EOS Block one is the minority voting block for the entire platform. If the block members participate in a voting process, the platform uses its 10% stash of the original EOS tokens to vote in Block producers. The block has pledged to participate in the voting process and promised to allocate its votes only to block producers who share the network’s core values and vision. Block one also added that they have a mission to maximize the integrity and potential of the EOS Blockchain.
The voting comes after a series of governance reforms that were put in place to help advance the network into a quality Blockchain. Block one is the founding entity of the entire platform, which gives it the power to pick at any block producers of its choice. The block had initially promised to leave the platform’s constitution and protocol to the community. It is after the freezing of 27 accounts by executive block producers in unexplained circumstances that has attracted the entity back to the voting process. Block one said it recognizes its responsibility as a minority voting member since it owns 10% of the network’s tokens.
The aftermath of The EOS MainNet
The EOS mainnet was launched in June. It is, however, after the launch that problems began to crop up in the network. Some block producers have been against a new upgrade of the system. Block one also noticed that the few block producers were holding too much power. It is this power that resulted in the accounts freezing without consulting with the rest of the community.
Block one plan to split its 10% of tokens to vote across about 30 block producers. The total sum of its Token-based votes is 90 million. The group also hopes to upgrade the MainNet Version so that it approves 50 block producers rather than the current 30.
EOS Plans Constitution Scrap
The EOS platform also plans to scrap its current constitution citing challenges in governance structures. The decision has been arrived merely two weeks after launching of the MainNet system. The proposed constitution is meant to address primary Blockchain problems. One such problem is the DAO hack. The constitution will also strip away power from the 21 block producers mainly because of monopolizing the Blockchain. The responsibilities of the Core Arbitration Board will also be limited.
Block one has also directed the block producers that would want its support to send in proposals. The block has also noticed another concern arising from the ability of few wallets being used to manipulate votes. There is a possibility of wallets creating cartels around a specific block producer.
Some experts have critiqued the system for been governed by a human dependent constitution. Blockchain developers are often against such a constitution because of the problems of human impartiality. A good Blockchain constitution is one that is governed by programmed code since it cannot be manipulated. EOS block one might, however, decide to change the rules and therefore transform the platform.