EOS's Top Block Producer Has Endorsed "One Token, One Vote"

EOS's Top Block Producer Has Endorsed "One Token, One Vote"

September 18, 2020

Key Takeaways

  • EOS Nation says it supports “one token, one vote”, or 1T1V.
  • This could solve vote corruption by redistributing voting power.
  • It’s not clear whether 1T1V will be realized, but Block.one has begun to implement the feature.

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EOS Nation, currently the leading block producer for EOS, has announced that it supports an upgrade called “1 token, 1 vote.” The feature is designed to reduce voting malpractices on the blockchain.

EOS Nation Announces Support

Yves La Rose, CEO of EOS Nation, announced support for the EOS blockchain via Voice on Sept. 13, stating: “I have been waiting for this for a very long time. EOS Nation supports 1T1V.”

La Rose clarified in an interview that EOS Nation does not support 1T1V unconditionally, and that it actually opposed it until recently. He says that “1T1V, in a vacuum, is a really bad idea” and that the feature could have an effect that is opposite of what is intended. That is, 1T1V could “cement” certain block producers in their position.

Instead, EOS Nation supports the change for diplomatic, forward-looking reasons: the company believes that 1T1V will reduce conflict in the community.

La Rose also recommends implementing 1T1V in combination with an improved staking pool and incentive model, something that has not been fully implemented yet.

Will 1T1V Solve Problems?

At the moment, the main problem in EOS voting is the fact that exchanges have custody of their customers tokens, providing them with disproportionate voting power.

Other controversies have involved voter collusion between block producers and sockpuppet accounts in which a single entity runs more than one EOS node. “One token, one vote” redistributes voting power in a way that doesn’t favor those entities.

There is plenty of support for the plan. Block.one executives Dan Larimer and Brendan Blumer have both expressed support for the change. Larimer has recently stated that part of the feature has already been coded and that a roll-out plan is in place. Much of the community is also calling for 1T1V or alternate models.

It is not clear how much opposition exists. Some block producers and exchanges would not benefit from 1T1V being implemented, but apart from EOS Nation, few have vocally opposed it.

Though block producers have remained largely silent, their stance is critical—block producers must ultimately agree to 1T1V in order for the feature to be activated on the EOS blockchain.

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