What is Voting on EOS
EOS Guide for Beginners
The EOS system is very similar to our real world. In fact, the voting system is the most distinguishing element of the EOS system. Voting in our real world may be familiar, but I think the voting system in the EOS system may be an unfamiliar concept for those who just started studying EOS. So I will explain it in a simple and easy way.
EOS is a community.
If you ask what is the most different aspect in EOS from the other blockchain, I can say the community system. EOS is a system operated by 21 elected BP(Block Producer), which means that the chain can be more efficiently managed without having everyone to be a verifier.
Then, what does BPs do? They generate blocks and make agreements when there are significant changes in the chain. It’s like a parliament in the world of EOS. Now you probably understand a concept of the EOS voting. You need a vote to nominate a member of parliament.
BPs are elected through voting of EOS holders. Of course, this is a bit different from voting in the society where we live.
You can vote for up to 30 BPs per 1 EOS.
EOS amount for voting refers to the amount of staked EOS and the more the staked EOS amount, the higher the voting power. Every EOS holder can vote for up to 30 BPs no matter the amount of EOS they have. And every vote you cast has the same power. For example, If you have 30 staked EOS and cast votes for 30 BPs, each of 30 vote power is 30 EOS, not 1/30 EOS. This system helps BP with the support of multiple voters being elected and prevents from BP with the support of few whales being elected.
Voting power is not forever?
Yes. Voting power gradually diminishes to its half for a year. If you vote with 100EOS and there is no change in your vote, the power of the vote after one year is gradually reduced to 50EOS. To maintain the voting power, you need to vote for BP often.
So when can I vote? What is the term of the selected BP?
You can vote anytime. Maybe you can say that sounds weird, but in the EOS world, it’s true.
Each BP will generate 12 blocks in each round. As a result, 21 BPs create a total of 252 blocks (= 12 blocks * 21BP) per round. Generating a block takes about 0.5 seconds, so 126 seconds (= 252 blocks * 0.5 seconds) is required for one round.
At the end of each round, 21 new top BPs can create blocks in the next round. That means the result of the election is reflected every 126 seconds. That’s why EOS community emphasize voting is important.
You can vote in NOVA Wallet
You can cast your vote anytime, anywhere on the mobile. You can manage your resources with various features such as token transfer, staking/unstaking, and even voting at once so that you can use EOS more efficiently and conveniently with NOVA wallet.
Thank you :)
