Tag: EOS (EOS)

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EOS (EOS) Constitution To Be Amended, According To Dan Larimer, EOS Founder

Dan Larimer, the founder of EOS (EOS), surprisingly proposed on Wednesday, June 27th, that the project should change its constitution and be replaced by a new one. The executive’s statement comes just two weeks after the launch of the new protocol. The information was released in a conversation on the EOSGov channel of the Telegram messaging service. Larimer himself subsequently published his arguments for this change on the Medium platform.

The main argument for suggesting this change is that the current constitution gives too much power to the Arbitration Forum. Indeed, the current standard requires that all smart contracts on the EOS network to be kept “documented with a Ricardian Contract, stating the intention of all parties and appointing the Arbitration Forum that will resolve disputes arising from that contract.”

That means that arbitrators can resolve disputes directly without having defined the scope of their authority. Larimer proposes to limit the power for them to govern over issues arising from differences between code and intent, hacking and vulnerability management.

Changing EOS (EOS) standard would be a challenging procedure

The change proposed by the EOS founder is not easy to make. If he decides to revoke it himself, it will become clear that the bill is centralized, without taking into account that they would be committing a legislative suicide. In fact, the EOS constitution does not have a clause specifying such a scenario.

The clause that comes closest to Larimer’s wishes is clause XIII, which reads as follows:

The Constitution and subordinate documents may not be amended except by a vote of the holders of tokens with at least a 15% share of votes between tokens and not less than 10% more votes Yes than No, held for 30 continuous days within a period of 120 days.

EOS (EOS) constitution

Generally speaking, if the vote were to be taken on the founder’s new proposal, the suggested changes would not become a reality until after 120 days. In his Medium article, Larimer explained that “Ricardian contracts should be drafted in such a way that all actions permitted by the intent of the code are valid actions and parties should not be expected to refrain from actions that are beyond the scope of the code to enforce.”

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EOS (EOS) Ranked The #1 Blockchain In China – Bitcoin (BTC) Is Not Even In Top 10

China Electronic Information Industry Development (CCID) updated its rankings regarding cryptocurrencies and blockchain technologies. Previously, the Ethereum (ETH) blockchain was considered the best, but this week Chinese think that EOS (EOS) is the #1 blockchain in China. What’s interesting is that Bitcoin (BTC) is not even in top 10.

However, the decision to list EOS blockchain as the best in the cryptocurrencies market is somewhat bizarre, given the recent events surrounding EOS (EOS).

First, some critical bugs forced EOS team to pause the network and 27 accounts were frozen without notice during the process. Then, Professor Emin Gun Sirer from the Cornell University, as well as the famous smart contracts engineer Nick Szabo, vehemently criticized the EOS blockchain.

But these events and negative critics couldn’t stop the Chinese government’s body to list EOS (EOS) as the best blockchain in the world.

EOS (EOS) ranked the #1 blockchain in China, while Bitcoin (BTC) didn’t make it in the top 10

We know that there is no such thing as perfect rankings when it comes to blockchains. It’s not like listing cryptocurrencies by market cap or trading volumes which are calculable things, that’s known and accepted. The primary reason why blockchains can’t be adequately ranked is that they can be cataloged in at least a dozens of categories, including smart contracts, crypto payments, apps blockchains, bank protocols, PoS, utility blockchains, and so on.

But the CCID ranking is very off-track because it lacks some elementary knowledge about blockchains. Under the hood, the index could be based on general criteria such as proof-of-stake (PoS), consensus algorithm, or the ability to process transactions, among others, but what they show is that they categorize blockchains by technology, applicability, and innovation.

Thus, this ranking is a mistake only because EOS (EOS) network relies on Ethereum (ETH) blockchain, so, if Ethereum shuts off, EOS blockchain dies, too. Also, the high score EOS blockchain received under “innovation” criterium is also wrong because that is thanks to Ethereum blockchain, once again.

Don’t get me wrong here, EOS is a great project and its PoS is one of the best in the cryptocurrencies market, and, in other news, EOS (EOS) has recorded the most significant increase today between the top 10 cryptos, surging by about 13%, at the moment of this writing, trading at $8.46.

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Crypto

Cardano (ADA) Ouroboros May Be Better Than Both EOS (EOS) and TRON (TRX)

Cardano (ADA) is a smart contracts platform established by Charles Hoskinson, CEO of IOHK. It is on the eighth position among the largest cryptocurrencies regarding market capitalization, higher than TRON (TRX) but lower than EOS (EOS). Smart contracts platforms are now available, although not most of them can endorse what they assert. But Cardano (ADA) appears to be among the exceptions. This smart cryptocurrency trading platform is safer, more resilient, and also more scalable. Its management is even more equitable and accountable.

When blockchain technology was introduced into the smart contracts business, a significant challenge was the transparency and equity of these systems. The primary intent of cryptocurrencies is to suppress centralized control and permit a decentralized economic system. Sadly, that’s not exactly what some of the smart contract platforms like Ethereum (ETH) and EOS (EOS) are currently implementing.

