Block.one reveals plan to begin voting on the EOS blockchain in May
Block.one, the writer of the EOS blockchain protocol, plans to begin staking and voting on EOS initiatives in May.
Announcing the information not too long ago, the firm stated that its participation is to “ensure maximum network security and constructive participation.”
“We anticipate that we’ll begin voting in May to assist drive alignment and progress amongst the EOS neighborhood and lay the framework for the way we interact with many public blockchains in the future,” a Block.one spokesperson instructed The Block.
Block.one allotted itself 10% of the whole EOS tokens throughout its $four billion ICO between 2017 and 2018. According to the firm, it has been a “relatively silent minority token holder” since then, having abstained from working nodes or voting.
The firm stated it now holds round 9.5% of the whole circulating EOS tokens, since new tokens have been generated and added to the whole provide.
EOS is a proof-of-stake community in which EOS token holders can vote to determine which entities (named Block Producers) to produce the subsequent block.
As a primary step, Block.one stated it’s going to vote for Block Producers (BPs) on the EOS community that “contributed a tremendous amount of code, knowledge, and leadership.”
“Initially, in the coming weeks, we plan to use our voting stake to begin highlighting and voting for many of these candidates, potentially even in rotation, to showcase these organizations’ achievements, values, and network contributions,” the firm stated in a press release.
According to the firm spokesperson, the prime 21 BPs obtain votes from over 30% of the excellent EOS provide. This implies that if Block.one chooses to vote with all 9.5% of its token holding, it might considerably impression the voting outcome.
Block.one stated in the assertion that its voting strategy will change over time because it seeks the greatest methods to incentivize good BPs. It can be researching on a mannequin for a possible EOS basis to help the blockchain.