Why do we take EOS seriously when it's clearly a plutocracy?
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Quick Take
- EOS is a heavily-centralized network controlled by insiders that serves to benefit its creators and early backers
- The 4th ranked EOS-designated “block producer” has announced that they’ll start sharing the rewards with their constituents
- The arbitration process prescribed by the EOS Core Arbitration Forum (their equivalent of a judicial branch) is structurally flawed
EOS, the brainchild of seigniorage addict Dan Larimer and noted #1 cryptocurrency project by the Chinese government, has confirmed what we always sort of knew: EOS clearly functions as a plutocracy—governance by the rich, for the rich. It wasn’t always this way: a company called block.one created EOS in 2017. The team described their mission as providing “end-to-end […]
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