At shEOS, we believe that EOS will be the first blockchain to break the barrier to mass adoption. It has built into its DNA the capacity to revolutionize transactions – from the most basic to highly complex – and to create a true internet of value.
We believe that the EOS blockchain transformation will happen fast, and soon there will be a global decentralized ecosystem, built on the EOS network. For the ecosystem to thrive, stakeholders need to self-govern, and share responsibilities in ways that have not been required, or even allowed, for centuries. The first and most important step toward assuming this liberating freedom is very simple: you need to cast your vote.
In addition to be able to vote, there are a few reasons to hold on to your EOS tokens. For instance in next 90 days, there are a lot of great airdrops coming on EOS. This is why we are encouraging everyone to VOTE and HODL.
(Image Credit: Vote. Robert Indiana, 1976)
What are you voting for?
The community is continuously electing a group of 21 Block Producers from a ballot of more than 175 candidates, including shEOS -- who will operate the network on behalf of all EOS token holders. There will also be a list of Standby Producers who will be able to step in should a Block Producer go offline or become compromised in some way. Elected Block Producers will have the tremendous responsibility to act as good stewards of the network.
What does a Block Producer do?
In a nutshell, the Block Producers work to facilitate the EOS network and its continuing growth. Block Producers are elected “witnesses” who agree events recorded on the chain happened and who agree on the order of those events.
Unlike miners, in the EOS Ecosystem, the work and workings of Block Producers are made transparent and visible to all the stakeholders, who have the power to vote them “in” or “out”, based on performance. At shEOS, our responsibilities are: to run an efficient, secure and reliable Data Center, to help build the EOS Network by advocating and facilitating its applications to a range of end users including individual users and large companies who will build platforms upon its powerful infrastructure, and an abiding commitment to our worldwide community benefit project to empower women in technology.
What is the term – amount of time -- a Block Producer will serve?
Unlike any other supplier you depend on today – from your postman to your congressman – the services of Block Producers are constantly being scrutinized by the stakeholders, and because it is possible to vote every 126 seconds, their service to the EOS Blockchain can be terminated by consensus at almost any time.
How do I decide which Block Producers to vote for?
First and foremost, vote for Block Producers who add value to the EOS Ecosystem. You can vote for as many as 30 Block Producers at one time. Your votes are weighted by the amount of EOS you hold. For example, when you vote for 3 Block Producers and you have 100 total EOS, they each get 100 votes.
(Image Credit: https://eoscout.com)
These are some specific criteria to consider:
Geographic distribution – BP’s who represent varying cultures and history, while operating within the borders of stable political systems, will bring healthy diversity to the ecosystem.
Transparent funding – to insure independence and avoid collusion, vote for self-funded independent BP’s
Technical Support – a viable BP should be able to demonstrate a commitment dedicated staffing, with 24x7 support
Technology – dependable BPs have bare metal servers and cloud-based hybrid architectures (bare metal + cloud), load balancers, redundant networks and servers for reliable failover and load balancing
Experience – the qualifications of key decision makers are paramount. Look for team bios that show previous work experience on the blockchain, in tech, finance, and as a group. The founders should represent previous success in a variety of businesses and life experience.
Community Benefits – look for BPs who have declared a commitment to giving back in ways that will make a difference in society and that matter to you.
Skilled at Wide-Reaching Communication – BPs should be able to demonstrate outreach, including meetups and social media content, and a history of having made significant technical contributions.
How do I cast my vote?
It’s important that you remember to check with trusted block producers for a list of wallets and EOS tools that have been vetted and are trusted. Please wait for notice from Block Producers you trust. We recommend using the Sheos downloadable voting wallet (built by Bancor) to vote from your own computer.
Do I have to vote every 126 seconds? How long will the vote I cast today be valid? Does the voting period ever end?
You CAN vote every second, but you don’t have to, as long as you are satisfied that the list of 21 BPs is serving you and the ecosystem well. Your votes are valid for a long time. However, they do have a half-life of 365 days. This means after 90 days the votes are worth 80% of their original weight. There is no end date on voting. You can vote and change your vote as many times you want. Votes will keep being accepted as long as EOS network is available (which is forever!).
Is Voting Secure?
Yes, as long as your Private Key is safe. Do not use your private keys on places that you don't trust. We recommend never sharing Private Keys directly on any website.
shEOS Secure Downloadable Voting Tool:
https://github.com/sheos-org/sheos-voting-app
How can I see the vote tally?
http://eosnetworkmonitor.io
https://eosportal.io
https://eos.producer.vote
What happens after I vote?
HODL! In addition to being able to vote for Block Producers, as an EOS token holder you will also be able to vote on how to spend the Worker Proposal funds. 4% of the EOS inflation will be spent in the way that EOS token holders vote. As far as we know, there are no limitations to how or where these tokens can be allocated. So, it is up to YOU to decide where and how hundreds of thousands of EOS will be spent in the world.
Congratulations, you are an engaged citizen and a vital member of the EOS Ecosystem!