According to E-daily, a Korean news publication, the largest Korean cryptocurrency exchange, Bithumb, announced that it will begin participating in EOS voting.
Through the voting process, Bithumb aims to contribute to the further development of the EOS platform and blockchain ecosystem.
According to BTCKorea.com (Bithumb’s parent company) and company officials, Bithumb will initially participate in the block producer (BP) vote with its own-account EOS tokens. The 21 block producers with the largest number of votes from participating EOS token holders are charged with the operation and governance direction of the EOS blockchain, and produce all new blocks for the blockchain. The vote is ongoing and continuous, and is evaluated about every 60 seconds, so producer ranking are continuously changing.
Bithumb will support BPs which contribute to the improvement of the EOS ecosystem by comprehensively examining their pledges and behavior. Bithumb intends to primarily vote using proxies which are philosophically aligned with its intent. Some of these proxies are likely to be based in Korea, due to shared interests and intentions.
Koreans own about 10% of EOS tokens, and Bithumb, which holds the largest amount of EOS in Korea, is expected to exert new influence the EOS ecosystem as it phases in own-account and customer account voting.
To this end, Bithumb will seek “best of breed” exchange voting tools and software which will allow it to transparently and fairly reflect the opinions and desires of its customers voting preferences for those tokens held in custodial accounts.
Bithumb is expanding its business to the blockchain field in addition to its role as an exchange platform. Last year, Bithumb began collaboration with an American fintech company to establish a security token (STO) platform, and is leading the development of the blockchain industry with diverse companies, such as Kodebox, Cross Angle, and SNC.
A Bithumb staff member said, “We consider that EOS has high potential to be developed into a popular and useful platform because of its exceptional scalability and large number of supportable decentralized applications (dApps). We will do our best for the development of the domestic and international blockchain industry and a healthy blockchain ecosystem by supporting excellent platforms like EOS.”