EOS CEO Calls for 1 Token 1 Vote, Claims It’s “Critical to the Ongoing Integrity” of the Cryptocurrency

  • 1 token 1 vote eliminates the ability for vote trading to cement cartels
  • If a whale voted for 2 people, each would receive 50% of their votes

Brendan Blumer, the Chief Executive Officer of Block.One, the company behind the 6th largest cryptocurrency of market cap $5.7 billion spoke about the importance of 1 EOS token having only 1 vote in the EOS network. Blumer first proposed this solution in January.

However, nothing has changed in the voting mechanism and the community is trying to get rid of this cartel.

Currently, the community is having a poll on reducing the inflation rate from 5 percent to 1 percent in order to avoid unnecessary funds being accumulated in the savings account of the EOS. The community is also concerned that this large quantity of accumulated funds could become an attack vector for the network.

A New Mechanism to Incentivize the Network Engagement

Meanwhile, Blumer took to Twitter to share, “It’s my personal opinion that “1 token: 1 vote” is critical to the continued integrity of EOS, by ensuring block producers remain aligned with the will of the community.”

1 token having 1 vote only means a token holder needs to vote for just one BP to give them the full voting power. If they vote for two BPs, it will halve their voting power.

In the current system, a BP can vote for 30 BPs, this means they can vote for themselves and the rest 29 votes can be traded.

Presenting the argument for his 1 token should equal 1 vote, Blumer said this would eliminate the ability for votes to be bought and sold to make cartels while further allowing one block producer to be replaced without breaking an entire cartel. Without bringing this change, he says, “an incumbent cartel may eventually be unable to be replaced due to insurmountable voting power.”

However, some community members also think this will create even more centralized EOS as the whales will vote for a specific BP. Blumer says, “If a whale voted for 2 people, each would receive 50% of their votes, this eliminates the vote trading method to secure a top BP position.”

In response to why not let B1’s action do the talking as once vesting 10 million EOS tokens, it would be in the position to make the change happen, Blumer says voting with a 9% block isn’t a simple decision, moreover it won't be without controversy.

“I’m looking into more complex approaches that could diversify the voting of B1 tokens in line with the shareholder interest of the company, but no promises can be made at this time,” said Blumer.

1 token 1 vote brings many benefits in the form of free market pricing to block production, increasing the voter turnout, eliminating the vote swapping, and driving more value to the token holders among others, however, for now, there isn't any actual proposal to be voted.

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