Bitmain becomes the Noda EOS

Bitmain becomes the Noda EOS

Bitmain, the company, threatening the world with complete dominance in the Bitcoin blockchain, now is one of 21 manufacturers of the blocks for the EOS, the Chinese competitor to Ethereum. The growing monopoly Bitmain and centralized EOS is unlikely to soothe the fears of users.

EOS is a blockchain platform that supports smart contracts, like Ethereum, but promises greater efficiency and greater capacity. In the night of June 2, EOS completed the ICO, covering the last 350 round sale of tokens. In total, it sold 900 million coins out of 1 billion (100 million EOS remains in the hands of developers). This ICO was one of the longest in history (341 days) and the largest: the project managed to collect a record $ 4 billion.

On the platform, use the mechanism of delegated proof of collision algorithm (DPOS). This means that the blocks are checked a small number of nodes, not all in the system. These nodes are elected by public vote.

Such a system raises serious criticism because it may be too centralized nodes are actually organizations/companies that specializes in mining, and some users claim that the voting process susceptible to manipulation. For example, a company which owns 10 per cent of the tokens of EOS, will soon begin to vote in this election.

Antpool, one of one of the mining pools, Bitmain, is responsible for 15 percent of production of Bitcoin. On Tuesday, he received enough votes to become one of the manufacturers of power EOS.

Recall that recently the company Bitmain, which owns two of the largest bitcoin pools (BTC.com and Antpool) has reached more than 43% Hasrat in the network of Bitcoin that further increase the mining capacity of the pools could potentially bring Bitmain to capture the network through attack 51%.

According to eostracker.io Antpool got almost 55 million votes and earns 868 EOS per day, approximately 7 700 USD according to current exchange rate.

Another major manufacturer of power — the cryptocurrency exchange Bitfinex, which earns 1017 EOS (over $9000) per day.

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