Bitfinex Enables Token Holders To Directly Cast Vote For Block Producers

Digital currency exchange Bitfinex which is likewise one of the block producers of the EOS, has discharged a “Bitfinex Ballot” to enable the EOS token holders to cast their vote for Block Producers straightforwardly on the exchange’s platform. World’s fourth biggest digital currency exchange, Bitfinex has around 75 digital currencies listed on its platform. The exchange has managed over $250 million trading volume in the previous 24-hours. Over the recent months, the tech team of the exchange has been working with the cryptographers to “create a set of open-source tools” that has been dubbed “Bitfinex Ballot”.

As indicated by the official declaration, these tools “can mathematically demonstrate solvency and custody for a certain cryptocurrency, as well as provide a way for individuals and groups to delegate votes using their balances (holdings) on Bitfinex.”

By utilizing the account activity and balances, reports have been created that enables the users to vote in an “anonymous and verifiable manner”.

As per the Bitfinex tweet, one can do this “whilst still taking advantage of margin & funding features on Bitfinex.” Being altogether open-source, the exchange expresses that different states who wishes for transparency can likewise make utilization of it. They are likewise wanting to stretch out the framework to different currencies too once it has been optimized.

Essential Details

• Vote start: The first snapshot of EOS users net balances were taken at 9 PM UTC on June 17, 2018.
• Snapshots: Snapshots will be taken every week, once a week, starting from the first snapshot time.
• Recasting votes: You can use the Bitfinex Ballot tool to recast your Block Producer votes in case of mistakes. Given a weekly snapshot, you will be able to vote once a week. Please note that we will rebalance votes every 3 days.
• Margin: Margin and settled balances will be able to vote for EOS Block Producers. Bitfinex will keep 20% of all tokens in the cold storage not staked, allowing withdrawals to always process smoothly.

Bitfinex claims that it is the most secure approach to vote for EOS holders, which is “aside from setting up a standalone EOS node or running a proxy”. The keys offered are just utilized as a method for vote delegation and won’t be utilized to get to the balances, the company states. Besides, they are intermittently regenerated so that if there should be an occurrence of burglary, you can regain control.

With the way EOS holders were experiencing issues in casting the votes, this is unquestionably a good thing for the EOS community as one of the greatest crypto exchanges and a block producer itself has thought of a voting solution.