EOS (EOS): Bitfinex allows token holders to vote for block producers directly 14728
News
Pinaz Kazi
Jun 19, 2018 at 9:56 AM

EOS (EOS) went live after more than 15 percent of the community voted. Now, Bitfinex one of the leading candidates started an open-source tool for voting allowing the users to vote directly from the platform.

At the same time, it can be used for the trading platform. The new tool has been dubbed as Bitfinex Ballot and is already available for voting and for deployment on different exchange platforms. Bitfinex recently announced about the successful deployment of a tool, allowing the users to vote for the Block Producers (BPs). The voting tool lets the users stake their current EOS margin wallet balances, EOS exchange wallet balances, EOS funding wallet balances, and to vote for BPs, Bitcoinist reported.

Related article: EOS blockchain is now officially live

Bitfinex is one of the largest cryptocurrency exchanges in the world and has around 75 cryptocurrencies listed on its platform. In the past 24 hours, it managed over $250 million trading volume. As far as it is known, Binfinex claims that it is the only exchange where tokens for margin longs are eligible for voting currently. According to a tweet posted by Bitfinex, it can be done “whilst still taking advantage of margin & funding features on Bitfinex.”

Advantages of Bitfinex Ballot Tool

With this open-source tool, users can recast vote in case of any mistake. A weekly snapshot will be given and you will be able to vote only once a week. It is to be noted that the votes will be rebalanced in every 3 days. Reportedly, margin and settled balances will also be able to vote for EOS Block Producers. The exchange will be keeping 20% of all tokens in the cold storage, not staked and allow withdrawals to process smoothly.

Moreover, Bitfinex claims to be the most secure way to vote for EOS block producers that is “aside from setting up a standalone EOS node or running a proxy”. It is safe as the keys offered are only used for voting and not to access the balances. Also, they are periodically regenerated so that users can regain control in case of any theft.

It seems to be certainly a good thing, especially after the difficulties holders faced. The EOS MainNet launched on June 9, and it took almost a week to go live. The reason being for the project to move forward 21 block producers were to be voted. However, the voting process was slow since the process didn’t appear to be safe for the users.

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