EOS Plans to Abolish its Constitution Amidst Mounting Controversies
The problems plaguing EOS don’t seem to be going anywhere anytime soon. In the latest entry to the ever-expanding saga, reports have emerged of plans to scrap the present EOS constitution. In its place will be a new referendum that severely limits the power of block producers (BPs) and streamlines the responsibilities of arbitrators on the blockchain.
Unsurprisingly, the news has generated a heated debate on both social media and cryptocurrency web-based message boards.
A New EOS Constitution
Yesterday, Dan announced on Telegram (EOS Gov) his desire to scrap the existing constitution and replace it with a referendum contract [sic] and/or a “Greymass Interface” at the application level. This requires development and has a price tag associated with it.
The changes proposed by Larimer seem to address some of the thorny issues that have formed the core of intense debates surrounding EOS ever since its mainnet launch.
For one, the new constitution limits the responsibilities of arbitration groups to DAO-hack-like events.
Recently, both the 21 BPs and the EOS Core Arbitration Board (ECAF) issued separate orders to freeze some accounts. This news led to widespread criticisms and claims of lack of decentralization in the EOS blockchain.
Proposed Plans Seem to be in Violation of the Current Constitution
On the surface of it, Larimer’s plans appear to violate the present EOS constitution. Article XI of the document reads:
Amending-This Constitution and its subordinate documents shall not be amended except by a vote of the token holders with no less than [sic] 15% vote participation among tokens and no fewer than 10% more Yes than No votes, sustained for 30 continuous days within a 120-day period.
A cursory reading of article XI shows that Larimer doesn’t have the power to scrap the constitution. Also, it seems difficult to imagine a scenario that would make the all-powerful 21 BPs vote in favor of a new constitution that limits their power.
The price of EOS has taken a hammering in the midst of the mounting issues and controversies. However, in the last few hours of today (June 27, 2018), the price has surged above $8 after having dipped below that price mark the previous day. EOS is still down almost 50 percent from its highest level of $15 in June 2018.
More Crypto News
Tether (USDT), the world’s most popular stablecoin, is designed to give users the stability of…
Stellar and its XLM token were first launched in 2014 by Ripple co-founder Jed McCaleb.…
Bitcoin Cash (BCH), the controversial project forked from the original Bitcoin client, is now the…