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.