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How decentralized is EOS blockchain?

by Syed Shoeb
, How decentralized is EOS blockchain?

Decentralization is one of the most important aspects of blockchain and cryptocurrencies. It is the one thing that can bring about massive scaling and innovation to every industry. Decentralized organisations become more open and decentralized when attacked or questioned and there are some centralized systems that are mistaken for being decentralized.

Open and decentralized systems have a centralized intelligence that is spread throughout the decentralized system. Decentralized systems are more reactive and not as efficient. The knowledge is shared in the community. Open systems will always mutate and if they are under attack they react quickly and change their organisation accordingly. A small team can manage the entire system by creating a peer-to-peer decentralized network. Profits also increase in accordance with decentralization of the network. On putting people onto a decentralized network we see an automatic rise in the number of contributors. Systems become more objective and immune to censorship.

When we compare these with the EOS network, we note that EOS is still evolving. Block.one is the headquarters of the EOS network, and that is as centralized as it gets. An attack on the headquarter can make the whole project vulnerable to attack.

EOS as a blockchain/protocol, once launched on June 2nd, will in theory be truly decentralized. But, there are a few aspects to keep in mind in order to guarantee it:

Diversity of Block Producers

If most block producers are big entities from the same industry (e.g. cryptocurrency exchanges) they could collude and move in the same direction thus making it a more centralized organization.

Voting participation rate

If the percentage of token registration remains low it would mean that candidates vote amongst themselves and that could be against the constitution.

Decentralization can be maintained through community education, rewards redistribution and user base growth.

Current state of EOS

EOS is a truly decentralized organization, though not ideal and it is moving from a conceptual project to fully functional network. As a token holder you have the responsibility to register your tokens and vote because it will define your future as part of the community. True decentralization will only be possible through a balanced and multicultural pool of Block Producers.

While other blockchains partnered with VCs, no one had done it like EOS. It seems that EOS has figured out how to bring blockchain to the masses without getting centralized. The simplicity of the EOS network makes it innovative and decentralized.

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