Having passed the 15 percent threshold required for a quorum to be constituted, the EOS network is now up and running, since all normal functions are supposed to be activated.
Concentration of Voting Power
In an official announcement, the team said the network successfully produced its first block. However, looking more closely at the voting statistics shows alarming signs of centralization and concentration of power.
As previously reported, 50% of all EOS tokens are held by only 10 addresses. In addition, a total of 1000 addresses holds 85.81% of all 1 billion tokens distributed during the one-year Initial Currency Offering (ICO). This provides a means for a serious centralization of voting power, which may already be affecting the outcome of the important vote for Block Producers (BPs).
A closer look at the distribution of votes reveals some serious behavior. Bitfinex, which is one of the top candidates, currently in eighth place on BP's list, received more than 50% of its votes from only 4 voters.
Here is the summary of EOS BP votes:
Most notably, the main voter (gyzdcmjwgmge), allocated more than 8,500,000 votes to Bitfinex, representing about 27% of all votes received by the exchange of crypto-coins. The numbers can be seen here.
Another example of the discrepancy can be seen with another candidate from BP - EOS New York, who received 50% of his votes from more than 40 voters in total.
Clearly, having powerful friends with many tokens comes with its advantages. And while EOS's main goal is "Decentralize everything," the current condition of its vote at BP reminds us painfully of the traditional governance structures that the project hopes to replace.
But hey! The first block was produced!
The EOS team officially announced the production of the first block of the network. The official launch of the mainnet took place on June 10, after the unanimous vote of the EOS Mainnet Launch Group (EMLG). Initially, the launch was planned for June 1, but the critical vulnerabilities discovered on the network delayed the event.
Now that 150M EOS tokens have been used to vote, the mainnet is officially ratified with the EOS price reacting with an increase of approximately 5% in the last 24 hours. Achieving a quorum of 15 percent was a necessary condition to unlock the features of the network. In addition, users can now start losing their tokens and recovering them after a three-day wait period.
Source: https://matadornetwork.com