EOS Snapshot Exposes Ten Accounts Hold Almost 50 procent of Tokens: Voting Rights Massively Inequal – Bitcoins Channel

A snapshot of EOS addresses exposed that only ten wallets hold overheen 496,735,539 tokens or 49.67 procent of all one billion EOS tokens. The “raw code” wasgoed posted to GitHub after the June Two EOS snapshot.

The EOS Money Vertoning

Block.one, the company that issued EOS’s ICO and the developed the protocol’s initial code, holders overheen 100 million tokens or Ten procent of the total circulating supply. Thus, the company has $1.Five billion worth of EOS te addition to the $Four billion te raised funds. The top ten addresses hold 396,735,539 tokens, amounting to 39.67 procent of the total tokens when excluding Block.one.

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A glance overheen the various addresses shows one with 75 million EOS, worth overheen $1 billion. Of the top ten addresses, the one with the lowest value holds 20.6 million EOS or $280 million at the time of writing.

While it is difficult to find out the owners of thesis EOS addresses, it is likely that an exchange holds thesis te a cold wallet. The sheer amount of EOS makes it unlikely for the possessor make use of a hot wallet.

Te fact, the top ten addresses may not be of a single person/entity, and may even be an interaction inbetween two different exchanges.

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Based on the trading volume gegevens available on CoinMarketCap, cryptocurrency exchanges, OKEx, Bithumb, Upbit, Binance, Bitfinex, Huobi, and Block.one have treated overheen $150 million of EOS transactions te the past 24 hours at press time.

Interestingly, spil pointed out by Reddit user Lannisan, the top 100 EOS addresses hold 748,176,831 tokens of 74.82 procent of all EOS tokens. Also, the top 1000 accounts hold overheen 858,120,383 tokens or 85 procent of the total circulating supply.

Not All Can be Exchanges

Spil vanaf CoinMarketCap’s gegevens, only 50 exchanges treated upwards of $1 million EOS ter the 24 hours preceding press time, with numerous exchanges repeated to denote the different currency pairs. Hence, at least 75 addresses of the top 100 are not exchanges and hold overheen $250 million cumulatively.

Next, an individual/entity would require only 646,595 tokens or $Ten million to be part of the off the hook top 100 EOS account club. By all means, this would grant the holder major voting rights.

According to analytics webpagina Token Analyst, they estimate the percentage of all tokens held by exchanges is just under 20 procent.

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Skewed Voting Rights

It vereiste be noted that the list does not represent the presente number of EOS holders, spil an entity can have more than one address, i.e., the top ten could, te reality, be just five entities.

Now comes the significant part, spil vanaf the EOS protocol, shareholder voting is weighted on the number of tokens held. And te this case, ten procent of the total votes can indeed be decisive. With such a high concentration of EOS tokens ter the top ten, it becomes almost unlikely for thesis holders to lose if they collude.

However, with the limitations of the gegevens at forearm, it is hard to say for sure whether thesis addresses are linked to exchanges, spil some are vying for Block Producer status – Block Producers have a chance at being nominated to be one of EOS’s 21 supernodes. Nevertheless, the distribution fares worse than Ethereum’s ter its early days:

It wasgoed nowhere near this bad and ETH didn’t rely on voting to choose block producers who ter EOS stand to profit to the tune of of numerous millions vanaf year. https://t.co/xw7eNQUZ7y

For example, Bitfinex, which is holding overheen $200 million te EOS, after a strike of fortune develops close relations with Block.one. According to Token Analyst, the exchange holds 17,415,204.89 tokens, less than 50 procent of what Bithumb holds, with Huobi and OKEx also having more considerable holdings. Bitfinex and Block.one (which now hold overheen 20 procent of voting rights) will cumulatively hold more voting power than the top 1000 account holders.

One may think that decentralization may come to the rescue of retail investors. However, this is not proving to be the case. Of the four groups that were attempting to launch the mainnet, only one chain will be launched, allegedly due to EOS Chief Technical Officer Dan Larimer’s influence.

Category: Altcoins, Business, Commentary, Finance, News

Tags: altcoins, altcoins news, commentary, EOS, EOS News, finance, fintech

3 thoughts on “EOS Snapshot Exposes Ten Accounts Hold Almost 50 procent of Tokens: Voting Rights Massively Inequal – Bitcoins Channel

  1. At mij all spil does not work binance, can be finite it and works at whom nibud, but at mij still is not present. Very strange of course, it’s more like they were hacked, but most likely I’m just mistaken

  2. The binance exchanges wasgoed indeed hacked,and they are only blaming those bots instead of admitting that they were compromised blaming those bots for the stolen APis is truly not a good budge,very unprofessional that is why i have already moved my funds from binance back to bittrex which has more secured features than binance.

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