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EOS governing document gets revamp as block producers settle referendum gridlock

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After months of debates and negotiations, 21 of the EOS network’s 30 block producers voted in favor of the highly anticipated EOS user agreement. This move comes after the referendum got stuck in a voting gridlock following its proposal in March 2019. The newly approved document will now act as the governing document and replace the EOS interim constitution.

The new document asserts that block producers will retain a prominent role in network governance. Controversy regarding the EOS constitution had emerged 10 months ago, following the launch of EOS mainnet. According to reports, many enthusiasts and prominent proponents of the EOS ecosystem had criticized the DPoS or the delegated proof of stake mechanism. As the network utilized the mechanism, they were of the opinion that it contradicted the very essence of decentralization.

Further, the extreme importance commanded by block producers was also criticized heavily. This ideological debate led to the EOSIO Core Arbitration Forum receiving a swarm of cases from users over a huge number of issues. The forum, which acted as an arbitration forum, was not designed to deal with such a large number of cases and soon, deemed the interim constitution unworkable.

However, the community faced another hurdle when the turnout rate of EOS holders in the EOS user agreement fell below the 15 percent threshold. This effectively meant that the onus of the decision was on block producers, who now had the authority to make a decision by themselves.

As no conclusion was on the horizon, 21 block producers decided to put an end to the conflict and effected changes in the agreement.

While the update has quite a few new additions welcomed by users, it also proposed the monopoly of block producers. This highlighted the fact that block producers could make decisions and implement them, without much opposition.

However, it also opened new avenues for block producers who can now prove that their decisions are well researched, or otherwise. One of the first issues they will have to deal with is the large number of blocklist cases on ECAF. If this issue is resolved soon, many users expect block producers to take the top spot, instead of making the network a “democracy”.

Following the update, EOS pumped and corrected itself to $5.48, at press time. The sixth largest coin held a market cap of $4.97 billion, with a 24-hour trading volume of $2.32 billion.

The post EOS governing document gets revamp as block producers settle referendum gridlock appeared first on AMBCrypto.