A New Hope for EOS Governance
A New Hope for EOS Governance
August 12, 2019
By Colin Talks Crypto
In recent times I had become concerned about EOS governance. I felt like token holders' ability to effect changes had been decreasing in contrast to whales and exchanges who had taken over.
The recent event of directly moving BPs into power (by way of proxy) to activate an EOS upgrade has had the unexpected side-effect of raising my and others' hopes that governance on EOS still has a chance.
Here is the video of what happened if you haven't seen it already.
By utilizing one or more proxies (depending how important the upgrade is), we can effect a change in governance.
It is true that BPs have the sole ability to execute an upgrade on EOS by having 15 of 21 BPs (this was put in place by the EOS User Agreement).
However, by using coordinated votes we can literally MOVE the BPs themselves. This was the eye-opening moment. This how we have our say. I hadn't realized this was possible until it was done.
Delegating one's votes to a proxy is arguably more effective than voting individually because the collective weight of the votes can actually MOVE BP positions when coordinated in a single direction. Timing can also be an important factor and a proxy can simultaneously move all its voting power at once. This, combined with other proxies, could become a truly powerful force-- powerful enough to offset whale and exchange vote buying and manipulation.
Please vote. And please refresh your vote at least monthly as the power does decay over time. As we have just witnessed, vote power does matter.
The ramifications of this are inspiring and uplifting.