EOS is not decentralized? 50% of EOS tokens belong to top 10 holders

Recent data crunching discovered that 50% of the EOS tokens belonged to the top 10 wallets. This questions the apparent decentralization that the token boasts.

The data in question was uncovered by user Lannisan on Reddit. The post titled “EOS Rich List/Genesis Snapshot Statistics” crunched the numbers associated with the genesis snapshot results. There was also a disclaimer along with the post that pointed out that some of the bigger wallets may belong to exchanges, but the data still holds disturbing conclusions.

He went on to state the criteria to enter the top 10, 100, 1000, 10000, and 100000 richest EOS holders. The tokens to be held are 20.6 million, 646 thousand, 42 thousand, 3000 and 55 respectively.

After the data was processed, it turned out that the top 10 held a whopping 496 million tokens of the 1 billion tokens in existence. This is reflective of real world wealth distribution, where 1% of individuals possess 40% of the wealth. The company behind the EOS platform, Block.one holds 10% of all tokens in existence, which left the data excluding Block.one at 39.6% of all tokens held by the top 10.

The top 100 held 64.82% of all the tokens, which is still a sizeable margin over the top 10. The margin comes up to 25.22%. The top 1000 were abysmal by comparison held over only 75.81%. This translates to a margin of just under 11%. The remaining holders hold only 13.86% of all available. The remaining 0.33% are left unregistered.

The final break up comes up to:

  1. Block.one – 10%.
  2. 2-1000 – 75.81%.
  3. 1001-163,920 – 13.86%.
  4. Unregistered – 0.33%.

He ended the post with:

“Those Top 1000 holders are quite powerful indeed. The Top 10 alone can almost do whatever they want if all 10 of them agree to do the same thing since they control almost 50% of the total EOS (and no one would be able to stop them). And whoever is in the Top 1000 will also have a lot of influence.”

Commenters speculated that the top wallets might not be exchanges, but instead shadow accounts of Dan Larimer.

User XRballer said:

“Not all exchanges. Several are Dan and his father’s shadow accounts. They have been buying EOS with ICO Eth all year and storing it in a collection of 100s of wallets. They need to keep majority control over the supply to prevent other cartels from taking over.”

User gallge said:

“This should simply read YOU ARE F****D.

The post EOS is not decentralized? 50% of EOS tokens belong to top 10 holders appeared first on AMBCrypto.