Issue #2
In Issue #1 we presented a general description of how the rewards system for GOLD.IO block producers can work and contrasted it to that of the EOS ecosystem. Here we will talk about the first election and growth path of the block producers.
The First Election & The Founding Block Producers
The First Election
When we talk about The First Election, we speak of the process of appointment of the first five block producers in the GOLD.IO ecosystem — The Founding Block Producers. The First Election will begin with voting that is carried out by the GOLD.IO Community Members. The voting process begins January 21, 2019, and ends March 21, 2019. During this period a list of candidates will be created where everyone holding GIO will be able to vote. The power of the vote will be proportionate to the amount of GIO one possesses, and the top five candidates will be given the title The Founding Block Producers. The process will be entirely on the EOS blockchain.
The Founding Block Producers
Unlike the rest of the block producers, these will be able to use the votes delegated to them by the GOLD.IO Community Members to elect subsequent block producers. In this way acting as the Community’s trusted (i.e., versed in the technical and other matters of block production) representatives in the election process. This is very similar to the EOS Community — EOS Proxies — EOS Block Producers relation. As long as these block producers are in the GOLD.IO ecosystem — i.e., not being “voted out” by the GOLD.IO Community — they will have a permanent split of 25% and 75% reward for block production and voting respectively, regardless of their position. Finally, they will be able to participate in the election process of one of the first three GOLD.IO Arbitrators using the delegated votes of the Community.
GOLD.IO Block Producers Growth Path
As shown in the GOLD.IO paper the growth rate of the block producers will be determined using the closed-form equation for the Fibonacci sequence which necessitates the Golden Ratio:
where
- F(n) is the function determining the total possible number of block producers after the current voting stage (this value is 5 for The Founding Block Producers)
- φ is the Golden Ratio (1.61803398875…)
- n is the voting identification value (this value is 5 for The First Election)
Here we discussed the election of initial block producers and the expected growth path of the possible number of block producers. In the next issue, we will talk about proxies and subsequent voting rounds for the election of block producers.
