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EOS (EOS) With Another Hackathon In Sydney After Honk Kong’s, Calls For Technical Mentors

The market looks favourable and EOS, the world’s fifth largest cryptocurrency by market capitalisation, is enticing its community and developers, who are avid lover and contributor to the cryptocurrency, by staging another Hackathon Event where bounties would be won.

Previously, a Hackathon event took place in Hong Kong, and now, the cryptocurrency is announcing an impending Hackathon which will take place in Sydney.

EOS, in a release made known that through the event, it will be welcoming applications from developers who are willing volunteer as Technical Mentor at the event come August 4–5.

The Cryptocurrency with widely appreciated use cases stated that to be a potential applicant, one would have been following the development and launch of EOSIO, have DAPP which is already working on the platform, and lastly understand everything about “cleos,” “nodeos” and “keosd”.

For interested applicants, a link which is directed to EOS Hackathon Website where Mentor Application Form would be filled out was included in the release.

Benefits Of Applying For The Event.

  • For every selected applicants, hotel and airfare expenses from the applicant location to Sydney and back will be covered by the foundation.
  • Another vital importance of being a part of the event is that selected applicant will have the privilege to discuss about the platform and educate others building innovative projects on EOSIO.
  • As a mentor one would be entitled to various numerous rewards.

Since the event is not the first of its kinds, other benefits enjoyed at the hackathon event in Hong Kong will also be made available.

EOSIO Hackathon Event In In Hong Kong

Earlier, on June 10, EOS announced that it will kick-start the EOS Global Hackathon series in Hong Kong, and Block.one will be the one launching it.

At the event where 90 teams displayed their work for appraisal, top three teams walked away with cash prizes and stood the chance of being a competitor at the final where US$500,000 would be won.

Return Of Cryptocurrency.

Cryptocurrency is now having a rebound. There is hope that EOS will also enjoy from this massive increment in value.

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EOS Team Propose to Rewrite its Whole Constitution

EOS, one of today’s most promising blockchains, is going through a rather complicated process after its mainnet launch announcement.

The long-awaited bullish run has not happened, and a series of problems and disagreements have tarnished the birth process of this blockchain, casting doubt on its functionality, at least in the short term.

EOS logo

One of the most recent events that caused some annoyance among users was the order to freeze 7 EOS addresses. Similarly, other articles criticized the extreme level of centralization of the network.

However, there is little that the development team can unilaterally do, as the group behind EOS, Block.one, delivered the code to the community to give the network a higher level of transparency.

Despite this situation, on Thursday, the EOS team revealed on its official Telegram channel the proposal for a new Whitepaper “EOS.IO Technical White Paper v2“.

EOS Arbitration: Not The Best Implementation Right Now

The EOS team proposes to change the Whitepaper starting from the basics. One of the controversial aspects seeks to reduce the power of arbitrators over the decisions affecting the network:

“Bottom line … damage to community from ECAF is greater than funds we hope to restore to users … Arbitration should be limited to correction of intent of code… Freezing should be limited to code not function at intent.”

Dan Larimer

Such statements are a reference to the freezing of the addresses following a dispute over the theft of private keys.

A Blockchain’s Gotta Do What a Blochckchain’s Gotta Do

Shortly afterward, Dan Larimer, CTO of Block.one, published an article in which he talks about the importance of code as “law” in a blockchain, and how that should be the focal point for arbitrators.

He also mentioned that it was essential to consider the possibility of eliminating excessive arbitration to achieve greater objectivity in the blockchain and combat the possibility of mob-rule proliferation :

“Users of the EOS blockchain need some guarantees from the community in order to feel safe and secure. If everything on the blockchain is subject to mob-rule, then no one is safe. If the community does not have strong, objective, organizing principles, then everything is subject to interpretation and becomes unpredictable and arbitrary

Block One calls for an end to all arbitration orders other than to render non-binding opinions on the intent of the code.”

This post concluded with a proposal for a Constitutional Referendum with some very interesting suggestions, among them preventing block producers from freezing accounts.

