Block.One To Use Their EOS Token Supply, 9.5% of Current Circulation, To Vote Block Producer
The team behind Block.one, the creators of the EOS blockchain, has recently issued an official comment on EOS network. According to the team, who hold around 9.5% of all EOS in circulation right now, saying it is time to step forward and participate more actively in the network.
One of the main announcements is that Block.one will finally begin participating in the block producer voting process. A representative from the company confirmed that Block.one now feels ready to take a “proportional role” and to support the healthy growth of the ecosystem.
— block.one (@block_one_) November 13, 2019
The announcement comes at the heels of the fiasco which happened last Sunday, in which the EOS network got too congested during the EIDOS token airdrop. During that time, the network was almost completely down.
This decision will possibly be criticized as the EOS network would probably become even more centralized with the team participating in a more active role. A recent report has shown that 69% of all EOS in circulation are being held by only 100 accounts.
To prevent more centralization from happening, Block.one has already promised to reduce the number of tokens that the company holds. With such a high margin of 9.5%, the team is bound to have more power than basically any others in the network.
This is yet another controversy for the EOS network, one of the few delegated proof of stake networks, in which the block producers are elected to validate nodes instead of using miners.