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EOS is not decentralized? 50% of EOS tokens belong to top 10 holders

Anirudh VK

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EOS is not decentralized? 50% of EOS tokens belong to top 10 holders
Source: Unsplash

Recent data crunching discovered that 50% of the EOS tokens belonged to the top 10 wallets. This questions the apparent decentralization that the token boasts.

The data in question was uncovered by user Lannisan on Reddit. The post titled “EOS Rich List/Genesis Snapshot Statistics” crunched the numbers associated with the genesis snapshot results. There was also a disclaimer along with the post that pointed out that some of the bigger wallets may belong to exchanges, but the data still holds disturbing conclusions.

He went on to state the criteria to enter the top 10, 100, 1000, 10000, and 100000 richest EOS holders. The tokens to be held are 20.6 million, 646 thousand, 42 thousand, 3000 and 55 respectively.

After the data was processed, it turned out that the top 10 held a whopping 496 million tokens of the 1 billion tokens in existence. This is reflective of real world wealth distribution, where 1% of individuals possess 40% of the wealth. The company behind the EOS platform, Block.one holds 10% of all tokens in existence, which left the data excluding Block.one at 39.6% of all tokens held by the top 10.

The top 100 held 64.82% of all the tokens, which is still a sizeable margin over the top 10. The margin comes up to 25.22%. The top 1000 were abysmal by comparison held over only 75.81%. This translates to a margin of just under 11%. The remaining holders hold only 13.86% of all available. The remaining 0.33% are left unregistered.

The final break up comes up to:

  1. Block.one – 10%.
  2. 2-1000 – 75.81%.
  3. 1001-163,920 – 13.86%.
  4. Unregistered – 0.33%.

He ended the post with:

“Those Top 1000 holders are quite powerful indeed. The Top 10 alone can almost do whatever they want if all 10 of them agree to do the same thing since they control almost 50% of the total EOS (and no one would be able to stop them). And whoever is in the Top 1000 will also have a lot of influence.”

Commenters speculated that the top wallets might not be exchanges, but instead shadow accounts of Dan Larimer.



User XRballer said:

“Not all exchanges. Several are Dan and his father’s shadow accounts. They have been buying EOS with ICO Eth all year and storing it in a collection of 100s of wallets. They need to keep majority control over the supply to prevent other cartels from taking over.”

User gallge said:

“This should simply read YOU ARE F****D.





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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

Altcoins

EOS, Tron [TRX] and Ethereum [ETH] are top three cryptocurrencies, says China’s CCID Group

Akash Anand

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EOS, Tron [TRX] and Ethereum [ETH] adjudged top three cryptocurrencies by China's CCID Group
Source: Pixabay

Analysis of the cryptocurrency market by various global entities has been a standard procedure for a lot of organizations to keep track of the updates and developments in the field. One such major analyst is China’s CCID Group, which works under the Xi Jinping-led country’s Ministry of Industry & IT [MIIT].

In the latest edition of CCID’s Global Public Blockchain Technology Assessment Index, it was stated that EOS retained its title as the best cryptocurrency according to three factors assigned by CCID. The three factors were basic technology, applicability, and creativity, criteria that are aimed at assessing the most effective digital assets in the market right now.

In terms of basic technology, EOS scored a whopping 103.7, making it the only cryptocurrency to breach the 100-mark. It received a score of 20.2 and 24.7 when it came to applicability and creativity, respectively. The surprising result of this assessment was that Bitcoin [BTC], the largest cryptocurrency on the charts, did not even feature in the top-10 of the CCID rankings.

According to the analysis, Tron came in second with a Basic tech score of 95.6 and an applicability score of 24.3. Tron CEO Justin Sun had stated multiple times that EOS and Ethereum were Tron’s biggest competitors, but it turns out that it had the lowest creativity score among the three, clocking 24.1 to Ethereum’s 31.0.



The third-ranked cryptocurrency was Ethereum [ETH], sticking to the trend as all the three cryptocurrencies were focusing on DApps. Despite being third in the rankings, Ethereum had the lowest basic tech score, with its 76.6 being lower than that of relatively smaller coins like Steem and Ontology.

There seem to be some connection with DApps and the CCID rankings as these applications slowly entered the main fore in the cryptocurrency environment. Sources informed that Tron DApps had recently surpassed that of Ethereum and EOS in terms of weekly active and new users.





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