The Race To Become An EOS Block Producer Is On
After EOS successfully transitioned its main network from the first stage to the second phase, the election to become a block producer has started. An EOS block producer is responsible to produce blocks in the EOS blockchain and will be the decentralized bodies that are voted in to govern the EOS network. There is a lot of responsibility given to an EOS block producer since they are in charge of the blockchain, thus they are rightfully rewarded with EOS tokens – approximately 1% of the 5% EOS token inflation that occurs.
There can only be 21 block producers, how does the voting system work?
Elections started June 2nd and will end when 15% of the total EOS tokens (150 million/1 billion) vote. In the beginning, 21 block producers will be chosen at random, once the voting round ends, the 21 elected block producers will be given their positions. There are elections constantly so if a candidate isn’t doing a good job, he can easily be replaced.
Anyone can become a block producer, but they will need resources and backing to support their case. Some of the biggest names in cryptocurrency have applied to become a block producer. Some that stand out are Huobi pros mining pool, Bitfinex, Bitcoins Antpool, and other 100 applicants.
Pros and cons
A DPOS governing like EOS is using with block producers is that it mining monopolies from controlling the network, thus minimizing the chances of 51% attacks. The downside is that the network becomes more centralized and controlled by a selected few.
Dan Larimer has introduced DPOS as a new consensus and governing body within the blockchain ecosystem. He has been criticized by Ethereums founder Vitalik Buterin due that he considered the new system too centralized. This is a healthy competition between two geniuses wanting to promote a better blockchain and bring decentralized apps for mainstream use by users worldwide.
Who do you think will win the elections and become an EOS block producer?