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Block.one CEO Suggests Voter Rebates to EOS (EOS) Community

Block.one CEO Suggests Voter Rebates to EOS (EOS) Community

While Huobi Pool is expanding their ecological map in support of EOS, also as one of the EOS super nodes with the idea of increasing the adoption of the crypto through the announced EOS-based exchange, the CEO of Block.one shared an interesting idea with EOS community several days back.

In a tweet posted from his official Twitter account, Block.one’s Brendan Blumer suggests that EOS community consider introducing “voter rebates” with the main idea of driving more value back to token holders alongside increasing the turnout of the voters.

Voter rebates might soon become a thing on the EOS network in case the community votes in favor of the proposal.

Brendan Blumer Suggests Voter Rebates Could Solve More Than Several Issues on EOS Network

Blumer wanted to address the issue of EOS buying of votes by suggesting that EOS should modify their constitution in a way that it would allow block producers to incentivize stakers who provide them support through voting.

Instead of having miners working on solving mathematical equation in order to verify payments and create new blocks on the platforms, EOS has block producers working through Distributed Proof of Stake protocol, which represents a hybrid version of the traditional PoS algorithm.

The network should at all times have a group of 21 block producers who are voted by EOS holders where holders are staking their tokens in favor of their chosen candidates and those with the greatest number of stakes gets an honor to become a BP.

While miners take more time, more energy, and more computing power to validate transactions that way producing new blocks, EOS block producers are doing the same job much faster, which eventually results in having prompt payments on the network.

EOS constitution in its original form states that block producers aren’t allowed to pay their stakers in any way, also prohibiting influencing the votes of members within the community.

Vitalik Buterin, the founder of Ethereum project stated previously that such governance as seen in EOS could lead to centralization, while several months back in October 2018, some files allegedly revealing Huobi accepting compensation in exchange for votes on certain matters.

This is exactly why Blumer suggests introducing Voter Rebates, as he describes that the proposed voting system could introduce free market pricing to block production, drive more value to token holders, and increase voter turnout”.

Voter Rebates Will Have to Wait for the EOS Community Approval

The newly proposed system is said to be able to improve the adoption of EOS and settle the alleged governance centralization issues as all voters, a.k.a. stakers would be rewarded for their participation in form of voting.

As one of the Twitter users noted in his reply to the original announcement from Brendan Blumer, airdrops and incentives in exchange for voting, concluding that the suggested system could make the network inexpensive although it would probably result in forming “cartels” on the network.

For now, the Voter Rebates proposal will have to wait for the community’s official response.

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