Though EOS is just barely one month into its new lease on life following its mainnet launch, the blockchain project has swiftly descended into crisis management – and now Block.one has proposed a total overhaul of the initiative’s Constitution.
EOS embraces a unique governance structure, tipped as a “holistic blueprint for a globally scalable blockchain society.” EOS is governed by 21 ‘Block Producers’, which produce blocks on the EOS blockchain and accordingly earn rewards through EOS tokens.
Block Producers are complemented by Arbiters and Token-Holders, where each body represents an Executive, Judiciary, and Constituency, respectively.
While Block Producers validate transactions, consensus among EOS token-holders drives change on the network while Arbiters provide dispute-resolution services.
A new proposal from EOS CTO Dan Larimer, however, would fundamentally change EOS’ governance structure. As published on Telegram, suggested changes would feasibly re-constitute Block Producers as an effective jury:
“Block.one suggests ending all protocol-level arbitration orders other than to render non-binding opinions on the intent of the code. We believe the elected block producers should be the jury, and must render a 2/3+1 decision to alter a broken contract.”
The proposal comes after the EOS Core Arbitration Forum released an “Emergency Measure of Protection Order” last week, which ordered the Block Producers to ban transactions from 27 wallets – giving no reason at the time.
As Roshan Abraham – technology head at EOS Authority – commented, the major change would involve “limiting arbitration orders to fixing errors in the code and not dealing with arbitration for stolen funds. With EOS, the ‘intent of code is law’ rather than ‘code is law’.”
Abraham noted that a next step in protecting the EOS community from cases of governance overreach as well as stolen keys would involve the creation of a secure wallet solution.
Abraham confirmed that “Block.One is also expected to roll out a much more secure enclave iOS wallet which will make it easy (to integrate) unique EOS security features like time delay (and) active / owner key systems, along with multiple account signature.”
Despite the project’s woes, EOS is up by 0.10% day-on-day, and presently trades at $8.05 USD.