The process to vote for EOS block producers has started, with powerful candidates already appearing. But is the system fair?
40 mins ago
The EOS candidacy process has been underway for a while, and for the outside observer, it is confusing and rather obscure. The full list of candidates is still unknown. So far, big players in the crypto space – Antpool, Bitfinex, have become the most prominent candidacies. Other organizations, with diverse geographic origins, are cropping up, and their offers as block producers resemble any political election.
#AntPool is Officially Running for the EOS Block Producer, Please vote for us!
Official Web:https://t.co/0nLuAsfGTf pic.twitter.com/bPcMviT3yU
— AntPool (@AntPoolofficial) April 21, 2018
Contentious issues such as spreading the block reward to the community, and whether this is in fact a form of kickback, are making the campaign more complicated. There is also the race for offering powerful computing resources. Others simply rely on their status as whales, or their geographic position to rile the local community. Some node candidacies are based on a feeling of national belonging, such as Canadian or Indian node candidates.
Exchanges or other professional outfits as block producer candidates are good for the #EOS ecosystem. It legitimizes the power of the software to the rest of the world. We welcome @Huobi_Pro and @bitfinex as we all work toward solutions which secure life, liberty, and property.
— EOS New York (@eosnewyork) April 23, 2018
There is a third breed of candidates – those who view the node status as a chance to collect as much EOS as possible, and redirect it to dapp development projects.
Right now, EOS backers, potential users and token holders are still testing the system. To make sense of the ever-growing list of block producer candidates, a specialized service site is available. But the voting itself is only in the simulation stage.
Choosing block producers in the simulator happens over a two-day period, which locks the EOS tokens used for voting.
The rules are as follows, according to the BigOne service:
- Voting won’t cost you any EOS, but will lock your EOS tokens for the period of this event. After the voting is completed, EOS will automatically unlock.
- 1 EOS token = 30 votes, but each token cannot vote for the same candidate twice.
- If you change your mind, you can click the “Reset All Votes” button to unlock all your EOS. At the same time, all votes in this account will be deducted.
The voting process is creating significant hype around the EOS ecosystem, affecting the price and increasing the speed of the current rally. However, the process may turn out to raise more difficult questions about EOS in the coming months.
A similar election process may affect the fate of TRON, where instead of block producers, the community would be voting for super delegates.