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EOS governing document gets revamp as block producers settle referendum gridlock

Febin Jose



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.


Binance Chain’s first project Mithril to launch with MITH/USDT trading pair

Namrata Shukla



Binance Chain's adds Mithril as its first project followed by MITH/USDT trading pair
Source: Pixabay

Binance launched its blockchain protocol on April 18 and it already has its first project launch on its network. Mithril, a decentralized social media platform will migrate to Binance Chain. The company’s MITH token, that ranks 121st on CoinMarketCap will transfer from ERC20 to Binance’s BEP2 standard.

Binance Chain has been a highly anticipated project in the crypto world since its announcement and with its launch, the community provided ample support to the move. According to reports, Binance is luring companies into migrating to their new native chain and leave Ethereum.

According to Mithril’s blog post, the migration commenced after the mainnet launch of the Binance Chain and informed the MITH holders that the deposit and withdrawals on will be halted for the initial 12-hour migration period, however, trading will continue. The post added:

“Once the initial migration of ERC20-based MITH to BEP2 MITH is complete, Binance users will be able to withdraw MITH to BEP2 wallets, such as the Ledger Nano S, and begin trading on Binance DEX. ERC20 versions of MITH held in private ETH wallets or on other exchanges will not be impacted.”

As Mithril announced about its migration to Binance chain, the price of MITH, Mithril’s native coin saw a surge. The coin also saw a 70% hike,  followed by a market correction. At press time, MITH was valued at $0.0782 with a market cap of $40 million. The 24-hour trading volume of the coin was $108 million as it pumped by 67.10% over the past day. In the past seven days, the coin noted a surge of a massive 81.47%, which started to dip by 0.84% over the past hour.

Following the addition of the project, Binance announced the listing of MITH/USDT trading pair, which will start trading on April 19, 10 AM UTC.

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