Veterans of DPoS (Delegated Proof of Stake) systems are very familiar with the concept of Witnesses and BP (Block Producers). However, many newcomers don’t have a clue on what they are. What is their role and how does it affect me? A BP is similar to the “traditional” miner. However, the concept in DPoS systems is a bit different. Like Bitcoin proof-of-work miners they also validate blockchain transactions and are entities that govern the EOS blockchain on the behalf of the token holders. In contrast to PoW (Proof of Work) systems, BPs are elected by its users and are rewarded through the inflation of the EOS token. Every user that stakes EOS can vote for up to 30 Block Producers. 1 Token will be counted as 1 vote for the candidate. The voting process never stops and so is the ongoing election.
Why Voting for A Block Producer is ImportantIn traditional systems, elections are held every 4-5 years. Furthermore, the choice may be limited to a very small pool (typically left and right candidates). DPOS improves the system. On EOS stakeholders, like you can elect from over 100 different producers and the result is instant! The votes are calculated every validation round on EOS which is approximately every 2 minutes! EOS is not only an innovation in blockchains but also in governance. But for it to work, you need to use your vote and participate! Ever token holder has the responsibility to explore, investigate and use their vote to support honest and active Block Producers.
“There is no perfect code or systems. It’s how efficiently & effectively we can make beneficial change.” -Dan LarimierBut how can a user decide for which BP to vote?