Something exciting happened in the world of EOSIO yesterday. A very important and somewhat controversial proposal has been approved with the help of proxy voting. This may also be a bit too technical for the commoners to grasp, so let’s try to break it down in simple terms.
Colin Talks Crypto Proxy
Colin from the YouTube channel “Colin Talks Crypto” made the following Twitter post yesterday:
Colin runs a popular proxy voting mechanism, whose goal is to consolidate EOS votes from the EOS holders who for some reason do not wish to participate in the EOSIO voting. Proxy voting is a process where EOS token holders delegate their votes to a third party that they entrust with a voting decision. The assumption is that this third party has superior knowledge of the blockchain ecosystem, does detailed research of its block producers and will democratically cast a vote that will benefit majority of the ecosystem participants.
Colin’s proxy has 7 million votes. Yesterday he used all of these votes to make a decision on a proposal that would otherwise likely expire due to lack of support from some of the top block producers.
What Proposal Was Approved?
The proposal that we are referring to is called “MSIG Proposal: Update regroducer Ricardian Contract” and it can be found here. It was proposed by a block producer EOS42, (whose geometrically beautiful logo I cannot stop admiring)
Proposal itself is rather technical, but its key idea is as follows:
regproducer is best understood as a mutually agreed upon guide for protecting the EOS blockchain together. For example, when a Block Producer is chronically missing blocks, contracts such as regproducer should be culturally understood as a way to protect mutual interests, rather than a “weapon” of enforcement.
In other words, it’s a tool that ensures secure and effective operations of the EOSIO blockchain. Block Producers that undermine these operations by being unreachable, skipping on block production etc. should be removed from top 21. It is a common sense proposal that was designed to greatly benefit the network.
We needed 15 out of top 21 votes to approve this proposal. However, for various reasons it was not getting enough votes. It only collected 13 with five days left to go until its expiration.
What happened next was an exciting maneuver that Colin pulled off using his 7 million votes. With the help of its proxy voting service, colintcrypto, Colin managed to bump up 2 BPs into the top 21 that agreed to approve the proposal, downgrading the 2 naysaying BPs in the process. This strategic move ensured that the proposed contract has been successfully approved and activated.
This is a testament of the effectiveness, the efficaciousness of voting on EOS. Specifically voting for proxies because any singular would likely not have 7 million votes to do this.
This was the first time in EOSIO history that something like this was done! You can watch this video to get Colin’s explanation of how he executed this vote:
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Timestamp made possible by the Telos Worker Proposal System.