The Big Announcement
Quite unbelievably – although if you do think hard and look closely at the Cryptocurrency industry, it probably isn’t that surprising – Block.One has decided to step up its involvement with EOS again. After leaving the EOS community to fend for itself after releasing the open source code for EOS, Block.One has made the executive decision to start voting. This is a massive move especially when you consider just how many tokens it has i.e. 10% of 1 billion. However, the approach to this particular Cryptocurrency has been far from standard so it is probably not that much of a shock that the unforeseen is happening.
The Step Back
Once the code was released by Block.One in the middle of June, the code developer decided to really take a step back and let the users seal the fate of testing and launching. This was quite a contentious move within the industry and raised many an eyebrow. However, you can see the pros and cons of this decision and it certainly has ensured that all of the users in the EOS community work together to get to where we are today. It wasn’t all plain sailing but EOS still remains the 5th largest of the Cryptocurrencies.
What Does It Mean?
As it stands at the moment, every EOS token holder can vote on up to 30 block producers. And this is where it becomes interesting with Block.One coming back into the fold. Because the company owns so many tokens it could literally control the vote on the block producers. And as always with any topic in the Cryptocurrency industry, there are always two very strong sides to the story. There are those that are very much against Block.One being able to vote citing that this would be detrimental to EOS and highlighting that they should be a neutral party without so much influence. On the other hand, others believe that it is a great move allowing for the code developers to take the software to the next level and continue to be creative. The EOS community itself is really keen for Block.One to be back working with the team again and it seems that they are positive with the move.
As outlined above, with the number of tokens held, Block.One literally does have a massive say on which block producers are selected. Even though the block producers are constantly being voted on, the fact that there is only a small number of block producers involved in verifying the transactions, i.e. 21 of them, means that agreeing on transactions occurs very quickly. Which gives EOS the edge over others. It also means that those block producers not stepping up to the mark can be removed speedily and easily. However, Block.One is the the largest single holder of tokens so its voice is heard whether that is for good or for bad. It must be remembered that Block.One has a massive invested interest in EOS so will only be looking to make sure that EOS remains as strong and as profitable as it can be. It is therefore highly unlikely that the code developer for EOS will do anything that is detrimental to the Cryptocurrency.