Since the EOS main-net went live, there has been a lot of confusion regarding the role of Block Producers. What exactly do they do? What are some things to look for in a block producer? Why should I care?
Think of a Block Producer as a miner. Although miners don’t exist in the world of Delegated Proof of Stake, their roles do overlap. For starters, they both verify transactions and are rewarded for their efforts. Block Producers, as defined by EOSphere, are decentralized entities that operate and govern on the EOS blockchain on behalf of the EOS token holders. BPs are elected by the EOS stockholders and are incentivized through inflation of the EOS token.
Each staked token can vote for up to 30 different BPs. Each token staked will count as 1 vote for every chosen candidate. For instance, if you vote for 30 BPs with 50 staked tokens, each on of the 30 BPs will receive 50 votes. Voting is ongoing and elections happen every two minutes (126 seconds.) Some of the most popular voting tools are made possible by LiquidEOS https://vote.liquideos.com/ and Greymass.
Qualities of a Block Producer
Scalability or the ability to support a high number of transactions. The bigger EOS gets, the more transactions occur on the chain. Scalability, although tempered by dPOS, is still something to be considered.
Location Diversity. Regional governments can intrude on operations and potentially interrupt a BPs activity. Weather and power outages are also factors that can affect operations. By geographically diversifying, these issues become less centralized and therefore less of an issue at all.
Technology and RAM capabilities. If you don’t have much RAM you are unable to to process transactions nearly as quickly as a BP with more RAM. BPs are coming out and issuing statements promising transparency in the purchase of RAM until a new system for RAM pricing is thought of.
Hardware. Are you using cloud based servers or utilizing bare metal infrastructures? Cloud based servers can be looked at as vulnerable and somewhat lazy compared to physical infrastructures.
Community/ Governance Engagement. Let’s be honest, EOS is confusing, mainly because EOS is new. Not only is EOS new in blockchain, but in ideology. We not only rely on BPs to govern and confirm transactions, but to guide the meek. Engagement in the EOS community and involvement in the governance community are ways that BPs are able to go above and beyond for the purpose and success of the project.
Why Voting for A Block Producer is so Important
In your average democracy elections are held every couple of years. For example, in the United States incumbents are chosen from small pools of candidates and reside on both right(conservative) and left(liberal) side. This, in comparison to dPOS, is hardly democratic. In the EOSphere, Block Producers are chosen from hundreds of candidates. With elections being held every 2 minutes, it’s hard to imagine that any BP would act against accordance of the voters (token holders.)
In reality, EOS provides us with a robust democratic system never quite seen before. In order for any democracy to properly function, voter turnout must be of the highest importance. As token holders, we have a responsibility to engage, explore and encourage others to do the same.
“In a democracy you get the government you deserve”-Thomas Jefferson(maybe)
EOS is not an experiment; it is not a trial nor is it a dry run. EOS is an idea that has been taken one step further. This step needs to be taken with diligence and with diligence comes a new way to look at not only blockchain technology, but democratic systems as a whole. The constitution may not be perfect but it’s not suppose to be. “There is no perfect code or systems. It’s how efficiently & effectively we can make beneficial change.” Dan Larimier