Vitalik Buterin Slams EOS and Tezos On-Chain Governance, Adds Bitcoin, BCH, XMR, Zcash and ETH to the Mix
Vitalik Buterin Talks About EOS, Bitcoin, Monero, Zcash and Ethereum
The creator of the Ethereum network, Vitalik Buterin, has recently talked to the media about his thoughts on which blockchain will have the better odds in the future and which ones are the most capable of self improvement over time.
In a new Youtube video for the Zcash channel, Buterin explains that he disliked EOS’ on-chain governance structure, which differentiates from Ethereum by giving coin holders voting power to elect delegates that will validate transactions.
He defines the on-chain governance of the EOS as “crazy” and affirms that there are 21 delegate slots only, so you can vote to elect these people, however, some people have so many coins that they will “vote for you”.
Only 17% of the total EOS holders have ever voted so far and, from these people, Bitfinex has the largest number of votes. This enables Bitfinex to basically vote itself in and become a delegate because it has enough voted to not even need more people to be a delegate.
Being a delegate gives Bitfinex the ability to take a share of the 1% a year annual interest in the EOS delegates. The mechanism ends up creating a pro-plutocratic effect, Buterin believes, in which if you have over 1.8% of all the coins, you can simply buy your own delegate spot and nobody can take it from you.
“The delegate spot will let you earn even more money and have access to the crazy special 2.64% extra premium interest rate that no one else has”, according to Buterin.
Buterin Talks About Other Companies
After stating that he is in favor of off-chain governance, Vitalik Buterin looked at Bitcoin, Ethereum, Zcash, Bitcoin Cash and Monero and their ability to push for positive changes on their platforms.
He affirmed that everybody knows that he has the opinion that Bitcoin’s governance is fairly bad because it is too conservative and values specific thing too much while most users actually value technology.
Obviously, he believes in Ethereum and believes that it can solve people’s issues. He’s also a Zcash enthusiast and is happy with its governance while he believes that Bitcoin Cash is pushing for changes and Monero is doing community hard forks every six months.