What Risks Does Block.One Bear For Voting In EOS Network
Block.One decided to start voting with the help of its EOS tokens. At the same time, the company controls 10% of the 1 billion issued tokens. As decision-making on the platform is influenced by quantity of the tokens given in the voting process, this can give the company a great advantage.
At the moment, each wallet can vote for 30 candidates for block producers, and it should be noted that one with the most support in the network received less than 3% of the vote (if you count all issued tokens). This means that Block.One controls so many tokens that potentially can choose absolutely all block producers. Therefore it is not surprising that such a decision of the company alerted the community. On Reddit, the reaction was rather ambiguous. One of the users posts:
I am waiting for this. I think that this is good for continuing the harmonization of interests ... If Block.One makes money, I most likely will also earn.
There is another opinion:
I think that EOS does a great thing, but eventually it will be Ripple 2.0. In fact, it's a block that belongs to Block.One and is controlled by it. I'm not saying that this is bad, but let's not deceive ourselves.
In the EOS network, there are only 21 block producers. Such a number allows reaching a consensus very quickly, so supporters of EOS believe that this model is significantly better than other modern blockchains.
The EOS community elects these block producers on ongoing elections (which makes it possible at any time to remove intruders). Each wallet can vote for 30 candidates. 21 the organization that received the largest number of votes receives the status of the producer of the blocks.
Block.One - the largest holder of tokens ("whale"). But Joshua Kauffman, who heads the leadership of one of the leading block producers, EOS Canada, believes that Block.One, ironically, uses its voice to reduce the impact of "whales" on the network. According to him, there are several block produsers support exclusively by "whales", and not ordinary holders of tokens. Kauffman believes that Block.One will vote for candidates with the most support from the community to stimulate the consensus of most users.
In addition, EOS network has not yet adopted a constitution to manage the protocol, so it does not have formal rules about how block manufacturers should resolve conflicts. To remedy this, Block.One proposed an entirely new constitution. It is much more modest in scale than the one that was developed by the community. Co-founder and creator of EOS, Dan Larimer, explains this decision to Medium:
I have seen that if you give people arbitrary power to resolve arbitrary disputes then everything becomes a dispute and the decisions made are arbitrary.