The EOS Mainnet launch which requires at least 15% of the EOS votes to get activated, has been able to achieve only 8.8837% till now for valid activation. The complicated procedure of voting and the lack of trust shown by the voters is being reasonably considered as one of the major hindrances in the activation.
The concept of voting
It’s been quite a few days since the mainnet of EOS has been launched. But it still has to go live. However, looks like EOS token holders are slowly realizing the importance as more than half of required votes have already been cast.
Besides the actual organization of the voting, which was given one complete year to prepare, the voting process seems to be a little bit cumbersome and opaque. A good number of voting portals are emerging, but the token holders have not got enough faith as to where to use their private keys.
All EOS holders are required to vote for the ideal Block Producer Candidates. At a time maximum, 30 Block Producers can be voted for. The chain will be considered valid and normal functions will get activated only when 15% of the outstanding tokens are staked and used to vote. All Appointed Block Producers will be immediately replaced by the Elected Block Producers that would be voted by the community after valid activation.
In order to vote one should keep his private keys offline or can make the use of scatter. The EOS voting portal is community developed and uses Scatter.
The voters can vote as many numbers of times as they want to, everytime the user of the account wishes to make a change in choice, the votes will be provided to the producers chosen. The voters can also change their vote if they wish to do so, the previous votes will simply be overwritten with the new votes.
The validity of the votes is for a longer period of time, but the original weight of vote will straight away reduce to 80% after 90 days.
After the activation of the chain the token holders will get the ability to unstake their EOS balances and they can then send their own transactions to the blockchain. The transaction ranges from RAM trading, payments, working with dapps etc.
The lack of trust in the voting procedure can be seen as one of the key reason for such reluctance from voters in voting. There is only one BP who is in charge of voting and that to is anonymous, trust in the procedure of voting is not established.
Questions were raised from EOS Sweden group about the anonymity issue but the replies were not encouraging enough.
Do you think with just one BP in charge of voting trust in the voting procedure, the trust factor of the community is being neglected? Do you think now EOS mainnet is likely to go live soon? Share your views with us!