Block.One To Stake Its EOS Stash, Potentially Rotating BP Votes for Top Network Contributors
The firm behind the backend EOS network, Block.one is now set to take a much active role in its usage.Block.one has now announced that it will use its EOS tokens that are unused for the voting of block producers (BP).
In a press statement released on April 8, Block.one stated that the voting process for block producers will kick off next month and will take place in two phases. The voting process will start with the block producers acknowledged as crucial network contributors but the process will not involve voting for reward schemes.
The press release states that tokens will be put to work through collecting some of the staking rewards that will be used to enhance the network via research as well as financing some of the EOS developments. However, the statement does not give a specific date when this will happen.
The EOS platform is developed over the EOSIO which is a blockchain technology that is also used for enterprise solutions by Block.one. EOS is a public network that utilizes a distributed Proof-of-Stake consensus (dPoS). In this case, blocks developed by different platforms must be voted by the whole of the stakeholders.
Block.one is one of the largest holders of EOS tokens but they have referred to themselves as a “relatively silent minority token holder.” According to the EOS rich list, there is an account called “b1” which holds the highest amount of tokens with 9.5% of the total tokens.
It is, however, unclear if the number of EOS will be used for voting. The b1 account had previously committed approximately 90 million EOS from its initial 96 million EOS.
Block.one has been keen on opening the EOS network but has been keen on distancing itself from the initiatives on the network. The distancing has been due to fears that the firm could be prosecuted by SEC for its $4 billion ICO that could be termed as an illegal security offering. However, Block.one ended the issue by paying $24 million to the SEC which the majority of pundits saw as a slap on the arm.
Block.One is also taking steps to research the idea of launching an EOS Foundation to help support the future of the network. Its biggest concern is staying regulatory compliant while also staying decentralized. They plan to intitially fund the foundation with rewards from staking EOS.
In the article we mention that we will use our staking rewards to contribute our portion to the foundation research and inception, and will look to collaborate with other stakeholders as well to ensure its well equipped to achieve its mission
— Brendan Blumer (@BrendanBlumer) April 8, 2020