Block.one reveals plan to begin voting on the EOS blockchain in May

advertisement

Block.one, the publisher of the EOS blockchain protocol, plans to begin staking and voting on EOS initiatives in May. 

Announcing the news recently, the company said that its participation is to "ensure maximum network security and constructive participation." 

"We anticipate that we will begin voting in May to help drive alignment and progress among the EOS community and lay the framework for how we engage with many public blockchains in the future," a Block.one spokesperson told The Block. 

Block.one reserved 10% of the total EOS tokens during its $4 billion ICO between 2017 and 2018. According to the company, it has been a "relatively silent minority token holder" since then, having abstained from operating nodes or voting. 

The company said it now holds around 9.5% of the total circulating EOS tokens, since new tokens have been generated and added to the total supply. 

EOS is a proof-of-stake network in which EOS token holders can vote to decide which entities (named Block Producers) to produce the next block. 

As a first step, Block.one said it will vote for Block Producers (BPs) on the EOS network 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 company said in a statement. 

According to the company spokesperson, the top 21 BPs receive votes from over 30% of the outstanding EOS supply. This means that if Block.one chooses to vote with all 9.5% of its token holding, it may significantly impact the voting result. 

Block.one said in the statement that its voting approach will change over time as it seeks the best ways to incentivize good BPs. It is also researching on a model for a potential EOS foundation to support the blockchain. 

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Layer-1 Platforms: A Framework for Comparison

The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana. We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come. 
Read Full Story
Aug 11, 2021, 5:18PM UTC
More