EOS Constitution Updated With Major Changes To Article 15

The Italy-based EOS project recently announced major updates to its EOSIO constitution. The update specifically affects article 15 of the constitution.

The update declares that if a block producer (BP) owns more than 1% in another BP then it must be disclosed. The maximum limit remains at 10%. The only difference is in the disclosure rules.

The EOS mainnet, meanwhile, is scheduled to launch on June 1. On June 1, all ERC20 EOS tokens on the Ethereum network that remain in an unregistered address will be worthless once the snapshot occurs after being frozen on the Ethereum platform.

EOS token holders are currently holding and trading their ERC20 tokens on the Ethereum blockchain, which is why EOS and Ethereum receiving addresses are currently the same. After the launch of the EOS mainnet, EOS will have its own completely separate blockchain for its users.

One of the unique things about the EOS project is that the mainnet’s constitution and protocol can be amended in certain, community-derived situations.

The EOS constitution and protocol can be amended, for example, if it is being proposed by a block producer who maintains 17/21 approvals for 30 consecutive days. After this period, all full nodes will have a week to adapt to the changes and any node that doesn’t follow the new protocol will be shut down. Before a blockchain goes live, at least 15% of token holders will have to approve it. This enables token holders to participate in the administration of the network.

Today, the developers of EOS Block.one, control approximately 10% of the total supply of EOS. That development team is also creating decentralized apps on the EOS network like eosDAC, eosCOFFEE, Evolution, and others.

This latest update will increase transparency across the EOS network. Stay tuned for more information as the EOS mainnet continues to roll out over the coming weeks.

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