Crypto

New EOS Service Incentivizes Centralization of Block Producers

In the cryptocurrency world, there are always some serious allegations to be found. In the case of EOS, it seems that “vote buying” is rather common, according to some sources.

Whenever a governance model is introduced, vote buying will become a thing.

EOS Block Producers may Begin Colluding

In politics, this has been the norm for many decades now.

Transferring that attitude to cryptocurrency governance models is not the road to be taken.

Unfortunately, it would appear that EOS block producers may have an incentive to behave badly.

Through a new service they can share block rewards with whoever votes for them.

The service provider, known as Genpool, is quite interesting, but also potentially harmful.

Related Post

It seems likely that solutions like these will lead to even more centralization among block producers.

In fact, major BPs could collude against others to receive more votes and pay voters with a share of the block reward.

As devious as that approach would be, it is also completely legal courtesy of Genpool. 

It is not the first time services like these launch for EOS either.

In Asia, they are relatively common, albeit none of them cater to English speakers.

How all of this will affect this particular ecosystem, remains to be determined at this stage. 

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

TMS Network (TMSN) Rips Through Resistance, Dogecoin (DOGE) and Aave (AAVE) Left Shredded

As the bull season takes a haltering break, there’s one crypto that’s ripping through the…

12 hours ago

TMS Network (TMSN) Flexes Its Muscles, BNB (BNB) And Wrapped BNB (WBNB) Face Limited Gains

It’s amazing how quickly things can change; just when everyone thought Binance and its BNB…

12 hours ago

Making Smart Choices – TMS Network (TMSN) Obliterating ApeCoin (APE) and BNB (BNB) in 2023

TMS Network (TMSN) tokens grabbed crypto whales' attention with a nearly 2000% price surge as…

12 hours ago

ChatGPT Thinks Tradecurve, Shiba Inu and Ethereum are best picks to diversify with

ChatGPT saw an increased level of appeal from investors and trades who are trying to…

1 day ago

Chainanalysis acquires Transpose Tradecurve to launch trading academy

The cryptocurrency industry is constantly evolving, with companies exploring new avenues to expand their services…

1 day ago

We asked Google Bard to give us a list of presale projects with the highest ROIs

Presale projects allow investors to get involved in promising ventures at an early stage, potentially…

1 day ago