The founder left, the market value shrank by more than 300 million, what happened to the first empty coin in the currency circle?

The founder left, the price of the currency plummeted, and the once empty coin ENU of the former currency circle is now facing the danger of "collapse".

After the deep-chain financial investigation, it was found that the crisis of ENU was caused by the irreconcilable contradiction between the founder and the super node, and the root of the contradiction was the problem of the governance mechanism.

The mechanism of “one vote, thirty vote, and no dividend” makes the alliance of interests between the super nodes. As a vested interest, the super node is hard to listen to the idea of ​​the founder to change, so it falls into a “no solution”. situation.

In fact, the problem of ENU is not a case. Many DPOS chains, including EOS, have similar governance problems, but ENU, which was developed as a copy of EOS source code, is worse than other projects.

ENU's moment of peril

For ENU (avocado), the moment is undoubtedly the worst.

Not long ago, ENU founder AP (Aiden Pearce) announced in the telegraph group to abandon the ENU public chain and leave the community. After the news came out, the price of the currency, which was already very bleak, fell sharply. Non-small data shows that on July 1st, ENU fell to the lowest point since the line was up – 0.017 yuan.

Imagine that in February 2018, ENU was born, from the founder identity to the project concept to the token distribution method, ENU is different everywhere.

First of all, ENU's founder AP is an anonymous role, like Nakamoto, no one knows his true identity, the ENU project announced that only AP sent a post in bitcointalk.

Secondly, ENU's philosophy is also very novel, and is committed to creating a Dapp called UBI (Universal Basic Income), which makes many people shine.

The so-called UBI means that a person, as long as you are alive, can get a fixed income through UBI without any conditions and preconditions.

In the eyes of founder AP, everyone on the planet has the right to a fair share of resources, but poverty has caused many people to starve to death. He wants to make everyone have a guaranteed income through UBI.

Once again, the ENU code completely copies the source code of the EOS, which makes it possible to get into the public eye of the EOS hotspot, and it has laid the groundwork for the troubles and crises that followed.

The most interesting part is the distribution mode of the ENU token. When other project parties send money for financing money, ENU chooses to give away free of charge, the total of 500 million ENU, except for 100 million left to the development team, the remaining 400 million are distributed by airdrop.

The AP writes a smart contract. As long as 0 ETH is transferred to the specified address, the user will receive a certain number of ENUs.

However, what surprised AP was that 400 million tokens were snapped up in three days. This is inseparable from the propaganda of the Chinese cryptocurrency community and the concern of the smashing wool army. Of course, this also causes more than 90% of the ENUs to be held by the Chinese.

ENU later rose from a worthless value to 9 cents, and many people who smashed wool also earned a lot of money.

In short, because of these characteristics, ENU has been awarded the title of “the first empty coin in the currency circle” and “the EOS of the poor version”. Some even believe that this project of copying EOS may even become the biggest competition of EOS. opponent.

However, looking back at the currency price in the past year, ENU has fallen from the highest point of 0.9 yuan. So far, the decline has reached 97%. From the market value point of view, the market value of up to more than 50 million US dollars has now shrunk to more than 140. Ten thousand U.S. dollars.

If the previous decline was due to the bear market downturn, then in the past month, in the case of bitcoin rose and the market rebounded, ENU still fell 79%, showing no signs of recovery.

"The ENU was originally airdropped, and when it was not available, it could sell for 4 cents. The result was a year and a half, and it was like this…" Some community members complained.

The price of the currency plummeted, and the founder left. As a currency that caused widespread concern in the cryptocurrency community in 2018, what happened to ENU?

China's "big whale" is evil?

"The most essential reason for AP's departure is that one person in the community controls 6 of the 21 super nodes and controls a large number of spare nodes." In an interview, PeiLin told Deep Chain Finance.

PeiLin is one of the nodes of the ENU and is also a supporter of the ENU founder AP. In PeiLin's view, the AP's departure is the result of the irreconcilable contradiction with the super node, and the spearhead is a Chinese named LEX.

LEX is one of the 21 ENU super nodes, and the ENU "geek whale" in the AP port.

In the eyes of many ENU community members, AP is an idealistic person whose pursuit is decentralization and fairness and justice, as can be seen from UBI's philosophy and the way tokens are distributed. Thus, for APs, "tall whales" cannot be tolerated.

