50% of all EOS tokens held by just 10 addresses

Number crunching has revealed that that about 500,000,000 EOS tokens are held in just 10 addresses. 

Block.one is the company which wrote the first code version of the EOS protocol owns about 100 mn of the EOS tokens which are valued currently at $1.5 bn while the remaining 400 mn EOS tokens are held under just 9 more addresses.

EOS consensus works on Delegated Proof of Stake (DPoS) where the 21 block producers are decided at random. But with this disproportionate distribution of the EOS tokens despite almost an year long pubic sale, so to say, raises serious concerns over the effectiveness with which consensus could be achieved.

Looking at the data, one such block producer candidate seems to be Bitfinex. It is estimated that they control at least 100 million EOS, or 10% of all votes which in a shareholders’ vote, can be pretty decisive as it is often difficult to incentivize people to vote because they might not care at all or they might not be aware. So lets say if Bitfinex misbehaves, if it is elected, it would require a significant amount of resources to vote them out.

Although, right now, all eyes are on the EOS main net launch. It is a daunting task for someone to launch the code, test and then verify its sanity. Block producer candidates need to publicly identify themselves. One of them will need to be randomly chosen to create the genesis block, and then voting on the official first slate of block producers will take place. Even then, 15 percent of all the tokens in existence need to vote in order for EOS to turn on.

Whether or not, the main net is deployed and the EOS chain achieves what it really wants to achieve, only time will tell.

Also Read: Top Utility Token based Crypto Projects


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