Equilibrium Launches Its EOS Block Producer Voting Process
Equilibrium is excited to announce the launch of its REX implementation and block producer (BP) voting system, starting with online BP voting.
The implementation of these features is a three-step process.
Step 1: Staking Equilibrium’s EOS collateral to REX
REX provides many new opportunities for the EOS ecosystem, and an especially exciting one for Equilibrium users. The instant unstaking feature of REX allows us to stake all of Equilibrium’s EOS collateral to REX and distribute REX rewards to those who have collateralized their EOS in the Equilibrium framework. This also lets us use the entire collateral pool and stake it to what will be known as the “Equilibrium Proxy.” This gives two extra utilities to EOS that’s already staked in our framework.
Steps 2 & 3: Off- and on-chain voting for BPs with Equilibrium’s EOS collateral
The utility of NUT tokens lays not only in using them for paying fees and getting discounts, but for voting for the BPs users want to have in the Equilibrium Proxy as well. We are currently in the process of building this mechanism and it is expected to go live by the end of Q3 2019. But because we believe that voting is important for the health of the EOS ecosystem, we will begin the process with an off-chain voting mechanism.
How the off-chain voting will work:
-The voting will begin on July 3rd at 3 PM GMT and will end on July 10th at 3 PM GMT.
- Anyone can vote for up to 30 BPs.
- No NUT tokens are necessary for voting.
- The Equilibrium framework currently has 2.5 million EOS stored. 10% of the collateralized total will be added to the proxy every five days for a total of 50 days.
- At the end of the seven-day voting process, the top 30 BPs will be announced and added to the proxy.
- Once Equilibrium’s on-chain voting mechanism is live, a new round of voting will begin (more details about on-chain voting will be released closer to the date).