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EOS Founder Threatens to “Take Down” Bitcoin, Ethereum

EOS Founder Threatens to “Take Down” Bitcoin, Ethereum


EOS Founder Threatens to “Take Down” Bitcoin, Ethereum

Daniel Larimer, the creator of cryptocurrency and decentralized application (Dapp) platform EOS, has confidently declared that he could easily “take down” the decentralized blockchain networks of Bitcoin and Ethereum.

Larimer had first asked on Twitter: “How many people would you have to hold hostage to censor all transactions on your “decentralized” blockchain? How long would it take to recover?” The first response, “21”, was an immediate dig at EOS’s 21 elected nodes or block producers, securing the EOS network.

In what is being viewed as an attack on decentralization, he then responded by saying he would only need to control 3 pools to control Bitcoin and Ethereum:

The resulting Twitterstorm centered mainly around people inviting the EOS founder to do exactly as he threatened, with a few pointing out that there was a stark difference in having nodes and pools secure the network. With the latter, if participants in a pool notice that a pool operator has started behaving maliciously, they would disconnect and contribute their hashpower to a different, neutral pool.

Larimer himself eventually backed down from his stance, though only by reluctantly admitting that carrying out his threat “would be illegal”.

The EOS platform is routinely criticized for its seemingly centralized architecture, with only a limited number of elite large entities known as block producers determining valid transactions and building blocks. Nevertheless, its token value has been steadily improving since its migration to its own native blockchain.

EOS was ranked in top spot in a recent cryptocurrency ratings index released earlier this week by the state-backed China Electronic Information Industry Department (CCID). It was also rated favorably in this week’s Weiss Crypto Ratings Report, which predicts EOS as one of the top runners for 2019.

 

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