Bitfinex EOS Block Producer Voting Selection was Lead by a Few Whales


According to the analysis of the EOS followers on Reddit, Bitfinex got an overwhelming support in form of votes from the four whales. In order to determine whether his source of data was reliable, he posted it as a query on Reddit. He asked how particular block producers manage to get the winning votes. This was particularly amazing considering the fact that some of the block producers solely depended on the votes from the whales to win.

The user at Reddit went a step further and carried out statistical analyses on a number of votes cast and matched the individual votes to the block producer they voted. A pie chart was created to illustrate the distribution of votes.

Bitfinex got 50% of the votes to become a block producer from 4 whales from eos

According to the statistical analyses, Bitfinex managed to get 50% of the votes. Bitfinex was categorized at number nine in comparison with other block producers. One of the voters accounted for 27% of the votes. Other block producers did not manage to reach the threshold.

Despite the fact that the voting method gave room for participants to have a say the whales played a role in altering the results. The whales managed to skew the results to particular block producers. These block producers were mainly voted in because of the influence they had on the network.

Centralization of the EOS Voting System

The rules and regulations at the EOS state that having 10 wallets meant that one held 50% of the tokens in the market. The followers of cryptocurrency complained that some of these wallets were part of the large exchanges such as Bithumb and Bitfinex. However, these claims could not be verified.

Some of the community members highlighted the fact that having a powerful block producer such as Bitfinex was a complete conflict of interest. This because such power would enable Bitfinex to influence the exchanges or collaborate with other powerful block producers to make things work in their favor.

The Connection between Brock Pierce and Tether and Bitfinex

One of the most influential voters is believed to be Brock Pierce. He is one of the first advisers for EOS on EOS projects. However, he was removed from EOS in March this year with claims of scandals surrounding his name. The cryptocurrency community also raised concerns on his conflict of interest since he was actively involved in the creation of EOS and Tether. He also played a role in creating the relationship that existed between Tether and Bitfinex.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide