EOS is gearing up with nearly $192 mln to build its voting system
The account present on EOS blockchain in its one year completion will have nearly $192 million which is for developing the voting system. Currently, the amount of tokens in the blockchain account holds a worth of $35 million. With the passing days, the balance amount on the EOS blockchain’s account, namely eosio.saving, has been on a constant rise with the current valuation in the coinmarketcap to be $5.18.
Theoretically, it is being planned that the money would be channelised in such a way to support all the initiatives which tend to benefit the community. The initiatives include sponsorship of meetups, developing advanced technological features, recruiting lobbyists and lawyers and carrying out security audits. However, currently not a single system is present for the allocation of the funds.
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In June, when the EOS blockchain had gone live, it was not in a state of completion, whereby, in the constitution of the network, a number of functionalities are specified. It also has a white paper which has not yet been built. As per the white paper, the fundamental feature of this protocol has been “a defined governance process”. This has intended to circumvent other blockchain technologies’ “ad hoc, informal, and often controversial governance processes that result in unpredictable outcomes.”
Statement of EOS co-founder
The white paper has not mentioned about the referendum voting, however, the EOS constitution needs a procedure for taking decisions that would lay impact on the network. In an interview with CoinDesk, Daniel Keyes, the EOS Nation COO and co-founder has specified the criteria that need to be meted for improving EOS. According to Keyes,”there was no referendum system built in at launch, so it’s up to us as a community to come together and build that.”
EOS Core WPS Working Group is engaged in the development of “worker proposal system”. The WPS has been described in the whitepaper that would be required in the future for the submission of proposals. The mechanism will also be giving permission to the token holders for voting whether that funding be done with the tokens from the account of eosio.saving.
Orchid Kim, EOSYS’ community builder and a working group member has stated that the development of a referendum voting mechanism and allocation of the savings for the upcoming projects is the sole path”for EOS to live up to its expectations.” She has further stated,”We should not rely on Block.one, the block producers or continued volunteerism.” Kim finally in conclusion has stated, “Bootstrapping any decentralized process is a complicated and daunting task. There are many things to build and fix.”
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