Bitfinex Enables Voting for EOS Block Producers
After more than 15 percent of the EOS community has already voted, Bitfinex — one of the leading candidates — has deployed an open-source voting tool which affords users the ability to vote directly from the trading platform while, at the same time, being able to trade. Bitfinex Ballot, as the tool is dubbed, is already available for voting and for deployment on other exchange platforms.
To the Bitfinex Ballot Box
The world’s sixth largest cryptocurrency exchange by trading volume has just announced the successful deployment of a tool enabling users to vote for EOS Block Producers (BPs).
— Bitfinex (@bitfinex) June 18, 2018
As is detailed in the official blog post announcing the deployment, Bitfinex Ballot constitutes an entirely open-source voting tool which is intended to allow users to stake their current EOS exchange wallet balances, EOS margin wallet balances, EOS funding wallet balances, and the EOS they have in an EosXXX margin trading long position to vote for BPs.
Additionally, 20 percent of all EOS reserves are not going to be staked, which would require a 0.8 correction to be applied on all votes.
Furthermore, the combined amount of active EosXXX margin trading short positions will be excluded from the count, as they are not staked by rule — hence requiring another correction. For example, one EOS token equals 0.8 votes by default, if there are no long and short positions currently open. This number can grow, however, depending on the aforementioned factors.
As it stands, Bitfinex claims to be the only exchange where tokens for margin longs are currently eligible for voting.
Why Does it Matter?
The vote for Block Producers on the EOS network is essential for the further development of the project in general. The network is running under a Delegated Proof-of-Stake algorithm where the BPs will be creating the blocks — as their name suggests.
However, up until now, people who had their tokens in exchanges were unable to vote because their tokens were not eligible and, supposedly, quite a lot of people left their tokens on exchanges in order to get rid of the risks associated with the initial registration process.
A major milestone was accomplished as more than 15 percent of all tokens were staked for voting, reaching the necessary quorum. Now that the three-day required waiting period has passed, people are able to reclaim their tokens. Currently, over 21 percent have voted, according to the official voting website.
The Bitfinex Ballot will essentially enable all users which currently hold their tokens on the exchange to stake them for votes, which might lead to an increase in the overall voting activity.
As an aside, Bitfinex is one of the main candidates for EOS Block Producers. Currently, the exchange is holding the 12th place, which, if the voting pace continues as it goes, will secure its spot as an EOS BP.
Do you think Bitfinex Ballots will increase the voting activity for EOS BPs? Don’t hesitate to let us know in the comments below!
Images Courtesy of Shutterstock, Twitter/@bitfinex.