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RE: [Vlog] Thoughts on EOS London Meetup - raw and uncut!

in #vlog7 years ago

Hmmm I'm still not convinced by EOS just yet. Share many of the concerns that critics have around centralisation. BUT there's no denying how well the price has performed, and how passionate its supporters are.

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I think people conflate centralisation with concentration.

EOS/ DPos is as decentralised as any PoW/ PoS blockchain. There is no single point of failure. There is no ability to censor/ restrict access without consensus. Indeed, with DPoS, stakeholders get a say over who secures the network so incentives between holders and miners tend to be more aligned then say Bitcoin as there is a measure of accountability.

The issue with anything of value is that humans have a tendency to want to concentration wealth, power, hashpower, tokens or whatever. I don't have a problem with it. Part of being decentralised is that anyone can claim as big as stake as they wish. Large stakeholders/mining pools have to weigh up the size of their stakes and public perception of undue influence over a decentralised system. It's a dance that will ultimately play out in the court of the free market.

At this point, the technology needs more products that can actually be used and scale to the masses. And yes that means data centers to handle the throughput. As Ian Grigg mentioned last night, the only non-blockchain related products cryptocurrencies have to show for a $400bn marketcap is Steem and Cryptokitties! If EOS can help redress the balance it would be a very significant player in the space.