{"id":21881,"date":"2018-06-27T22:44:25","date_gmt":"2018-06-27T22:44:25","guid":{"rendered":"http:\/\/ci027cfe64c0042697"},"modified":"2018-06-27T22:44:25","modified_gmt":"2018-06-27T22:44:25","slug":"eos-founder-wants-scrap-platforms-constitution-start-anew","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/business\/eos-founder-wants-scrap-platforms-constitution-start-anew","title":{"rendered":"EOS Founder Wants to Scrap the Platform’s Constitution, Start Anew"},"content":{"rendered":"
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Daniel Larimer, the founder and technical architect of EOS, has confirmed that he wants to scrap the platform\u2019s current constitution and build a new one. Speaking on the EOSIO Gov Telegram Channel, Larimer claimed he has doubts about the company\u2019s current on-chain governance model and called the existing constitution \u201cunwise.\u201d<\/p>\n

\u201cI have learned a lot about human nature by watching the disputes, the witch hunts, the \u2018bring everything before the ECAF [EOS Core Arbitration Forum]\u2019 mindset,\u201d he explained.<\/p>\n

ECAF is the company\u2019s arbitration body. The group is tasked with making decisions regarding EOS accounts that are in violation of the platform\u2019s constitution. However, the platform drew heavy criticism a few weeks ago after executives froze<\/a> as many as seven individual EOS public keys without receiving any order to do so from the ECAF. <\/p>\n

While Larimer believes this was done with the \u201cnoblest\u201d of intentions, forcing users to submit to such a system can only lead to trouble and mistrust. He\u2019s now working on a new constitution in which arbitration would be limited to simply correcting the intentions of smart contract codes. Should users wish to do so, they can employ the assistance and arbitration services of third-party contracts, but this would no longer happen by default. <\/p>\n

\u201cAn arbitrator can render an opinion, and the parties can either comply or not and the arbitrator can indicate whether a party is in good standing \u2026 that is it,\u201d Larimer assured. \u201cAn arbitrator should not ever have the power to take assets unless said assets were previously placed in control of the arbitrator. I don\u2019t agree with placing all assets under the control of producers. I want to eliminate fraud at all levels, including the governance layer,\u201d he continued. <\/p>\n

The proposal comes just two weeks after EOS\u2019s eagerly awaited launch, though many critics say that Larimer and his team should have seen this coming. Bitcoin developer Jameson Lopp, for example, commented on Twitter<\/a>, \u201cAs if it wasn\u2019t obvious that such positions of power wouldn\u2019t [sic] be exploited?\u201d <\/p>\n

Through the current model, arbitrators can handle disputes directly, and their means of power are not clearly defined. The new constitution would only allow them to decipher between codes and their intents, though Larimer is faced with another problem. Under the constitution\u2019s present terms<\/a>, Larimer would require up to 15 percent of token holders\u2019 approval before a constitutional revision could occur. <\/p>\n

Those for the change would have to outnumber those against it by 10 percent. They would then have to hold this position for 30 consecutive days within a 120-day period, so even if Larimer does<\/em> get his way, we\u2019re not likely to see the emergence of a new constitution for a minimum of four months.<\/p>\n

At press time, EOS is the fifth-largest cryptocurrency<\/a> by market cap, with a $7.15 billion capitalization. <\/p>\n","protected":false},"excerpt":{"rendered":"

Daniel Larmier, the founder and technical architect of EOS, isn’t pleased with the platform’s constitution and wants a re-do.<\/p>\n","protected":false},"author":3479,"featured_media":21882,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[1777,3417,1952],"class_list":["post-21881","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-constitution","tag-eos","tag-governance"],"author_data":{"id":3479,"name":"Nick Marinoff","nicename":"nick-marinoff","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/cropped-bitcoin-schmitcoin-promo-image-1-2-96x96.png"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/eos-founder-wants-to-scrap-the-platforms-constitution.png","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/21881","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/3479"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=21881"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/21881\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/21882"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=21881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=21881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=21881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}