Bitfinex launches voting tool for block manufacturers in the EOS system

Bitfinex launches voting tool for block manufacturers in the EOS system

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One of the largest exchanges of cryptocurrency, Bitfinex has launched a tool that will allow its users to participate in voting for the block manufacturers in the EOS system.

As stated in the official announcement, Bitfinex Ballot is an open source tool that will allow exchange users to use their EOS coins located on the “Funding” / “Exchange” / “Margin” wallets, as well as the EOS used in EosXXX marginal long positions, to vote for the producers of blocks. Bitfinex reports that any stock exchange that wants to demonstrate its transparency can integrate the submitted code.

20% of the EOS that are in Bitfinex reserves will not be used for voting, as they will remain on cold wallets, which should allow users to withdraw the cryptocurrency at any time. EOS, which are in short positions, will be deducted from the total amount of coins used for voting, since they can not be used for these purposes by the rules.

Thus, 1 EOS will be equivalent to 0.8 votes provided there are no short and long positions. This value will change depending on the change in the number of positions. Bitfinex claims that it is the only exchange that allows using cryptocurrency, which is in marginal long positions, for voting.

Prior to that, users whose coins were on the exchanges could not take part in voting for the producers of the blocks, a process that is of fundamental importance for the future of the EOS system. At the same time, many of them could leave the cryptocurrency on the exchanges in order to avoid the risks associated with the process of its self-registration.

By the time of publication, their will was expressed by users holding 22% of all EOS tokens, according to the official portal. Bitfinex itself is one of the main candidates for the role of the block manufacturer in the EOS system.

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