EOS Voting FAQ
Overall, the process of selecting and voting for Block Producers is very exciting. It’s like a socio-economic-political experiment spanning the virtual and real worlds.
Every EOS wallet will be able to select 30 Block Producer Candidates. Each candidate selected will get the entire value of EOS tokens in the wallet as votes towards their Block Producer account.
Once 150,000,000 votes have been cast, the mainnet will be live for use. Most experts are estimating that the earliest this will occur will be June 3 2018 22:59:59 UTC. Everyone, get ready to wait…
When can users vote on EOS Block Producers?
The earliest this will begin is June 3 2018 22:59:59 UTC
The EOS crowdsale will end exactly on Jun 1 2018 22:59:59 UTC
At the end of the crowdsale, every EOS token holder who has registered their EOS ERC-20 tokens will automatically have the matching amount of EOS tokens to whatever is in their Ethereum address at the end of the crowdsale.
However, no one will be able to do anything with their tokens on EOS until an EOS mainnet has been booted and all of the accounts have been verified. The process of verifying the network is estimated to take 2 days, hence the June 3 date above. It could take longer than that depending on several factors.
- The boot nodes could have technical issues or be hacked.
- The verification of genesis accounts could take longer than 2 days.
- The software might have unforeseen issues in launching.
Once there are 150M votes cast and the first 21 Block Producers are elected, the network will be live.
How will users be able to vote?
Users can vote by using API calls to network nodes. This can be done in the web browser or on the command line. The portals are in active development now and none are fully functional. I started a list of EOS voting sites here.
When the network launches 50% of each wallet will be staked to bandwidth and 50% to CPU. This will allow users to vote instantly.
The command line commands require an installation of EOSIO connected to a chain (or mainnet) with a wallet unlocked and containing your EOS keypairs. (If you don’t know what this is, you can research it and find out — feel free to comment if you want additional instructions.)
View EOS Account Balance >> `cleos get account`
EOS Vote Command >> `cleos system voteproducer prods myaccount producer1 producer2 producer3 producer4`
Voting on the command line is for advanced users only.
How often can users vote for Block Producers?
EOS users will be able to vote as many times as they want, every time you change your choices, your votes are allocated to the producers you have chosen. This is not additive, but substitutive — so new choices you make will overwrite the old ones.
How often are Block Producer votes calculated?
The votes are calculated approximately every 2 minutes.
How long are my votes good for?
Your votes have a half-life of 365 days and this is calculated on a weekly basis. After 90 days, your votes would only worth 80% of their original weight. Users should recast their votes periodically if they want them to maintain their weight.
Block.One has requested that no one uses bots, but that just seems unrealistic. I expect voting services and bots to exist very soon.
Block Producer Payments FAQ
Bonus section to explain how block producers will earn EOS.
What will Block Producers be paid?
Block Producers in the top 21 will earn approximately 636.533333333 EOS tokens per day based on current inflation (13,367.2/21).
What happens to the other 100+ Block Producer Candidates?
The rest of the BP Candidates will be on standby mode. They will be receiving blocks and some will be operating API nodes for interactions with the EOS mainnet. (However, it is strongly recommended for security that API Full Nodes be on a separate computer from Producer Nodes.)
Standby BPs who have more than an average of 0.49% of the total votes on any day will receive 100 EOS/day minimum reward for operation. For the launch 0.49% of 150M will be 735,000 votes.
You know that I really love writing FAQs about EOS — but that’s because there are so many questions and not a lot of good answers. As I learn things, I love to share them with people.