Block.one Will Vote With Its EOS in Clear Break From Previous Cautiousness

Block.one, the corporate that developed the backend of the EOS community, is now taking a way more lively position in it. Its stake of EOS tokens, beforehand left unused, can be used to vote for block producers (BP), in response to an April eight announcement.

The EOS community runs on EOSIO, a blockchain expertise stack that Block.one additionally sells as an enterprise resolution. The general public community makes use of a type of distributed Proof-of-Stake consensus (dPoS), the place blocks are created by entities voted by all stakeholders. 

Block.one additionally holds a stake of EOS tokens, calling itself a “silent minority token holder.” The EOS wealthy listing highlights an account named “b1” as the one largest token holder within the community, albeit with simply 9.5% of the tokens. 

Ranging from Could, Block.one will reportedly start voting for block producers in two phases. Initially, it’ll vote for these BPs it acknowledges as key contributors to the community, with out collaborating in voting reward schemes.

At an unspecified later section, it’ll put its tokens to work by amassing a part of the staking rewards, which it says can be dedicated to bettering the community by way of analysis and funding of EOS initiatives.

It’s price noting that the b1 account already dedicated greater than 90 million EOS to staking out of its complete of about 96 million EOS. Whereas this seems to be a means for Block.one to create a vesting schedule and lock entry to its stake, it’s unclear how most of the tokens on its account can be used for voting. Cointelegraph reached out to Block.one for additional clarification, however didn’t instantly obtain a response.

Taking a much more lively position in EOS

That is simply the most recent in a sequence of Block.one’s openings to the EOS community. Up till the announcement, Block.one took cautious measures to distance itself from it — focusing its narrative on EOSIO improvement.

This was most definitely motivated by its want to not be prosecuted by the Securities and Change Fee for its $four billion preliminary coin providing (ICO) — which it may have been thought of an unlawful safety providing.

As beforehand reported by Cointelegraph, this cautious method started to vary after Block,one settled issues with the SEC in September 2019 for $24 million — what many thought of a measly sum.

Since March 19, Block.one started collaborating with Dfuse, a venture launched by block producer EOSCanada. Across the similar time, on March 25, it additionally introduced to have employed your complete group behind EOS New York, one other distinguished block producer that will then shut down. The transfer was referred to Cointelegraph as an “acqui-hire” by some commentators within the EOS ecosystem.

Block.one’s resolution to vote seems to have been taken positively by the neighborhood, with one commentator believing that it will counteract the consequences of exchanges that vote with its clients’ funds.

However, the implications of this resolution are prone to be far-reaching, and different neighborhood members on Reddit argue that it may additionally convey unfavourable penalties.