New EOS Referendum System Goes Live in Beta

Neutral New EOS Referendum System Goes Live in Beta

The EOS Referendum Working Group met on Thursday to decide if the new EOS referendum system will get the green signal to launch in beta for testing by the community.

On Friday, the group announced that they had secured a "Go" vote for the system after working to fix a myriad of issues that prevented the system from going live last week. The team noted that they are not quite yet a fully functional tool for mission-critical referendum proposals, but a working product is ready to be pushed to the community.

What Will the Beta Phase Include?

The community will focus on refining and testing the voting system during the beta period. The Referendum Working Group noted:

"We'll be monitoring the results of our tally tool and comparing them with snapshots to ensure consistent accuracy. And we'll continue to chip away at smaller open issues in both our tally and UI. In the meantime, we'll be soliciting feedback from the community to learn how we can improve the tool and iron out any issues we might have missed on our own."

It also said that critical issues would be prioritized during the beta phase to be closed before the full launch. The community-governed EOS blockchain elects 21 Block Producers (BPs) using the weight of their tokens, who in turn operate the blockchain network.

Apart from the BP system, the EOS network does not have any way to measure if token holders are interested in change or not. The new system, hence, invokes article XI of the EOS Constitution which allows token holders to vote for network changes directly through a referendum.

What Does the New System Include?

The new voting system will provide members of the EOS community a tool with which they can vote on proposals using their staked tokens. It is based on a forum smart contract that could be used for submitting proposals and for casting votes. A new tally system is designed for counting the EOS staked for each ballot option and token holders can participate in the vote from their wallets too.

The developers have clarified that the mechanism doesn't include a process that creates or filters proposals and no rules for referenda ratification have been introduced yet. They will provide suggested best practices but would not control the use case of the tool within the community. The community will craft their own proposals and vote on them. Signatures of 15 out of 21 BPs will be essential to ratify and implement any passed proposals.

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A journalist and trader who enjoys writing, technical analysis and consulting. Viraj has been investing in stocks for more than eight years and involved in cryptocurrencies for over a year.

Viraj aims to share his knowledge on markets and cryptocurrencies in a clear, concise way.

11/09/2018 / 17:29:31 Source: blokt

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