One account one vote

in #eos3 years ago (edited)

Over history, voting has become increasingly important and has been the main way of ensuring public participation in selecting leadership, and representatives. The EOS platform has taken this route in the selection of Block producers to manage the network on behalf of the EOS token holders.

It makes sense, but two weeks down the line, unintended consequences of this plan are coming to the surface. "Whales" have taken control of the process and influenced it much to the chagrin of the community (non whales). As it looks like some BPs that are active in the community have found themselves out of the BP reward scheme due to missing the daily reward threshold.

Vote breakdown


source: https://bitcoinfeed.news/tag/eos/

It appears to me that although well thought out, the mechanism of counting votes and calculating rewards is driving unintended results. The arbitrary cut off at the 54th BP is quite callous. A single vote could make the difference between zero and 700 EOS token daily reward.

To remedy this, I think the token weighted voting system needs to be replaced by one account one vote mechanism. It ensures that whales do not ride roughshod and nearly eliminates voting cartels.

The overall effect will be a more evenly spread vote tally and an increase the number of standby BPs. More BPs ensure continuity of the network whilst discouraging the current Machiavellian set up.

At writing this, the vote participation is approaching 25% of token holders. This participation has been impacted by the lack of user friendly voting tools and dApps. BlockOne should have developed a voting tool as part of the software development. This would have given it the credibility required to foster confidence amongst the community. It takes a lot of convincing for anyone to enter their private key into a third party application.

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So far EOS is not the outcome I was expected, too much problem and too centralized!

Yeah, the long ICO was always going to concentrate tokens with those with lotsa money. One good thing is the airdrops, and hopefully everything works, then it won't matter anyway.