EOS User Agreement Signed By 21 out of 30 Block Producers After New Constitution Negotiations

21 over 30 block producers on the EOS network have finally voted for the EOS user agreement. This document replaces the so-called “EOS Interim constitution” that generated controversies in the past. One of the main issues was related to the delegated proof-of-stake (DPoS) mechanism that could be in conflict with the interim constitution.

EOS User Agreement Approved

Back in 2018, when the EOS mainnet was launched, the market was affected by different controversies related to the interim constitution. Block producers are very important for the EOS network, and due to this issue, there was an ideological blockchain debate against and in favor of them.

The EOSIO Core Arbitration Forum, which is also known as ECAF, became a place that was used by users to raise all sort of cases. The system was not created in order to deal with arbitration cases on a large scale. This was the reason why the community took the decision to replace the interim constitution. However, there was another problem, the turnout of token holders in the EOS user agreement (EUA) was just 1.7 percent. This was an issue because the required threshold is 15 percent of the token holders.

The Block Producers that signed the new EUA include ArgentinaEOS, EOSNewYorkio, Cypherglass, EOS.fish and many others.

There are some individuals that believed that the network will be controlled by Block Producers. Because of this, there is now a strange dynamic in which key decisions are left in limbo since they fail to meet referendum voting thresholds that they require.

Clearly, EOS’ future will be linked to BPs rather than moving towards a direct democracy as many were expecting. It will be interesting to see whether this model works or not. BPs could start to pay close attention to referendum results of the turnout increases compared to the 1.7 percent.

At the time of writing this article, EOS s being traded around $5.47. At the moment, the digital asset is the 6th largest in the market with a valuation of almost $5 billion.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Carl T
Carl T
Carl is a legend in cryptocurrency space for his long-storied experience, history and insights. He is a digital nomad who fell in love with bitcoin and its offspring for many years now and prides himself on delivering quality perspectives in the emerging world of crypto-assets and blockchain technology.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,478FansLike
2,795FollowersFollow
4,199FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

The Good and Bad of the Crypto Going Public

This week, big news came in the form of crypto businesses that are planning to go public either later this year or next year. Crypto...

US Secret Service Has Modernized Its Role in Tackling Financial Crimes in The Crypto Era

The role of the US Secret Service, whose purpose extends from protecting the US President Trump to protecting the US financial systems, has...

Bitcoin is in a ‘Consolidation Zone,' We’ll Move to $14,000 Once BTC Gets Above $10k: Mike Novogratz

Bitcoin is about system change, said Mike Novogratz, CEO of Galaxy Digital, in his latest interview with Barron’s Carleton English. While talking about the catalysts...

Volvo Invests In Blockchain Traceability Startup Circulor To Track Cobalt Supply Chain

Volvo Cars Tech Fund, a subsidiary of Volvo, announced its investment in blockchain traceability firm Circulor on July 8. The popular carmakers have used...

Blockchain Developer Platform Releases Alchemy Build, A Tool Suite for Faster Production

Alchemy, a blockchain startup, focuses on building developers' tools to help them become more productive and focus more on actual product development. The blockchain...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today