EOS Nation has chosen to implement the 1 token, 1 vote as a solution for block producer voting corruption as we are reading in today’s EOS news.
The solution could solve vote corruption by redistributing voting power. It’s not clear whether 1 token 1 vote solution will be realized but Block.one started implementing the feature. EOS nation is now the leading block producer for EOS and announced the support for the “1 token, 1 vote” mechanisms which is designed to reduce voting malpractices on the blockchain.
The CEO of EOS Nation, Yves La Rose, announced support for the blockchain via Voice and stated:
“I have been waiting for this for a very long time. EOS Nation supports 1T1V.”
La Rose said in an interview that EOS Nation doesn’t support 1T1V all the way and that it actually opposed it until recently. He said that this solution in a vacuum is a really bad idea and that the feature could also have an effect that is the opposite of the main intention. 1 token, 1 vote could cement block procedures in their position. EOS Nation supports the change for diplomatic reasons which means that the company believes this solution will reduce conflict in the community.
— Yves La Rose (@YvesLaRoseEOSN) September 13, 2020
La Rose also recommended implementing 1T1V in combination with the improved staking pool which is something that has not been fully implemented yet. Right now, the main problem in the EOS voting procedure is the fact that the exchanges have custody of their customer tokens which provides them with disproportionate voting power. Other controversies involved voter collusion between the sockpuppet accounts and block producers in which one entity runs more than one EOS node. The 1 token 1 vote solution will redistribute the voting power in a way that it won’t favor the entities.
There’s plenty of support for the plan so Block.one executive Dan Larimer and Brendan Blumer expressed support for the change. Larimer stated as well that this feature has already been coded and that the roll-out plan is in place. most of the community is also calling for the alternative models. It’s still not clear how much opposition there is as some block producers and exchanges will not benefit from the solution being implemented.
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