Equilibrium Launches Its On-Chain Block Producer Voting System
We are happy to announce that on-chain voting for the Equilibrium proxy is ready a month ahead of schedule! Now we’re using the EOS blockchain to record BP votes in a tamper-proof manner, and only NUT token holders are eligible to participate.
The 30 latest winners (from our last off-chain BPs voting session) are already in the Equilibrium Proxy, and all of Equilibrium’s 4.2 million EOS are staked for them. Congratulations to these BPs on being the pioneers of Equilibrium’s proxy voting!
Here’s how it works: the Equilibrium Proxy stakes all of the framework’s EOS collateral every ten days for the ten highest-voted block producers receiving the most NUT votes from the community.
The first round of on-chain voting starts on August 15th, and NUT holders can vote for up to five of their most preferred block producers in this user-friendly and secure web interface. In other words, go vote for your favorite block producers right now! After ten days, on August 25, we’ll have a new list of winners to stake!
Don’t forget that NUT tokens used in on-chain voting are immediately locked up for ten days after staking in order to avoid vote manipulation — users who staked NUT in order to vote and want it back immediately will have to wait before actually receiving it.
Our BP voting and REX functionality roadmap will be fully complete in Q3 2020 with the launch on an on-chain governance system. Equilibrium is building a decentralized autonomous community inspired by EOS’s own blockchain governance, but endeavors to go beyond it as well: the voting process lets the community determine, modify, and vote for the key parameters that drive the framework. This process will eventually be fully delegated to the community and NUT holders to participate.