EOS Block.one to elect Block producers

Introduction

On November 13, Block.one announced that they will be participating in election procedures for Block Producers on the EOS ecosystem. This is a strategic effort to improve the democratic process on the platform. However, the firm is a  significant token holder of EOS token because they own nearly 10% of the circulating supply.

EOS is gaining adoption for its acclaimed speed of 5,000 transactions per second and half a second block time. Block.one launched EOS on January 31st, 2018. According to Wikipedia, EOS Blockchain is popularly called the “Operating system on the Blockchain. Although EOS is trending for many reasons, one of the most recent news about EOS is Block.one’s decision to participate in electing Block Producers. 

What does Block Producers mean for EOS? 

However, the major success of EOS is implementing a Delegated Proof of Work, order than the Proof of Work employable in Bitcoin and Ethereum. Hence, Block.one tries to solve the Blockchain scalability challenges by electing 21 Block Producers in the EOS network. Therefore, Block Producers in the network are responsible for data and transactional verification

The trend about decentralization and scalability

Since its inception, there is a criticism of Block.one being a Block producer as a limitation to decentralization. However, the firm saw it as a net positive, according to the statement below. “Improving upon Proof of Work Blockchains, governed and controlled by a small number of mining organizations can be environmentally abrasive because of high electricity requirements.” They confirm that  “EOS Block producers are elected by millions of accounts around the world which changes by the voting majority, and offer the highest performance output with minimal energy requirements.”

EOS Block producers govern the network by delegating verification to 21 Block producers in the network. EOS Delegated Proof of Work, DPoS, is hoping to solve scalability but could be a threat to decentralization. 

The significance of Block.one voting power.

Block.one will largely influence electing Block producers in the EOS network. The affirmation is valid because Block.one holds 9.5% of the EOS tokens, which is nearly one-tenth of the circulating supply. However, Block .one’s participation in electing Block producers will count.  

Nonetheless, the firm further clarified that the amount of token it is holding will decrease by creating new units of accounts to reward Block producers.

 

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