Why Vote? Why Proxy?
Why Vote? Why Proxy?
Voting Aligns Interests
Voting for Block Producers is the life blood of the Delegated Proof of Stake consensus model that drives EOSIO blockchain network protocols like EOS. Voting by Token Holders determines which Block Producer candidates have the opportunity to get paid for their contributions;
- Block Production(ie validating transactions)
- Core Software Development Contributions
- Tools & Resource Development Contributions
- Community Education Contributions
Token Holders can vote directly from their accounts or they can delegate their vote to a Proxy that will select and vote for Block Producers on their behalf.
EOSIO is a platform designed to accommodate a wide range of decentralized applications and a wide range of users. Not every user has the time to educate themselves and regularly monitor the state of the blockchain to cast an informed vote. By design, many will be unaware of the underlying EOSIO infrastructure that makes it all happen.
However, it is in the interest of every Token Holder to elect Block Producers that act in alignment with their interests.
So we have learned that Token Holders can delegate production of blocks and other work that contribute to the network to Block Producers, but what if Token Holders could delegate the vote itself?
Enter the Proxy
Here is a general definition of proxy voting.
Proxy voting is a form of voting whereby a member of a decision-making body may delegate his or her voting power to a representative, to enable a vote in absence.
On an EOSIO network, Token Holders have the option of delegating their vote to other accounts that have registered as Proxies on the blockchain itself, just as Block Producers have registered on-chain to produce blocks.
Delegating your vote to a Proxy, gives that Proxy the ability to vote on your behalf, saving you the time and effort of researching and monitoring all the Block Producers and the blockchain itself. Proxies do the work so you don’t have to.
Proxies do the work for you so you don’t have to.
It’s important to note that by proxying your vote you give up no control over your tokens themselves, you are only temporarily passing your right to vote to another account on the blockchain. You are not passing ownership or any other control. You may take back your right to vote yourself or assign it to another Proxy at any time. You may sell you tokens 72 hours after un-staking them, just as you would as if you were not proxying your vote.
Proxying your vote simply says…
…while I own my tokens, I am permitting this other account to vote for Block Producers on my behalf.
In short, proxying your vote is something most Token Holders should be doing since most are not ready, willing or able to keep up with the current events of the blockchain. Proxy voting increases the health of the network and is generally a good practice for most Token Holders.
Token Holders are encouraged to use this website to find a Proxy that they perceive as reflecting their interests and delegate their vote to that proxy.