The EOS community voting is underway, but seems to be dragging slowly. The target for the EOS blockchain to activate with a set of 21 elected Block Producers is 15% of all EOS should vote. For now, just about 3.45% of coins have voted.
The process is somewhat confusing, and it is unknown whether bigger wallets won’t vote soon. But the real-life solution for EOS shows that decentralization is not the answer when things need to move fast. Therefore, the launch has only chosen one, for now anonymous, Appointed Block Producer, to be in charge of the votes. The voting also happens through newly created, centralized sites.
Despite the fact that a lot of EOS is currently held on exchanges, having an EOS kew allows for a vote. Yet the voting process is somewhat complicated, and the tokens remain locked for three days when unstaked. It is also possible for EOS holders to transfer the voting rights of their tokens.
Right now, 150 million EOS are needed to count the quorum. In theory, a handful of wealthy wallets could complete the vote and build the EOS network as they see fit. As voting continues, warnings have landed about the qualities of block producers:
The EOS market price has proven resilient during the latest drop in crypto prices. EOS only slid to $11.32, with extremely active volumes. One of the reasons is that EOS is one of the assets to a great degree unpaired from trading against Bitcoin. The most active pairs for EOS involve Tether (USDT), giving a direct price movement against USD-like positions.
The current level of voting for EOS happened in the first day, with more than 30 million tokens voting. As information about the process spreads and more holders attempt the vote, the number may increase. For now, BlockOne has not yet voted, and may abstain from doing so, despite holding around 10% of the EOS supply. The community sees the voting so far as successful, so the buildup to 15% may cause EOS prices to rise on speculation.