A Guide To Help EOS Token Holders Navigate the Registration and Block Producer Voting Process

ERC-20 Token Registration

EOS Token (ERC-20) holders must register their Ethereum addresses prior to June 2, 2018 at 21:59:59 UTC. Registration allows addresses and associated balances to be identified after the release of EOSIO v1.0. Registration via the EOSIO website is unavailable in the U.S. and China without using a VPN.

To register using Block.one’s web interface, go to the “EOS Token Distribution” section at the bottom of the EOSIO website.

Next, click the ‘Get EOS’ link and check the appropriate boxes to consent to the agreement terms and access the instructions page pictured below, which contains details on address registration.

To create an EOS public / private key pair via the command line using the EOSIO software, install ‘cleos’, the command line tool provided as part of the EOS installation package available for download from Github.

With cleos open, type ‘cleos create key’. This will generate a key pair. After generating an EOS public / private key pair, follow the address registration process detailed in the Block.one instructions page pictured below.

Block.one ERC-20 Registration Instructions

Block Producer Rewards

There will be 21 active block producers and an estimated 150–175 standby block producers. The top 21 active block producers will earn a 0.25% per block reward on a pro-rata basis to the number of blocks each one produces. All block producers (active + standby) will also earn a .75% per vote reward on a pro-rata basis to the total number of votes they receive.

Token Metrics and Estimated Block Rewards. Data as of 05/30/18.

Planned EOS Annual Inflation Allocation. Data and calculations as of 05/30/18.

Initial Election Period

Block producer elections will start once the EOSIO v1.0 mainnet is live. ERC20 token balances will be frozen on June 2 at 21:59:59 UTC, and a snapshot of the token balances will be used to distribute EOS tokens on the EOSIO v1.0 mainnet.

After the snapshot, the mainnet will go through the boot process and elections will begin. The initial election period will end, and a quorum will considered to have been reached, when 15% of the 1 BN EOS tokens (150 MM) have voted.

During the initial block producer election period, 21 appointed block producers will be chosen at random from the pool of block producer candidates. Once the initial election period ends, the appointed block producers will be replaced by the duly elected block producers.

EOS ERC-20 tokens must be registered on the EOS network in order to vote. All registered tokens will be automatically staked to network bandwidth and CPU on a 50/50 basis for the duration of the initial election period.

Voting Mechanics

Each staked EOS token can be used to vote for up to 30 different block producer candidates, with each token representing 1 vote per BP, or up to 30 different BP votes per token. Votes are weighted pro-rata based on the total number of staked tokens, and the 21 block producers who receive the most stake weighted votes will be elected as the ‘active’ block producers.

Voting is an ongoing process, with votes being recalculated approximately every 2 minutes. Token holders can also delegate, or proxy their voting power to any other EOS account. There are no restrictions on changing votes, but tokens will be locked up for 3 days after being un-staked.

Voting Process

Block.one will only be supporting EOS block producer voting via a command line interface. There are a few community developed websites for voting, such as https://eoswalletpro.com and http://vote.libertyblock.io, but none of them are officially endorsed or supported by Block.one.

Voting Note: To vote for Staked via a web interface, please specify ‘stakedstaked’ as the block producer account name. For voting, and all EOS transactions, use your Active key, not your Owner key. This will ensure that your funds can be recovered in the event of a hack.

The following directions can be used to vote via the command line:

Setup:

Install ‘cleos’, the command line tool provided as part of the EOS installation package. Create a wallet, unlock it, and import your keys.

Commands:

Stake 1000 EOS tokens for the ‘myaccountname’ account: cleos system delegatebw myaccountname myaccountname “1000.000 EOS” “1000.0000 EOS” Vote for one or more block producers: cleos system voteproducer prods myaccountname bproducerone bproducertwo

Alternatively:

Proxy your vote: cleos system voteproducer proxy myaccountname bproducerone

Voting Note: To vote for Staked via the command line, replace ‘bproducerone’ with ‘stakedstaked’ in the commands listed above.

Block Reward Policy

EOS is currently the only PoS network that is explicitly prohibiting block producers producers from engaging in a financial relationship with token holders for the block rewards and transaction fees that are generated in exchange for securing the network.

Per the Article IV of EOS constitution, “no member shall offer nor accept anything of value in exchange for a vote of any type, nor shall any Member unduly influence the vote of another.” The EOS network is planning to implement a whistleblower process to enforce the block reward policy.