This is why Cardano (ADA) Ouroboros may be better than both EOS (EOS) and TRON (TRX)

A finite group of miners is in control of the platform’s future, as the voting power is profoundly focused on a limited number of people. This might be a potential issue with the work test (WTP), mainly if sufficient measures are not in place to secure the majority’s best interests. A number of these ventures have sought to explore the participation test (PfP) but have so far been unsuccessful. Thankfully, Cardano (ADA) has fixed this issue with its Ouroboros algorithm.

Cardano (ADA) Ouroboros algorithms oversee how any and all nodes reach consensus and guarantee that rights to vote are equitably distributed to secure a decentralized and democratic economic system. This is another fact that distinguishes Cardano (ADA) from its rivals including EOS (EOS) and TRON (TRX), because Cardano (ADA) has a practical answer to the voting transparency issue, whereas the other platforms do not.

Cardano (ADA) is renowned for its belligerent movements both against Bitcoin (BTC) and the US dollar (USD) and is now trading at $0.167, while against BTC ADA has increased by over 6%.

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Crypto

EOS (EOS) And Ripple (XRP) Might Never Be Listed On Coinbase Cryptocurrency Exchange Platform

At this moment, two of the most popular and appreciated crypto coins are EOS (EOS) and Ripple (XRP). However, the Coinbase cryptocurrency exchange platform is practically forgetting about these cryptos, disappointing many members of the crypto community who were expecting to see EOS and XRP listed on the renowned US-based crypto trading platform.

However, Coinbase has a few solid reasons why it’s avoiding listing EOS (EOS) and Ripple (XRP).

One of these reasons is that an investment in Ripple (XRP) and EOS (EOS) crypto coin would not be as reliable and profitable as investing in Ripple and Block.one companies. On the other hand, the debate of which crypto tokens are securities and which aren’t is also a reason why Coinbase doesn’t want to deal with EOS and XRP, at least for the moment.

Some cryptocurrency traders and crypto community enthusiasts are still hoping Coinbase will list Ripple (XRP) and EOS (EOS) but, unfortunately, this might never be the case.

EOS (EOS) and Ripple (XRP) might never be listed on Coinbase cryptocurrency exchange platform

First, the US SEC shows no signs of dealing with the situation surrounding EOS and XRP and this regulatory acts against Ripple is not something in which Coinbase would like to get itself involved. This situation, corroborated by the negative experiences Coinbase cryptocurrency exchange platform has had with other crypto coins, is what makes the renowned platform to keep a safe distance from XRP and EOS.

Also, Coinbase would like to get involved on the mainstream stock market, as well as to attract more institutional investors. Also in this regard, an EOS (EOS) and Ripple (XRP) listing would not help Coinbase due to the regulatory situation surrounding the two digital assets.

On the other hand, new and small-time investors will pop up immediately if Coinbase would announce the addition of EOS and XRP, and that will lead to EOS (EOS) and Ripple (XRP) prices to spike and then to dump. People would then blame Coinbase, definitely something that the most renowned US-based cryptocurrency exchange platform wouldn’t like to happen.

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Crypto

EOS (EOS) Will Trade At $33 By The End Of July, John McAfee Predicted

Everybody knows that John McAfee is a crypto enthusiast. He backed up cryptos and blockchain technology on many turns and now he came up, once again, with one of his well-known predictions. According to John McAfee, EOS (EOS) will reach $33 by the end of July.

A few days ago, on June 3rd, McAfee put the EOS community on fire after releasing the rumor that EOS (EOS) will reach $33 in July. Despite that many considered his prediction crazy, maybe John McAfee had some inside information, wouldn’t he?

Well, we can’t say he had or not, but one thing is for sure.

He also predicted Bitcoin (BTC) will reach $200K by the end of 2020 but, as we speak, there are no signs that such thing will happen.

However, today, thus 3 days after McAfee’s prediction on EOS (EOS), the crypto went down by several points, decreasing from $14.77 (on June 3rd) to $13.61 (today, June 6th, at the moment of this writing).

Can EOS (EOS) reach $33 by the end of July, as John McAfee predicted?

Honestly, we can’t say for sure, and nobody can, as we all know that cryptocurrencies market is highly volatile. However, relying on facts, can EOS (EOS) reach the value against the US Dollar that McAfee predicted?

First, for EOS (EOS) to reach $33 it has to appreciate by about 150% (as its price is $13.61, at the moment of this article).

Taking the last 3 months into consideration, EOS cryptocurrency has grown by about 140%, as it was one of the top earners among the top 10 cryptocurrencies. However, if we look at EOS (EOS) progress during the last 30 days, we notice that this crypto has actually declined by more than 20%.

But EOS recovered by about 10% in the last 7 days.

As the EOS (EOS) progress looks right now, we doubt that it can gain 150% in the upcoming 1,5 months but, I repeat myself, the cryptocurrencies market is pretty volatile and massive increases, as well as significant losses, might occur.

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