On EOS Blockchain, Vote Buying Is Business as Usual

Publié le by Coindesk | Publié le

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MODERN TIMES: Once a no-no, the buying and selling of votes is now seen as an accepted part of governing the world's eighth-largest blockchain.

Buying votes is a big no-no in traditional democracies, but on the world's eighth-largest blockchain it's become an accepted way of doing business.

A new service makes it easier for EOS block producers, the nodes elected by holders of the cryptocurrency to validate transactions on the network, to share their block rewards with those who voted for them.

While similar services have launched in Asia, Genpool appears to be the first in the English-speaking EOS world explicitly designed to help token holders find the best payouts for their votes from block producers.

To recap, every eos holder has the option to stake their tokens to the vote for block producers, the entities that validate transactions on the network and ultimately hold all power over code changes and even wallet validity.

If someone has 5 eos and stakes it all to vote, each block producer candidate they voted for gets 5 votes, whether the holder picked three, seven or 17 of them.

Voter proxies have arisen on EOS. These services choose a slate of BP candidates to vote for and voters can simply point their eos at the proxy.

Because the proxies get rewards when they vote for BPs who share their inflation rewards, they can in turn share those rewards with voters who back them.

"The average voter has only a very small chance of impacting which delegates get selected their incentive is to vote for whoever offers the highest and most reliable bribe," he wrote.

The only real power eos holders have on the network is to vote block producers in or out.