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EOS governing document gets revamp as block producers settle referendum gridlock

Febin Jose

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EOS governing document gets revamp as block producers settle referendum gridlock; price undergoes spike
Source: Pixabay

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.





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Febin Jose is a full-time journalist/editor at AMBCrypto. He believes that cryptocurrencies will navigate a volatile future and that Arsenal can still win a title. Lives around the "if it sounds like writing, I rewrite it" mantra.

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Binance coin pumps by over 6% in an hour; breaks its all-time high

Namrata Shukla

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Source: Pixabay

On June 20, Binance coin [BNB], a coin ranked seventh on CoinMarketCap, surged by a massive 6.38% over the past hour. The coin also broke its all-time high and was trading at $36.47, at press time.

Source: Trading view

Source: Trading view

At press time, BNB was being traded at $36.47 with a market cap of $5.097 billion. The 24-hour trading volume of the coin was reported to be $571.64 million, as it spiked by 2.35% over the day. Over the past seven days, the coin noted a rise of 2.03% in its price and continued to rise by 6.38% within the hour.

This hike follows Singapore-based cryptocurrency exchange, KuCoin, listing Binance coin [BNB] and Binance announcing the launch of Elrond project on Binance launchpad. Binance funded the sharding-based public blockchain network in a private funding round, as the company closed the round with $1.9 million. It will be the next project supported by Binance launchpad and the token sale will be carried out in a lottery fashion. The token sale is scheduled to begin from June 22, 00:00 AM [UTC].

The coin was highly traded on Binance exchange with BNB/USDT pair and BNB/BTC pair. BNB/USDT took the first place as it noted a 24-hour trading volume of $137 million, followed by BNB/BTC which reported a volume of $126 million. The third position was taken by LBank exchange, which registered a trading volume of $120 million with BNB/USDT pair.





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