EOS (EOS) to abolish its controversial constitution within just two weeks of MainNet launch
EOS (EOS) is planning to scrap their entire constitution, barely two weeks after their MainNet launch. The information was first posted by a Reddit user known as SonataSystems.
The Reddit user shared a picture of a conversation between EOS CTO Daniel Larimer and Simon Case. The word spread soon and Jackson Palmer, creator of Dogecoin creator wrote a tweet on June 26 mentioning EOS constitution. He wrote in the tweet that the blockchain is considering to change its ‘constitution’ and start all over again.
What will the changes be in the EOS constitution?
The changes would be to address the burning issues that are concerning the constitution. According to ETH news, the amended version will cover the major blockchain problems such as the type the DAO suffered after the hack. Also, the new constitution will strip away powers from the 21 block producers (BPs). Since they have been accused of monopolizing control of the blockchain. It will also be limiting the responsibility of arbiters such as their Core Arbitration Board.
Critics ridiculed the blockchain for its lack of decentralization, with block producers holding too much power. Also, the blockchain was criticized for having a human form of governance or constitution on a blockchain. One of the fundamental philosophies of blockchain technology is to be governed by computer code and not humans who are mostly impartial.
Meanwhile, the EOS blockchain ranked number 1 in China beating popular cryptocurrencies such as Bitcoin and Ethereum. According to the Chinese government, blockchain is brilliant in both technology and innovation. As far as the price movement is concerned, it has gone down by about 50 percent from its month high of $15. On the other hand, reportedly, a block producer failed to follow the recent EOS Core Arbitration Forum order and it leads to the loss of 3,570 tokens from an account. According to ETH news, developer Simon Wang did not know about the order.
Image via Shutterstock
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