Binance Is Participating In EOS BP Election?

Sateesh Swaminanthan
I am a techsavy, otaku and Crytogeek. loves to talk and write about latest tech, new anime and happenings in Cryptosphere.
  • Binance stake has been registered on the EOS mainnet as a block producer.
  • The Block producers are chosen from more than 104 candidates.
  • Binance did not mention anything about taking part In the Block Producers election participation.

EOS Block Producers also known as EOS BP’s are the ones who make up the decentralized network that governs the EOS blockchain. In the bitcoin network, every node is part of the network which is known to be decentralized and governs the bitcoin blockchain.

The process of governing in EOS gets simplified and handed over to just 21 Block producers. That means EOS Blockchain is governed by 21 Block producers who are responsible for producing blockchain in the respective blockchain.

The EOS BP’s will get EOS tokens as block rewards in return and these tokens are part of EOS’s pre-designed token inflation. The EOS block producers are known to be getting quite a sizable incentive as EOS has increased its price in a jiff lately and that affects parallel to the incentive reward it offers.

The Block producers are chosen from more than 104 candidates who get elected in the EOS Block producer election and the election process works by selecting an Appointed Block Producer from 21 pre-existing block producers and once the election is over the elected block producer will be replacing the Appointed Block producer.

All EOS members get to choose 30 block producer candidates in their vote and the vote is weighted by the number of tokens being staked by a certain individual block producer, unlike real elections the votes can be changed immediately.

Today 21 February 2020 the transaction activity of EOS main net shows that the account Binancestake has been registered on the EOS main net as a block producer, and the Binance official website link has been used in the registered URL.

But Binance did not mention anything about taking part In the Block Producers election participation. As of now, Binancestake is ranking 74 with 9 million votes and a vote rate of 0.085%.

There is a possibility that Binance be participating in the EOS election but the lack of official announcement certainly making it hard to speculate anything now.

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