EOS[EOS] claims that it is more decentralized than its competitors
EOS which entered the market with a bang is one of the biggest losers in the current market with a decline of 31.72% in the last 7 days. In the last 24 hours also the currency has declined at the rate of 12.70%, its price has declined to $12.22 and the market cap is just above the $10 billion mark. These figures have triggered the company to come forward and present positive facts about the company which can boost its current market scenario.
The CEO of the company Brendan Blumer in a recent video stated that EOS.io was designed to solve the issue of centralization. It was the main aim of the technology.
CEO, Brendan Blumer says,
“If you take a look at the proof of work, which is really an incumbent way of processing blockchain transactions today. Both electricity and hardware is cheaper in bulk what that ends in is centralized mining pools controlling the network”
Brendan Blumer added,
“If you look at the largest platforms today, less than two or three mining pools control those networks.”
He further elaborates on how EOS.io platform is different than these platforms as in EOS.io blockchains the token holders are able to elect twenty-one block producers in order to process transactions and restore the power or distribute the power amongst the token holders in an alliance of interests of all the parties involved.
Bart Wyatt an engineer joins the CEO to specify how though the blockchain cannot be completely decentralized it is more decentralized than the others.
Bart Wyatt says,
“EOS.io as a blockchain, technology, a community is probably one of the most decentralized versions of this technology we have ever seen and I think most of the community itself is catching up on the idea.”
He continues with the claim that the amount of latitude EOS has given to the community to change governance, the way the chain operates, everything is through their own consensus mechanisms after the launch of the chain is staggering.
The biggest difference between them and their competitors in the technology is how much they have decentralized even some of the core concepts of the chain.
The CTO Daniel Larimer says,
” I truly believe that true decentralization is when there are open source and free market competition which EOS supports completely and looks forward to good competition in the market.”
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