EOS Centralization Woes Return as Block Producer Offers Money for Votes

The EOS network is decentralized until it is not.
A block producer for the EOS blockchain has publicly engaged in a money-for-vote activity. Starteos, as the node is called, announced that delegating its node as a proxy would allow users to earn a stable income in EOS tokens. As the node is originally a game launched on the top of the EOS blockchain, it also offered its potential delegates “the corresponding amount of general game tokens,” which they can use to play Lucky Fruit Slots Machine and [again] receive revenue in EOS tokens.
“Users could not only gain revenue through mining mode but also gain revenue through game mode. EOS mining mode is simple, stable and with nice revenue; the game mode maybe is more profitable and fun to play. Since we offer idle games, there is no loser in the game world of Starteos,” – the EOS node declared openly.
The whole advertisement appears in contrast to what EOS promised in its original whitepaper: an easily scalable and decentralized and democratic blockchain network. However, the project has faced criticism for limiting the rights to add blocks to only 21 nodes. Each of these nodes is selected upon a democratic voting process. In a way, the reason why a transaction on an EOS blockchain should appear faster than others is that it doesn’t have to be confirmed by the entire network. Users directly elect 21 representatives to do it for them.
However, an ideal decentralized network contains thousands of such nodes, confirming transactions and adding them to their respective public ledger. The process remains dependable unless a single entity gains control of more than 50% of the blockchain network. In a system that is primarily distributed, it is unlikely to happen.
In the case being discussed, Starteos is one of the 21 nodes engaged in offering EOS rewards to users who vote for its node to stay in power. The practice leads to a bad experience for competing nodes that have a smaller number of EOS coins, indicating that only wealthy entities would govern the EOS network down the road.
EOS Price Tumbles
The EOS rate against the US Dollar, meanwhile, has dropped by more than 10% in the past 24 hours, trading at 2.55 at press time. While the correction appears to be in line with an overall market trend, the losses EOS/USD is facing is way more than what met by other top coins. For instance, Bitcoin Cash, the second worst-performing top coin on a 24-hour basis, has dropped 6%. Bitcoin, the largest digital currency, is stable after noting only 0.5% drop within the same timeframe.
A direct correlation between Starteos’ announcement and EOS price drop cannot be established due to a week-long difference between the two events. However, the news could hurt the long-term prospective of the network unless it improves upon its infrastructure to make its platform more decentralized as originally promised.
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Zcoin To Host Live E-voting On Blockchain For The First Time

Thai Democratic Party would be the first player in the voting system to employ blockchain technology for a live e-voting. According to resources, Zcoin Blockchain will put in place to run e-voting system on November 1 to 9.
Voting Via Cryptography
Members during elections can vote in two methods – Raspberry Pi-based voting system which is a nationwide voting system and later using blockchain application. Consequently, the decentralized app is dubbed D-Elect enable voters to submit their Photo ID as a proof. Besides, members need to submit identification documents and voting tallies.
Then the process follows like;

This voting information or datasets will be processed and stored over a decentralized file system
This distributed mechanism will create IPFS (InterPlanetary File System) hashes that store a huge volume of data
Later, these IPFS hashes were stored on Zcoin blockchain technology.
Zcoin’s blockchain provides seamless audit access to the Thai Election Commission and Democrat Party Candidates.

Poramin Insom, Zcoin developer said in a statement
I am very proud that Zcoin played a role in making Thailand’s first large-scale e-vote, a reality, which saw greater voter participation and transparency.
Moreover, to assure the security during voting system, Shamir’s Secret sharing Scheme was put in place that demands multiple keys in order to access any stem. The scheme would require multiple custodians to decrypt voting datasets which marked a great success to blockchain applications for election system. Not just Thailand, West Virginia was also looked up as a country to employ blockchain app for midterm federal election for trial purpose.
Cryptocurrency and ICOs where regulators of major countries pop up the red light, blockchain technology, on the other hand, heads up by signaling green. Poramin Insom, Zcoin founder and lead developer intends to employ blockchain technology across large-scale e-voting as well.
What’s your view on Blockchain adoption for voting system? Let us know in comment below 
The post Zcoin To Host Live E-voting On Blockchain For The First Time appeared first on Coingape.
Source: CoinGape