Block.one to Begin Voting, What Changes may Bring to EOS Community?
Recently, Block.one announced that they will ultimately begin participating in block producer voting, playing their proportional role in promoting the healthy development of the EOS network. The news has sparked heated discussions in both the western and eastern communities once released.
MEET.ONE translated and published this breaking news in Chinese to East community in the first time, and involved in full interactions with token holders. We found some pessimists complained that every time there’s a major announcement from Block.one, EOS price falls off a cliff. While most people held the optimistic view that EOS will usher in a new dawn. For MEET.ONE, In EOS, We Trust. (HODL EOS, written by Susan, click to read)
The debate continues… However, people keep wondering, what will happen after B1 official involvement in EOS voting. Here are some pieces of objective arguments that may answer the question.
Keynotes from B1’s Announcement
1. Restate EOS is currently still the best blockchain for commercial applications.
2. Governance is a very complex task, which has to consider the interests of various involved parties, network stability, and efficiency, etc.
3. Block.one has been observing the network operation and governance of many public blockchains throughout the world and now they feel ready to get involved.
4. Block.one has been facilitating the community to engage in EOS governance and creating media buzz such as #EOSGOV.
5. Eventually, B1 will participate in voting.
I don’t think they will start voting right away. Even if they do, they will likely cycle their votes through various block producers. Though B1 holds a minority stake in the EOS network at present, their influence is not to be underestimated. They are likely to use their votes to encourage block producers to actively fulfill their duties and participate in EOS governance.
Judging from the wording used in the announcement, I suspect that B1 will either discuss with the community to establish certain criteria for voting or observe the BP’s performances (behaviors & actions) amid the EOS governance before the actual voting, to avoid unnecessary controversy.
It seems that B1 is quite sensitive to this matter as they specifically pointed out that their stake in the EOS network of 9.5% is only a minor position.
6. To improve the geographical distribution of block producers and achieve the goal of decentralization as much as possible
This is probably a significant principle followed while voting. The number of block producers in China is expected to change, and Western BPs focusing on technology and community is possible to come back Top 21.
7. B1 will stand along with the community
B1 hopes to work with the community to maintain the success that EOS has achieved thus far, unite the community on certain issues and listen to the community on how best to move forward.
A Shift in the Current Ranking of Block Producers.
Subtracting the millions of EOS B1 spent to buy RAM, the quantity of EOS that B1 has available for voting is 90199990.
If we look at the current rankings, Top1 BP has 326 million votes and the 21st block producer has 297 million votes. That means the vote gap is small, but the threshold into the top 21 is to get at least 297 million votes.
In other words, for B1’s votes to push a standby block producer to the top 21, the standby producer must already possess at least 207 million votes.
Image 1 — Top 21BP Entry Threshold
Image 2 — Standby BPs with over 207 million votes.
From the pictures, we can see that only the 22–25th producers have more than 207 million votes, which means that with the voting pattern adopted now, B1’s votes will not have a substantial impact on the existing Top 21 Ranking.
However, there are two major variables worthy of attention:
1. B1’s powerful influence. We can not overlook that many EOS holders are likely to follow B1 votes, causing drastic changes in the Top 21 rankings.
2. EOS’s voting algorithm might significantly change in the future.
Will EOS be Centralized?
As soon as this news came out, some people criticized that EOS is headed for centralization, but this is most likely not the case. From the above analysis, we can see B1 always takes seriously and sensitively about centralization control.
About two months ago, Block.one’s CEO posted a tweet revealing that the time for B1 to participate in voting is getting mature. He said that Block.one has always stated that it will not consider engaging in voting unless it was only a minority stakeholder. So far, the EOS tokens held by Block.one only accounts for 1/3 of the votes received by the top block producer. Voter participation on the EOS mainnet has never been so high!
Therefore, those remarks about EOS becoming centralized are pure nonsense. On the contrary, the entire community will escalate to a higher level of active governance.
I am personally looking forward to B1 actively organizing community discussions, putting good ideas into practice, implementing what was stated in the announcement, working together with the community to maintain the achieved success of EOS, and constantly cultivate the healthy upgrade of the EOS network.
Written by Susan.
Notes: All the above opinions are based on personal analysis, not on behalf of MEET.ONE team. Writing this article aims to exchange thoughts and share them in the Western community. If you got any ideas or different views, welcome to discuss with Susan on Telegram (ID: @SusenofMeetOne)
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