EOS is making big waves in the crypto space, with the promise of becoming the coin that is here to stay, possibly displacing from its position as the leading ecosystem for distributed apps.
However, in the past day, EOS has taken a deeper plunge compared to other assets, as the hype ahead of the main net launch is not enough to sustain it. EOS is also making noise around the approaching hackathon:
EOS stands at $17.01, down more than 14% on the week, and sliding around 2% in the past day. What is worrying is that volumes dwindle quickly, and buyers at peak prices who expected an $30 climb are, for now, potentially losing.
EOS trading, which a few days ago took over more than 15% of the crypto market, quickly gave way to other assets, and fell below 6% of all deals.
Just weeks ahead of the promised launch, the voting for block producers is still unclear. It is unknown which the entities would be that would hold large amounts of EOS tokens, and provide the hardware and oversight in verifying the EOS distributed ledger.
For EOS, the upcoming voting by token holders will define the robustness of the network. A grassroots campaign has been unrolled to support what the community believes is a more suitable type of candidate.
EOS token holders are advised not to vote for exchanges or large mining pools, instead focusing on specialized entities dedicated to EOS with various geographic locations.
For that reason, voters would need to perform a rather complicated due diligence process, getting to know the hardware capabilities of a potential block producer, but also their track record in community outreach and GitHub commits. Hence, the EOS network building would be a real-time experiment in distributed consensus, as there is no centralized plan to build the network of 21 block producers.
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