Bithumb Works Towards Increasing Korean Presence in EOS Governance
In a recent press release via Bithumb Café, South Korean-based cryptocurrency exchange, Bithumb revealed that Koreans are not represented in the EOS Governance.
For this reason, the exchange is finding ways to urge Koreans to partake in said governance. Reasons for why one should have since been shared.
[Notice🔔]#Bithumb has decided to delegate the rights to vote with respect to both Company owned and member owned $EOS to a third party with the goal of increasing the influence of EOS holders in Korea on the EOS ecosystem.
— Bithumb (@BithumbOfficial) August 1, 2019
Before getting into the aforementioned, it is important to understand what EOS Governance is. A previous post by Blockgenic broke down the process that involves people within the EOS community, all of whom:
“Reach consensus on subjective matters of collective action that cannot be captured entirely by software algorithms; carry out decisions they reach, and alter the governance rules themselves via constitutional amendments.”
That said, here’s what Bithumb had to further add:
“One of the most important features of EOS […] is that the number of votes to be elected. But reports confirmed through multiple channels such as a block switch Iowa, 2019.8.1. main EOS BP of community members who are active in the national arena is identified as not. This is an unexpected result given the fact that [Korea] is known to have about 10% of the entire EOS […] in circulation.”
Some of the steps that will be taken by Bithumb to increase Korean presence includes distinguishing separate EOS staking accounts for votings, and measures to prevent staking a withdrawal EOS (i.e. after 3 days) among others.
CCN was supposedly the first to have reported on this matter, where the news outlet disclosed that the crypto exchange is using all of its EOS to make the Korean vote count with several positions being filled to manage the efforts.
They have also decided to redistribute any profits earned to users who were impacted by EOS.