EOS Price: Still Recording Gains As The Project Comes Under Fire Over Centralization. Tuesday, November 13th
EOS Still Recording Gains As The Project Comes Under fire Over Centralization
EOS is marginally performing well. At the time of press, the coin is trading at around $5.30. This comes amidst allegations over the weekend that EOS is more centralized than thought before.
According to some photographic evidence going around social media, it has been revealed that an arbitrator reversed a confirmed transaction on the EOS network.
For those who’ve been following EOS since its $4 billion-year-long Initial Coin Offering, this comes as no surprise. The project has come under fire previously due to its lack of full decentralization. Back in June, the project froze seven accounts which were suspected to be used for scams. Daniel Larimer, EOS CTO has confirmed these “lack of decentralization” claims, stating that the project isn’t after decentralization and rather anti-censorship and robustness against being shut down.
EOS/USD Price Chart, Tuesday November 13th:
This allegation hasn’t seen EOS make any sudden movements in the market. Although the coin dipped on November 09 when the allegations popped up, this was largely influenced by a wider market dip. The weekend can, however, best be described as sideways action with no major movement from the coin.
With more and more people becoming aware of the project's lack of full decentralization, this might end up being a concern for the project as it beats the point of its existence.
However, as Larimer puts it, there seems to be a greater need to protect users. With most blockchain projects lacking the power to freeze or reverse accounts, there are always cases of theft and other unresolved cases. EOS seems to offer a solution to this. But, at what cost?
This is a question that will be answered over time, as we continue to see how far the project is willing to go when it comes to controlling accounts and transactions. If not careful, this could be their own undoing.
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