EOS Mainnet – Should Bitfinex stake EOS balances? Vote is on!

Source: Ambcrypto, originally published on .


The EOS Mainnet was voted a ‘GO‘ a few days back, yet the mainnet is still not online. To aid this, Bitfinex has called a public vote, asking users on Bitfinex who hold EOS tokens to vote ‘yea’ or ‘nay’ on whether Bitfinex should stake its EOS balances in an attempt to get the EOS mainnet up and running.

Voting for these block producers [BPs] should be done by EOS holders. A minimum of 15% of all existing EOS tokens needs to vote for at least one block producer. This is built into EOS, to ensure that the mainnet has enough community support in order to make the switch.

At the moment only 9% of the 15% minimum, have voted for a block producer, but this is a massive gain as, just three days ago, only 3% had voted. Hence, many members of the EOS community are confident that the EOS blockchain could go live within a few days.

Yet, a significant number of votes still needs to come in. This is where Bitfinex steps in, by introducing this public vote. They have listed the steps to follow for Bitfinex users to vote, with a ‘yes’ or ‘no’ being the only vote possibilities. Whichever option, yes or no, gets a number of votes equal to 15% of the EOS tokens on Bitfinex first, is the outcome of the vote.

Bitfinex platform hosts 10.67% of the total number of EOS tokens in circulation which is 896 million tokens.

Bitfinex vote is only on the subject of, should they stake the EOS balances. Note that this vote is not a vote on the block producers.

Bitfinex has spent the past few months working with cryptographers to develop their new voting tool. This tool allows users to vote on ballots using their Bitfinex stakes, in a transparent, anonymous and publicly verifiable manner.

This tool allows Bitfinex users to vote in a transparent, verifiable manner for their EOS Block Producer, allowing the user to cast votes directly on the Bitfinex platform. Another tool that allows users to vote for a block producer is LiquidEOS.

Minerva, on Twitter, says:

“You will smack 15% but it will not be a fair international vote. Your userbase will vote for it but this is something the community at large would likely not support.”

Prabs replies with a sentiment shared by many others:

“Sry, but if they need you guys to vote to reach their 15% they deserve to fail now and try again when ready. Exchanges should not be bailing out projects.”

The post EOS Mainnet – Should Bitfinex stake EOS balances? Vote is on! appeared first on AMBCrypto.

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