Regarding the "control of six super nodes", LEX told Deep Chain Finance that it is only a friend relationship with the other five super nodes. Those nodes are not their own. He just operates on behalf of friends. "Our private key sharing, I They can vote for them, and they can vote for themselves."

"AP is worried that we control this chain, and then cut the leeks." LEX tells Deep Chain Finance that even if you have full control over the six super nodes, the maximum privilege is nothing more than letting the six super nodes go offline at the same time. The chain will stop, but at the same time all of its assets will be frozen, and no operations such as transfer can be completed.

"In fact, the economic model determines that I can't do evil on this chain. Someone has been emphasizing that I am a super node that will do evil. I think this is difficult to understand. My own assets are mortgaged. How can I possibly Do you do evil?"

In addition, LEX said that he is not a so-called "big whale" at all. The coin of his own and his friends add up to more than 5 million. There are many people in the community who hold more than 5 million tokens. "To master the entire chain of ENU. The right to decide, at least to control more than 15 super nodes, the threshold of holding the currency is more than 10 million, so I am not enough to control this chain."

In PeiLin's view, the EUN community's turnout rate is very low. Although LEX has only a few million ENUs, he can vote for multiple nodes by using millions of ENUs, and let these nodes enter the top 21.

PeiLin told Deep Chain Finance that AP tried to use the “one vote, one vote and vote to reward” approach to encourage ordinary holders to vote, while limiting the super-node mutual investment. However, this method is not supported by the super node. "Most nodes are unwilling to implement this solution for the immediate benefit."

"AP said that if the LEX node continues to be maintained, he chooses to quit." PeiLin said that he had communicated privately with LEX for a long time after learning the news, but LEX was unwilling to cancel his node. "He does not cancel, that It means that he is not willing to cooperate with AP, it is probably to deliberately force AP to go."

For the suggestion of "revoking the super node", LEX said that the AP did not ask for the cancellation of the super node, but PeiLin felt that only the cancellation of the six super nodes AP would be satisfactory. But once the six super nodes are cancelled, the risk of ENU network instability will increase.

In addition, in the view of LEX, the code is the law, AP has chosen the mechanism of DPOS, and one year later, with the "super node affecting decentralization", it is unbelievable.

"AP chose the fork EOS source code and used the EOS DPOS consensus. In fact, you should know that this chain will definitely have such problems. Large players vote for each other and then stabilize their position in the top 21. This question is no. Can be avoided." LEX told Deep Chain Finance.

Founder sentiment affects the market

AP accused LEX of controlling too many nodes, and in LEX's view, as the founder and project leader, AP has not developed anything in the past year.

In February 2018, the ENU project was launched. In May and June, the ERC20 token was exchanged into the token of the main network. In the view of LEX, the ENU main network is technically free of any updates. It is completely the code of the fork EOS. Some names have changed.

"According to the entire development plan, UBI will be released in March 2019, but in March this year, we did not see UBI, but took out a UBI demo. This demo we tested and found that there is not much development. the amount."

PeiLin does not recognize the statement of LEX. PeiLin said that as the founder of the project, AP wants to do a lot of things to change ENU, but the super nodes don't cooperate with him. "EOS has been upgraded to 1.8. Many ENU nodes are not active, even against AP. ENU is still in A very low-level version, it is difficult for an AP to implement some functions."

PeiLin believes that this is a deliberately rhythmic behavior, "In fact, AP did develop a beta version of UBI and a trading exchange on the chain."

Because of UBI, LEX has always believed that AP is a person who is upright and considers for everyone. "He wants fairness and justice to happen to everyone." However, what happened recently made him feel that AP is a very emotional person.

“In the past month, ENU has fallen from the highest point of one-fifth to the current one-fifth, and has fallen by almost 90%. In fact, the founder’s sentiment is affecting the market.”

LEX said that AP has made many capricious choices in the past month. One will say that he wants to leave the community. He will say that he will continue to do it. He will say that he will take over the entire network, and then he will not take over the next day.

"It's so capricious, there are about five or six times, so the whole community collapses, and then the price of the currency has been squatting down to the current price."

In LEX's view, as the founder of the project, as a rational adult, AP should not do this.

