I wrote a simplified article some time ago on EOS RAM, staking, unstaking, and BP’s voting. If you missed that article, you can find it here.
Today, I will be discussing BP’s voting in details.
WHAT ARE BP’s (BLOCK PRODUCERS) IN EOS?
On like Bitcoin and Ethereum, which are run by a group of mining pool, EOS on the other hand is run by block producers. Block producers in EOS are decentralized bodies that maintain and govern the EOS mainnet. Block producers are in charge of producing blocks on the blockchain.
EOS is built on a delegated proof of stake (DPOS). What this means is that EOS is a consensus algorithm which makes use of token holder voting to decide a set of network validation. There are about 120 plus BP’s candidate in EOS but only 21 constantly changing group of BP’s are used.
WHO IS ELIGIBLE TO VOTE IN EOS NETWORK?
EOS token holders must have their token staked for a period of 3 days before they can be eligible to vote BP’s. Every token holder who has their token staked are eligible to vote for up to 30 BP’s. It Is not mandatory that you must exhaust your 30 votes, but you are advised to do so.
When you vote for Bp’s, it simply means you are lending the voting power of your staked token to each of the candidate you have voted for. You must have at least one registered EOS token to be eligible to vote BP’s.
Lets take for instance, if you have 50 staked EOS token, you can cast 50 votes for each of the BP’s you voted for. In a nutshell, this simply means that your voting power depends solely on your number of staked EOS token. SO the top 21 candidates with the highest voting power become block producers.
The voting are refreshed approximately every 2 minutes. so that the new candidates with the highest votes becomes block producers.
WHY SHOULD YOU VOTE?
EOS token holders are encouraged to vote for BP’s in other to contribute to the security on the network. always do ensure to research BP’s before voting because the future of the network depends on the BP’s running the network. I will encourage you to vote for BP’s that support “Chintai”. Chintai is a Dapp in EOS that allows leasing of staked token. I will publish a detailed article on that later.
Another advantage of BP’s voting is that you can airgrab token from the BP’s you voted
HOW OFTEN SHOULD YOU VOTE?
Token holders are advised to renew their vote weekly to avoid decay of their voting power. Decay here mean your voting power will gradually lose its strength. It takes 2 years for your voting power to completely decay.
HOW TO VOTE BP’S.
you can vote Bp’s using the meet.one app or using eostoolkit.io (you will need scatter for this). You can also delegate your vote to proxies to vote on your behalf.
Thanks for reading and hope you find this article useful.