Block.one, the firm that developed the EOS.IO software, has announced it’s going to start voting on EOS block producers (BPs) using its less than 9.5% share of the circulating tokens.
According to an announcement published by the firm, it’ll start leveraging its “small, but significant” EOS token share to vote on those who maintain the EOS network, the 21 block producers who are elected by holders.
Block.one notes in its announcement its share of the total circulating supply of EOS is going to keep on dropping as new tokens are created through inflation and used to reward block producers. It added it has been observing the network’s operations and governance to learn and understand “how to maximize performance, alignment, and reliability.”
The firm added that it now feels ready to “begin playing our proportional role, with the focus of continuing to support healthy upgrades of the EOS network.” As such, Block.one wrote:
Block.one will participate publicly in the conversation and share and comment on ideas and proposals that we believe positively improve the governance, performance, and overall competitiveness of the EOS network.
The firm added its goal is to “highlight improvements and features” it believes will “uphold the integrity of the network” and push it to new heights. The network is said to be able to process 5,000 transactions per second and ensure a half-second block time.
The EOS network is based on a delegated proof-of-stake (DPoS) consensus algorithm where 21 block producers are elected to run the network’s nodes, and Block.one doubled down on its positives claiming proof-of-work blockchain are “often governed and controlled by a small number of mining organizations and can be environmentally abrasive with high electricity requirements.”
This month, the EOS network faced “degraded performance” over an increase in traffic caused by the EIDOS token airdrop. This saw the price of CPU on the network increased over 100,000% as Coinbase admitted only “addresses with significant CPU resources staked are able to have their transactions processed in a reasonable amount of time.”