Bitfinex Allows EOS Token Holders to Directly Vote for Block Producers

eos block producer

Bitfinex Allows EOS Token Holders to Directly Vote for Block Producers

EOS Block Producer Bitfinex has released an open-source Bitfinex Ballot that will allow EOS holders to cast their Block Producers votes in a transparent and verifiable manner providing the EOS holders with an easy and simple method to cast votes.

“Bitfinex ballot”: Transparent & verifiable voting system

Cryptocurrency exchange Bitfinex which is also one of the block producers of the EOS, has released a “Bitfinex Ballot” to allow the EOS token holders to cast their vote for Block Producers directly on the exchange’s platform. World’s 4th largest cryptocurrency exchange, Bitfinex has about 75 cryptocurrencies listed on its platform. The exchange has managed over $250 million trading volume in the past 24-hours. Over the past couple of months, the tech team of the exchange has been working with the cryptographers to “create a set of open-source tools” that has been dubbed “Bitfinex Ballot”.

According to the official announcement, these tools

“can mathematically demonstrate solvency and custody for a certain cryptocurrency, as well as provide a way for individuals and groups to delegate votes using their balances (holdings) on Bitfinex.” 

By using the account activity and balances, reports have been generated that allows the users to vote in an “anonymous and verifiable manner”.

As for the EOS users, this ballot allows them to cast EOS Block Producer votes directly on its platform. Moreover, the exchange also provides you with the required tools so that you can ensure the integrity of the Bitfinex in casting the votes. According to the Bitfinex tweet, one can do this “whilst still taking advantage of margin & funding features on Bitfinex.” Being entirely open-source, the exchange states that other exchanges who wishes for transparency can also make use of it. They are also planning to extend the system to other currencies as well once it has been optimized.

Also, read: EOS Network Not Running, BPs Working on Issue

Important Details

  • Vote start: The first snapshot of EOS users net balances were taken at 9 PM UTC on June 17, 2018.
  • Snapshots: Snapshots will be taken every week, once a week, starting from the first snapshot time.
  • Recasting votes: You can use the Bitfinex Ballot tool to recast your Block Producer votes in case of mistakes. Given a weekly snapshot, you will be able to vote once a week. Please note that we will rebalance votes every 3 days.
  • Margin: Margin and settled balances will be able to vote for EOS Block Producers. Bitfinex will keep 20% of all tokens in the cold storage not staked, allowing withdrawals to always process smoothly.

Bitfinex claims that it is the most secure way to vote for EOS holders, that is “aside from setting up a standalone EOS node or running a proxy”. The keys offered are only used as a way of vote delegation and won’t be used to access the balances, the company states. Moreover, they are periodically regenerated so that in case of theft, you can regain control.

With the way EOS holders were having difficulty in casting the votes, this is certainly a good thing for the EOS community as one of the biggest crypto exchanges and a block producer itself has come up with a voting solution.

What are your views on “Bitfinex Ballot”? Would you make use of it to cast your vote for EOS Block Producers? Share your thoughts with us!

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Bitfinex Allows EOS Token Holders to Directly Vote for Block Producers
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Bitfinex Allows EOS Token Holders to Directly Vote for Block Producers
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EOS Block Producer Bitfinex has released an open-source Bitfinex Ballot that will allow EOS holders to cast their Block Producers votes.
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Author: Partyush Goyal

A computer science engineer, I have been adamantly following the blockchain and cryptocurrency industry for the past 2 years. A crypto enthusiast and hardcore blockchain follower. Reach out to him at [email protected]

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Partyush Goyal 45 Articles

A computer science engineer, I have been adamantly following the blockchain and cryptocurrency industry for the past 2 years. A crypto enthusiast and hardcore blockchain follower. Reach out to him at [email protected]

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