pros and cons and specially in this bear market would be nice if we could talk more about positive sides.
Bitcoin as leader and all other crypto projects are very young and we all must have more understanding and to be more supportive. One project to succeed doesn’t need to kill other.
Regards,
Bitcoin and EOS have very different ideology. Bitcoin is made to be sovereign state ristant. No one-not even the miners could block TXs/amounts of bitcoin without splitting the chain. And those are so bad that no one wants them. EOS is made to be an OS of blockchains. Like OS where you can delete what you think is bad-EOS is the same. You feel like deleting bad things when sometimes you realized it was a mistake so you bring it back. EOS is not as decentralization as Bitcoin. Does it need to be? Is the definition of decentralization the same in EOS? NO,No.
What many people see is miner=Bitcoin.
Instead Bitcoin=chaos based system.
With some much chaos to control is to hard..
Bitcoin miner=half of control.
One thing is that miner pool don't equal miners. Think of miners as another asset on bitcoin that votes on Bitcoin Blocks. They delegate their rigs to pools which represent them. If those miners do disagree they can undelagte it. Yes it still bad(FU bitmain) the major pool makes probably hold 40% of the rigs in their pools. However with a now proposal will make force pools to give their power to miners which would give a better representation of who controls what. NO HF needed for this.
Bitcoin node system is also fighting with the miners.
Bitcoin node can declare UASF and UAHF and with the LN nodes will get paid for their service as well.
However i did find this reddit comment on eos interesting and has some backing to it:
What's "great" is that the 21 block producers are all working in background to address this situation. What's not great about that is 21 people are working in a "back room" to figure out what is going on and are going to "take care of it"..."everything is under control." Right now, they control when this chain will be restarted.
Guess what, those BPs are going to start developing relationships with one another, even though these people are supposed to have little in common, due to being globally distributed- thus ostensibly reducing the possibility of collusion. Of course, they have a lot in common now, as big holders of EOS, operators of the network, and recipients of the block rewards. Some of them are going to like each other, while some will not like each other. They will start to clique off into subgroups. And then they may eventually start to disagree with one another (if EOS is lucky). Or, in a possibly worse scenario, they'll all agree with each other, and simply bend things in ways that benefit them. Together, they likely control enough tokens to vote and keep each other in power.
This is how cartels are born. Call it FUD if you want, but it's just a plausible analysis of what could happen, and even sooner than potentially expected. Not all cartels outwardly wear a cartel mask. The rushed nature of EOS deployment could even hasten the development of these types of dynamics (if BPs are constantly working together to solve problems, since block.one has thrown up their hands in a sense).
Block producers of a decentralized blockchain should not have to work together in such ways. It creates an obvious risk of collusion in the operation of the network.
EOS is a major shit in thinking in the crypto world. I don't like it but we also need to see it. EOS is the U.S.A of cryptocurrency. No crypto is fully decentralized bc we are humans but Bitcoin is the most.
EOS needs a lot of prove and it system/governance needs to do better than blocking users. It redemption is apps. If it can prove that then it main selling point is accommodated for real world usage.
Agreed. You have to publish this my friend 😀
LOL these are copy pasted stuff from all my previous posts/reddit but I guess I could post my comment. Should fit in bc of the drama.
Nice. It is nice read and good fit in current situation 😃
EOS is more sovergn state resistant than BTC. So easy to seize 51% of hash power on bitcoin. So hard to control top 21 producers which can be changed in 3 minutes.
I think it depends on the way you look at it. While it is easier to seize 51% of hash power on bitcoin I wouldn't say it makes it even less sovereign state resistant than EOS. Bitcoin after the 2x agreement set the precedent that nodes matter sometimes more powerful than miners well full nodes. Bitcoin could also always just change its POW algorithm. When that happens, there would be huge chain splits. The gov will have to attack at diff angles. And the nodes storing at diff location would keep track of previous data. Bitcoin greater flaw EOS holders could be centered around few people. It probably won't happen but there is a greater fear in EOS. Plus not all eos holders will vote... Plus voting for another top 21 in less than 3 minutes will lead to huge mistakes on whom you voted in. We are humans after all-Both POW and DPOS are both systems that depends on diff ideologies.
Plus they could attack the top 21 at 21 diff location instead of attacking all bitcoin nodes and miners. If Top 21 producers join together and decide to make a coup to the whole thing that would also lead the same result of someone 51% bitcoin worse bc EOS is newer and challenging what decentralization means normally.
Never thought I would get Dan himself to comment on my comment :)
I'd like to say: Technically we can,
Psychologically, human being likes and seeks control!
It's a pity
That is why we will never have true decentralized cryptocurrency...
there are some people, once in a while, having broader dreams...
there are few of them, but they show up once in a while! ;)
Someone else said that true decentralization in cryptocurrency is hard to achieve as long as everything is centered around bitcoin in some way or form.
I do think that Steem may be the one to break from that norm if cards are being played right.
True. At moment everything depends on Bitcoin.
We will see how that will go in the future.
Actually, this your question worth asking, to me, it will be very hard to see a crypto currency that is decentralized to call, since a lot of new cryto currency are just emerging every day why nothing or few has been done to keep the already established one to move forward than expected. I believe some are being influenced by powerful people, who got it all just for the sake of the profit. My answer is really No, until consensus is reach, there could never be totally decentralized crypto.
Worth the read. But more importantly...
A FOOD FOR THOUGHT.
EOS has received a lot of attention, when something then does go wrong, it naturally draws attention to it. There will always be supporters and critics and when something does not go as planned the critics will always voice their opinion about it.
True...
Go to @bible.com
Buena pregunta, excelente post, @cicbar.
Thanks 😀
Right!explained in a good manner .yes bitcoin is the leader.
very good article about crypto currency.