EOS block producers lose over 150 million votes due to vote decay
EOS vote decay seems to be on the rise. According to data from EOS Authority, an EOS founding block producer based in UK, block producers have lost over 150 million votes or over 4.5 percent of the total votes cast, at the time of writing.
As part of the EOS launch earlier in June, 21 block producers had been voted in place to be part of the network’s governance. Simply put, the block producers are pretty much in charge of running the EOS blockchain.
It is important to note that block producers can be voted in or out by the community at any time. Moreover, EOS has a mechanism in place which requires voters to re-assert their vote every week to maintain maximum voting influence.
What is vote decay?
Voting power decays for users to do not keep their votes up to date. The purpose of the vote decay mechanism was to ensure that users re-evaluate their votes rather than leaving their votes as is.
Voting influence will weaken after a week, and can pretty much disappear over the course of two years, unless users recast their votes. It is advisable to recast votes once a week, which will immediately revive the vote’s influence.
The mechanism ensures that block producers remain efficient and less likely to fall out of line. Moreover, automated voting bots are strictly forbidden.
This allows a clear, honest consensus on who should be responsible for running the EOS network.
Staked and unstaked tokens
So how does voting work? Users get a certain amount of votes depending on how many tokens they have staked. For example, if an account has stake 40 tokens, the vote of the user of that account will have a power of 40.
For those who many not know, staked tokens decide how much bandwidth a user is guaranteed access to on the EOS network. Tokens that are unstaked are free to be traded or moved around.
Every user is allowed to vote for up to 30 block producers. The vote’s influence does not get split between the block producers that a user has voted for.
In simple words, if you have staked 40 tokens and have voted for 20 block producers, each of them will get 40 votes in their favour.
The voting process for block producers never ends, since any of them can be voted out depending on their performance and number of votes they receive.
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