EOS: The State of Current Governance
EOS is a blockchain technology platform that revolves around the use of EOS tokens. EOS tokens were launched this past summer after a successful ICO. Today, the token has a market cap of over $6,800,000,000 USD, putting it in the top 5 cryptocurrencies by market cap.
The EOS is a TOKEN located in the top 10 first electron coins under Coinmarketcap. The EOS is a platform that has a structure of a blockchain that is capable of extending to millions of transaction per second, eliminating the use fee and allowing the deployment of quick and easy allocation applications.
EOS is similar to Ethereum. Like Ethereum, EOS is a smart contract hosting platform designed for open source projects and consumer-facing decentralized apps (DApps). The goal of EOS, at launch, was to take market share from Ethereum while promising a more scalable blockchain with better usability for large-scale businesses.
The EOS is a project developed by Dan Larimer, a design and technical expert of Steem. With the EOS, we will be able to add similar smart contracts to ethereum but with better performance and scalability.
The EOS is a blockchain technology that has a percentage of millions of transactions per second, removes usage fees and allows for easy deployment and rapid allocation of applications. The technology of the EOS is a blockchain structure capable of expanding to millions of visits per second, eliminating the use fee and allowing the deployment of quick and easy allocation of applications.
In short, EOS is a new take on Ethereum’s virtual machine. Unlike Ethereum’s virtual machine, which acts as a distributed global supercomputer, EOS is built around a distributed operating system-like construct where developers can build apps.
The platform was created by the Block.one team.
As the official announcement of the EOS, the EOS mainnet in 01/06/2018. This action will render the EOS possible to leave the blockchain of Ethereum, creating its own Eosio blockchain. And now, the mainnet is successful. We will get more information at https://eoscountdown.com/
EOS is really good crypto. It is rank 5th on board. The EOS price is 9 USD/EOS and total market cap is 6,800,000,000 USD, volume 24h is 800,000,000 USD
We can trade EOS in Huobi Pro – 3rd digital exchange with EOS/USDT, EOS/BTC, EOS/HT, EOS/ETH.
Sign up an account on Huobi Pro by this link: https://www.huobi.br.com/en-us/topic/invited/?invite_code=da523
There are many people who proved excited with the Mainnet launch event of the EOS. So far, things didn't go as planned. Many problems have been resolved, but the official release time lasts more than expected. In spite of this, Mainnet was successfully released, which is all the most militant supporters at this stage.
Facing a lot of delays when the new blockchain launch is always disturbing. In the case of the EOS, some problems arise cause we don't know what to do with this new technology. First, there is an email campaign phishing that originated from a compromised Zendesk account. This is finally resolved but still causes a lot of criticism about the process.
There is also a thing called "the Constitution" EOS should be stressed. In a non-centralized system, an official constitution seemed to react, but with team Block one drafted these rules, an interesting situation was created. This also seems to have shown that there is an entity center for EOS Control – things may not be in the favorites of all users. Whether or not it is still an issue always seen.
ECAF - EOS Core Arbitration Forum: the main body tasked with resolving disputes between token holders on the network, is and what control it has over transactions. That's large because ECAF's role and duties were discussed back and forth over months of forum discussions, but clear methods and processes don't seem to have been decided on.
Many problem when mainnet processing. On June 17, just three days after the network's launch, when the network's top block producers unanimously intervened to stop seven addresses from making transactions. That decision was retroactively endorsed by an ECAF order (the arbitrator had initially refused to rule on the issue).
Then on June 22, an order made the rounds that ECAF wanted to freeze 27 more accounts, to which "the logic and reasoning ... will be posted at a later date." On June 24, another order was seemingly issued, demanding that tokens be revoked from some addresses.
That order, however, turned out to be a fake.
So, "We cannot with confidence execute any statement claiming to be an ECAF opinion," the EOS New York organization said. ECAF needs improved processes, more transparency and ultimately, competition.
And in a post on June 24, EOS New York outlined specific proposals for on-chain communication by arbitrators, governed by smart contracts.
Plus, EOS Argentina (ranked 22nd at the time of writing) recently rolled out an EOS-based application for signing and time-stamping documents on the blockchain, pointedly inviting ECAF to use it. Other block producers are deciding that from now on ECAF requests must be published through a "trusted source" and not just on social media.
EOS Authority's position, for instance, Abraham told CoinDesk, is that all orders "must be published through a trusted source such as the EOS blockchain or electronically signed by ECAF." Plus, he added, "All evidence and reasoning should also be published with all cases. For these rules, or anything having to with EOS' constitution, to be finalized, there needs to be a system for conducting token holder referendums, and that process is also still in progress.
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Block producers (BPs) are decentralized entities that govern the EOS blockchain. Block Producers will produce the blocks of the blockchain. EOS will have a constantly changing group of 21 Block Producers, Was elected by the EOS token holder. They will be the validation of inner blocks that contain transactions that took place in the net. These Block Producers are the first to run a network transaction and prove to members of the network know that the transaction has occurred the other is valid. When doing so, they create strings (chain), the rest of the network can view and verify independently if necessary. Block.One will not be voting with their tokens, but the other whales will be voting. So, that means these Mega Whales will be also gaming the votes to ensure that certain Block Producers are elected, and stay elected. If there is anything going sideways, affect EOS Block Producer Elections, Block.One has stated that they may use their votes, but only if necessary. Some people say that Dan Larimer and others from B1 have stated they will be voting, but I have not seen any links to actual information yet. If you have one, please comment here.
EOS after Mainnet still quite a lot of problems. Although the mainnet process has succeeded, however, the Block Producer still contains many risks. They may violate their constitutional principal, sticks to the blockchain of the EOS network. And the EOS network is quite a lot of vulnerabilities, which are prone to attacking hackers or their purposes. Therefore, the EOS team or the developers should pay attention and effort to enhance the security of the EOS network. With the current potency, I believe that the EOS will do well, will fix most of the weak points. Of course, that's just a sense of appreciation.