EOSIO 2.0 Released but Vote-Buying and Centralization Concerns Persist

Published on by Cointele | Published on

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One released EOSIO 2.0 as an upgraded set of protocol improvements for the software underlying the $3.2 billion EOS blockchain.

The EOS community voted on a proposal to slash the network inflation from 5% to 1%, marking blockchain's second massive token burn event since the second quarter of 2019.

Network degradation concernsBefore the release of EOSIO 2.0, the EOS blockchain had reportedly been dealing with congestion issues.

The congestion caused by the EIDOS token airdrop was the latest in a series of degraded network performances for the EOS blockchain.

Earlier in February, Coinbase issued a status update stating that the EOS network was experiencing "Degraded performance." Two days later, the crypto exchange giant halted deposits and withdrawals of the EOS token.

"Descriptions of a 'degraded' EOS network performance are not accurate. The EOS network transfers and confirmation times are operating as normal. Working closely with Coinbase, we have identified scalability issues with the integration between the EOSIO software and their required tools that monitor all economic activity of supported digital assets."

One spokesperson also revealed that the latest updates to the EOSIO software has caused the EOS network to perform at levels exceeding the integration protocols being used by Coinbase.

Concerning vote-buyingWhile EOSIO 2.0 could see the EOS network enter a new and improved phase for developers, issues concerning vote-trading and the overall centralization of the blockchain still persist.

EOS holders can stake their tokens by voting for up to 30 BPs. The votes given to each BP depend on the number of tokens staked by the user.

From over 17.3 million votes cast, about 16.5 million voted yes to the proposal earlier in the week, resulting in more than $130 million worth of EOS tokens being destroyed.

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