A few hours ago on Twitter, block.one’s CTO, Daniel Larimer, announced a solution to the governance of EOS and the issue of the purchase of votes by Block Producers (BP), effectively admitting that the governance is currently not decentralised.
Today Brendan and I came up with an amazing solution to vote buying that will completely remove the incentive to buy votes. #eos governance will be decentralized, resources will be cheaper, and incentives will be aligned! More to come!
— Daniel Larimer (@bytemaster7) September 23, 2019
Indeed, one of the problems with the EOS blockchain is the fact that it is possible to create a cartel among the various BPs, which could thus coalesce and hinder certain implementations or useful solutions for the blockchain.
In fact, the top 21 BPs receives tokens for the production of blocks according to the position they hold, similar to how miners are rewarded on bitcoin, they are incentivised to keep the blockchain going as they receive an economic benefit.
With this system, however, BPs can use the funds to buy the votes of some users who, in exchange for an economic return, can vote for a BP and make it rise in the rankings to enter the top 21.
A huge amount of tokens is required to enter the top 21, currently over 256 million and now the first in the list, okcapitalbp1, has over 310 million tokens with a daily profit of almost 1000 EOS.
The problem is known to all in the EOS ecosystem and there are several proposals and solutions to mitigate the problem.
In the referendum section, for example, there is also a proposal regarding the possibility of providing economic incentives to users in order to calibrate the number of accounts that vote and are active in the governance of the blockchain.
As the famous Colin T Crypto (who has more than 10 million tokens with his proxy) also mentioned, what would happen if the BPs were against the proposal?
The CEO of EOS appeared positive and confirmed that Block.one has several distributed solutions in mind for the governance of EOS and, from what can be read, the community will decide.
“We’re always researching improving opportunities for various types of distributed governance, and have some ideas we’re excited to put forth. As we have always seen, the community is the only verdict that matters when It comes to EOS”.