EOS Price Rises by 10% as CEO of Block.one Floats Voter Rebates

The price of EOS recorded over 10% gains owing to strong fundamentals in the last 24 hours. EOS opened trade at $2.7253 for the day this Wednesday. However, the digital asset dropped low towards $2.7066 during the Asian session to form an intraday low. It eventually rebounded briefly to $2.8402 as the course matured and moved to the European trading session, which was a new high. At the close of trade that day, EOS had reportedly extended its rise to an impressive $2.9076, which is a new high as well.

EOS Price Today – EOS / USD

Name Price24H (%)
EOS (EOS)
$3.96
-3.99%

EOS One of the Few Coins With Strong Bullish Sentiment

Although the rally came following an overall recovery in cryptocurrency markets, EOS was one of the few coins to record a strong bullish sentiment. The world’s third largest exchange Huobi revealed via an official press release that they would make an EOS backed derivative forum for traders to take long and short trades with EOS tokens.

 In the announcement, it was also revealed that EOS would be used to speculate, arbitrage and hedge on the new platform. Overall this is a sign of the increase in demand for digital assets.

Block.one C Proposes Voter Rebates for EOS Stakers

Before EOS established the fresh highs from 24 hours ago, the project attracted a breakthrough proposal from the CEO of Block. One Brendan Blumer, after he reached out to the EOS community to address inconsistencies within the network. The key claim was the controversy related to EOS’s inability to tackle the issue of vote buying. He made this declaration on New Year ’s Day, by suggesting that EOS should modify or enhance its constitution to allow the block producers to pay dividends formally to users who give in to their stakes. He called the solution “Voter Rebates.”

To those who are not familiar with the pattern in which the EOS Blockchain operates, the Blockchain project is strictly based on the distributed-proof-of-stake (DPoS) consensus protocol that works with block producers instead of the traditional miners. EOS users votes for candidates by way of staking tokens, and individuals with the 21 biggest stakes will become active block producers. They will contribute by taking turns in producing blocks, thus confirming that transactions will done at a faster rate than the regular proof-of-work (PoW) protocol. According to the EOS constitution, the winners don’t have the capacity to pay benefits to their voters.

Ethereum (ETH) Co-founder: EOS’s Plutocratic Model is an Indication of Centralization

Early last year, Ethereum (ETH) founder Vitalik Buterin warned the crypto community about the limitations presented by EOS’s plutocratic model, which he insisted ensured centralization. His fears became real when a leaked Excel spreadsheet showed that Huobi was accepting kickbacks for voting several entities for the role of decision-makers for EOS. The major problem this created was giving users the means to make rewards after staking their tokens.

The proposal for voter rebates by Blumer although now in the early stages could see the light of day should members of the EOS community support it in mass. If successfully implemented, the “voter rebates” solution should improve EOS’s adoption rate, and value in the long-term.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.