For the emotionalization of AP, PeiLin said that before the currency price fell, many people thought it was an AP. So they went to the telegraph group to attack him every day. In addition, as the project founder, AP wanted to do a lot of things to change the ENU, but the super nodes Do not cooperate with him.

PeiLin believes that every day, facing normal troubles, any normal person will have a temper. For the AP to leave the ENU, PeiLin said that this is not an emotional behavior of the AP regardless of the interests of the ordinary holders. “Because as long as the AP is still developing in the chain, it is equivalent to bringing in more people and continuing to be squeezed by those who have conspiracy. ".

ENU is the worst "mapping" of EOS

In the view of the founder of EOS Force, the problems faced by ENU, like EOS, are essentially the governance mechanism. The core and fate is that they will vote for 30 votes and not vote for dividends. .

"The so-called one-vote and thirty-dots means that you have a coin (ticket) that can be invested in 30 nodes. For example, if you have 5 million votes, I have 5 million votes, and we have 10 million votes for each other. As long as The 30 nodes are united, and the people behind can't get in."

Eitafang founder Vitalik Buterin has previously criticized the EOS consensus mechanism and its management structure, saying that the collusion between the big stakeholders is not a problem at all, but when it happens.

In the eyes of the singularity, a vote of 30 votes itself will lead to a node alliance, directly giving EOS "play bad", although EOS is perfect in other aspects, Block.One team development is also very hard.

"This problem directly leads to the fact that it does not make money to work in EOS, and does not work to make money. This is a very core issue. If the system is such a situation, how should the system develop?"

As a mainstream currency, EOS can go up and down with the broader market, but from the number of daily active users, the current daily livelihood has been greatly reduced compared to last year's main online line.

In fact, BM also wants to change the EOS "one vote and thirty vote" mechanism to "one vote, one vote, vote dividends", but the node does not pass.

Unlike POW, the technical threshold for DPOS change rules is very low, but the main threshold is in the community, and the change of rules requires more than two-thirds of the nodes to agree to pass.

"The original interest alliance can make so much money. Why is he going to change? Who is in charge of this chain? The node has the final say, the interest alliance monopolizes these nodes, how can he change it for you?"

In the eyes of the solitary, the super node's approach is a higher level of evil, and this will kill EOS.

It can be said that ENU's crisis today is precisely the worst "mapping" of EOS. It can even be said that ENU mapping is not only a problem of EOS, but a problem of the entire DPOS mechanism. However, ENU and EOS took the lead in taking the “one vote, thirty vote, voting without dividends” route, which verified the mistake of this route.

Ooya tells Deep Chain Finance that EOS Force currently adopts the “one vote, one vote, vote dividend” mechanism, but even then, there will still be problems. Although this mechanism solves the problem of node-join cooperation, the problem of bribery of individual nodes remains unresolved.

"But a vote of 30 votes must be changed first."

In the eyes of the lonely, the EOS community is big, it takes a long time to do, and there is enough foundation to be defeated, but the ENU community is only one year. If it is not so thick, it can be defeated. Now it is life and death. If you don't want it, the whole article The chain will die and all supporters will suffer.

After the announcement of the departure, AP transferred about 220 million ENUs such as ENU ERC20 tokens and developer funds that had not been mapped before to the multi-signed account of enu.savings and returned it to the community.

LEX said in Weibo, "At this point, the development model of ENU has changed from founder-led to community-led."

However, in PeiLin's view, although the AP left, the super nodes will certainly not give up the chain. They may try to make a public opinion pull when the retailers sell their coins in the same amount.

In addition, the 220 million ENUs transferred by the AP plus the 4% additional savings in the previous enu.savings account (in order to reward the super-issued tokens), the enu.savings account currently has 246 million tokens.

In PeiLin's view, the super node can completely corrupt more than 200 million ENUs in various ways by lie about the cost of the coin and the cost of hiring the developer.

For the saying of cutting leeks, LEX said that cutting leeks is a secondary market behavior, and anyone can do it. It has nothing to do with whether it is a super node.

In addition, regarding "corruption of more than 200 million ENUs", LEX said that ESU's super nodes are performing multi-signing, and 15 super-nodes can complete the destruction of 160 million ERC20 tokens that are not mapped to the main network.