Author: Marco González
Editor: Randall Roland
At the heart of blockchain are independent users and their concerns. Owning personal transactions changes how the world approaches finance and IP rights on the Internet.
EOS advances blockchain consensus, a core aspect of any blockchain. Eden on EOS reinvents governance utilizing the tools available today. Eden’s impact can be seen in a member-rated proxy. It’s a solution that better accounts for token holder stakes.
Proxies and Blockchain
Blockchains are trustless networks. That is, a blockchain is a distributed ledger where all can participate. In addition to being open-source technology, blockchain innovates peer-to-peer consensus. Blockchain’s accessibility combined with requiring the network to come to agreement to produce a new block of data are primary factors that make it trustless. Participants find they needn’t entrust a third party to complete a transaction.
The idea is simple: establish a way to conduct peer-to-peer exchanges over a digital medium. How blockchain accomplishes this is a bit complex. Most users don’t have the time to learn about the specifics of how consensus works. Blockchain’s rapid innovation further complicates issues which voters must consider prior to reaching consensus.
EOS: A Faster, More Directly Approach
Several proxies spawned over the course of the EOS mainnet’s lifetime. Proof-of-Work (PoW) chains (e.g. Bitcoin and Ethereum) gravitated toward mining pools. EOS proxies and PoW mining pools share similar characteristics. Both pool their resources for greater leverage and ease of operation. However, EOS stake-based voting more closely aligns with token holder objectives.
PoW chains intended for every participant to directly impact a network change. The reality is that mining pools are now entrusted with decisions that were once made by individuals on their home computers. Mining PoW chains has simply become too costly for the majority of token holders to not join a pool.
EOS’ Delegated Proof-of-Stake (DPoS) is, by design, a network that empowers users while alleviating the effort and time involved to manage blockchain assets. Token holders vote for 30 BPs (out of hundreds) that align with their values. PoW chains are far from being so well organized.
How EOS Comes to Consensus
EOS upgrades its network rather than going through the trouble of soft and hard forks. It's a built-in dynamic. Network upgrades are part of what makes EOS a 3rd generation blockchain. Changes, alterations, and new initiatives are passed by the network once the top 21 block producers (BPs) reach consensus. A prerequisite of BP consensus is token holders staking their assets to determine BP ranks.
Proxying Votes
Choosing 30 BPs to start the consensus process outperforms anything offered by PoW chains. Still, there’s some factors to consider. For token holders that don’t have the time to investigate 30 BPs, selecting a single proxy is an option. Proxying the staking power of their tokens allows holders to retain control over their assets. All that’s required is authorizing a proxy to choose BPs.
Poxying votes proves to be an effective way for token holders to manage their time. It also serves as a way to align with an organization with similar values.
Eden Proxy
It’s important to make the distinction between the Eden proxy and other EOS proxies. Eden members can easily rate BPs using the eosrate.io tool. Eden Proxy makes decisions based on member statistics. Selecting BPs based on member ratings is a significant step forward.
With little effort, Eden members have direct input over BP ranks. Members also enjoy the benefits of a dedicated proxy that keeps a watchful eye over emerging events.