Block.one to participate in EOS voting – Bane or Boon?
EOS creator Block.one announced their plans to participate in the voting. Since it is an active minority voting member. It will be using its stash of 10% of the initial supply of EOS tokens to vote for the block producers.
Block.one mentioned on their website, “As a recipient of 10% of the initial EOS token allocation, Block.one recognizes its responsibility to participate as an active minority voting member.” The organization further explains in the blog post, “As such, our approach has been carefully considered, and Block.one will soon begin allocating votes to block producers that share the core values necessary to maximize the integrity and potential of the EOS public blockchain network.”
EOS MainNet launch took place in early June and the launch of their blog post as “swift and successful”. However, there have been a number of problems along the way. In fact, some of the block producers have been even accused of being complacent when it came to upgrading their protocol.
Is block.one voting for the block producers a boon or bane?
Block.one has the power to choose block producers based on their integrity, honesty, and fairness. Though it sounds great, some members believe that the community has already spotted a number of problems, BitcoinExchangeGuide reported. Moreover, they’ll be getting a lot of power to handpick its desired block producers.
Previously, the issues of the blockchain were related to centralization. The community believed that too much power was given in the hands of a few people. The network theoretically has checks and balances to prevent the block producers from holding too much power. However, last week the checks and balances were rendered moot when the block producers froze a series of EOS accounts without consulting much with the community.
This is the reason why the latest announcement is so since Block.one can singlehandedly choose a block producer.
Reportedly, Block.one claims that it will be avoiding casting its 90 million token-based votes for a single block producer. They have instead decided to split their vote across 30 producers. Block.one actually wants to update the system to support approval of 50 producers per account instead of 30 that’s currently allowed.
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