EOS
$5.38 2.89%
EOS · 1w

The Eos User Agreement (EUA) has replaced the interim interim constitution! What's coming next...

It was really close, just one day before it’s expiry the EOS User Agreement (EUA) proposed as network upgrade by EOS New York was accepted by a majority of 15 out of 21 bps, and we can say they landed yet another coup in eos governance. So what does it mean and what is to expect moving forward?

1. From now on users are officially responsible for their accounts and there is no recourse on blockchain level: it is made clear in the EUA  , that if offers no help in case of loss of, hacks or otherwise compromised user accounts. This protection has been marketed heavily by b1 before the launch, but is not part of the base layer any more. And if you look what ecaf has burdened themselves with, it’s maybe not for the worst, that token holders will need to take more responsibility and if they wish, to opt in for additional account security:

 

Source: Ecaf Emergency Protection Order July 19, 2018

 

The good thing here if people sign up for  additional security this is voluntary and as a know-it-all-cypherpunk you aren’t forced to anything.

2. Base layer arbitration is gone for good. No one will miss incompetent ECAF, but still,  base layer arbitration would have made EOS dispute resolution recognized in a vast majority of countries. This is certainly a huge loss, but let’s see if Stan’ s beos satellites and cruise ships will come to the rescue and make us look down on earthly legal conventions.

3. Referenda are dead, and all power is with bps: in whatever fancy words EOSNY might wrap this up for you, the EUA uses referenda as a plain announcement tool, and it doesn’t matter what holders voted on or against, it’s just a tool to measure sentiment, but disregard if bps see fit. Bps on the other hand are legitimized to do as they please as long as they find a qualified majority among themselves. Of course this mirrors just the current reality on the eos chain and the implementation of the EUA itself is certainly the best and i...

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