Bitcoin, Crypto currency, Blockchain

EOS Mainnet leek Update Bitfinex offers support

After on 10. June has started the Voting for the EOS Block Producer, have so far voted for 9.7 percent of all EOS Token. The Mainnet Launch is delayed in order to continue. While doing that Bitfinex a proposal, in order to achieve the 15 percent hurdle.

Bitfinex offers to make use of the EOS, the store on your platform, the actual owner, for the rest of the needed votes. That would be possible, because of Bitfinex of all the EOS token holds more than 7% (70 million) in an address. In combination with the already issued of 9.7% therefore the 15% threshold would be reached.

The vote would make Bitfinex so that they will spread the votes evenly across the current, mostly selected 30 Block Producer. In this respect, the EOS-Bitfinex can’t make users use their voice for a particular Block Producer at Bitfinex, but Bitfinex will only give permission to use their EOS for a vote.

If you look at the list of currently selected Block Producer, then you find that cryptocurrency exchanges and mining farm operators enjoy, in principle, not popularity, and not in the Top 21. Only exception is Bitfinex, which is currently on place 13.

In this respect, Bitfinex would also have to choose on your own, and would thus secure a lucrative place among the 21 Block producers. The 21 Block Producer are responsible for ensuring that every 0.5 seconds a new Block and be rewarded for their work accordingly lucrative. From our point of view, therefore, this is a very questionable offer, as this is basically the actual meaning of a “democratic” election is lost.

Why does the election process so long?

There are several reasons that slow down the vote. So the voting process is a technically complicated process that can only be used via the command line. On the other hand, there is the need to give his Private Key. In particular, EOS whales, owners of large amounts of EOS, therefore, probably, since just about Hot Wallets can be voted on, and thus an increased risk of hacker attacks.

From our point of view, the current process is a good Test for the entire System. If it does not create EOS to mobilize in his most important Moment of the founding and the Launch of more than 15% of its Token-holders to participate in the vote, then the project is doomed, possibly to Failure. It should make it to the 15% limit, it would have to overcome at least the first hurdle.

EOS course

EOS is traded at the time of writing in 8,71 Euro. Within the last week, EOS has lost more than 27% of its price. Thus, EOS will move in line with the entire crypto currency market, which has recorded the last days of significant price declines, with EOS, was particularly affected. Many refer to the delays and uncertainties in the context of the Mainnet Launch.

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