Evidently, such proposals raised some questions around users. Some of which could not yet believe Larimer’s intentions to rewrite the whole constitution:

“Am I correct, in understanding you’re proposing removal of the entire current constitution, and replacing it with one that only refers to arbs being able to rule on code VS intent and code vulnerabilities / hacks like DAO?” a Telegram user asked

To which Larimer responded: “yes.”

The EOS community has not yet taken a clear direction on this proposal; however, the results of a possible adoption could be positive, at least at first sight.

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EOS Set to Amend its Constitution Barely Two Weeks After Mainnet Launch

In what continues to be one of the most eventful sagas in blockchain history, EOS is set to abolish its controversial constitution. This move comes barely two weeks after the launch of its mainnet.

A Do-over of the EOS Constitution

In a Reddit post by “SonataSystems,” screenshots from the EOS telegram chat show excerpts of a conversation between Dan Larimer and Simon Case. Larimer is the chief technology officer (CTO) of EOS. The discussion can be viewed in the image below.

The proposed changes seem to address many of the burning issues concerning the constitution. The new framework will cover only major blockchain problems like the type the DAO suffered after the hack. This new constitution on the face of it strips power away from the 21 block producers (BPs) who have been accused of monopolizing control of the blockchain. It also significantly limits the oversight responsibility of arbiters like the EOS Core Arbitration Board.

Critics have derided EOS for its apparent lack of decentralization with BPs holding far too much power. Also, many have criticised the need for a constitution or any human form of governance on a blockchain. They argue that one of the fundamental philosophies of blockchain technology is governance by computer code – which unlike humans, is always impartial.

The reaction to the proposed changes has been split between support and those who believe that the plan is yet another failure waiting to happen. A Redditor with the username “jjordan” remarked:

This is good news. The current interim constitution is far too long and leaves far too much open for (mis)interpretation. Short and sweet, if anything at all, is all the constitution we need, [sic] IMO.

Conversely, another Redditor with username “ifisch” expressed doubts about the plan, saying:

This won’t change anything. Block producers can still do whatever they want, and they’re the only ones bothering to vote anyway (with enough power to matter). The entire constitution concept is flawed and pointless.

EOS Ranked Highest by China

In a recent development, China released an updated blockchain ranking which put EOS right at the top, edging out Ethereum. According to the Chinese government, EOS excels in both technology and innovation. However, the blockchain didn’t score so well in the applicability metric. The previous blockchain ranking by China saw Ethereum in the number one position.

Regarding price movement, EOS is currently having a wretched June, down by about 50 percent from its month high of $15. The price has declined by almost seven percent within the last trading day. The much-touted project has suffered several setbacks stretching back to the pre-mainnet launch period. Recently, both the 21 BPs and the ECAF issued several freezing orders on accounts suspected of being involved in phishing scams during the mainnet launch.

Do you support the plan to amend the EOS constitution? What are your opinions on the presence of a constitution as part of blockchain governance? Keep the conversation going in the comment section below.

Image courtesy of Reddit and CoinMarketCap.

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BPs Freezing Seven Accounts is a Violation of the EOS Constitution

EOS BPs Violating its Own Constitution

EOS is back in the news again, this time for apparently violating its constitution. According to reports, the 21 EOS BPs have frozen seven accounts allegedly involved in a phising scam. The decision to freeze the accounts has brought up a lot of controversies. Many critics say it is yet another example of the lack of decentralization in the EOS project.

Details of the Freeze

The 21 EOS block producers (BPs) unanimously voted to freeze seven EOS accounts. There are allegatins that these seven accounts held stolen funds from a suspected phishing attack. The BPs decided as part of the EOS911 protocol which was initiated by EOS42 – one of the 21 BPs. This initiative enables the recovery of stolen funds. However, the main bone of contention is that the decision by the BPs contravenes the provisions of the EOS constitution. Article IX of the EOS constitution states:

Dispute Resolution – All disputes arising out of or in connection with this Constitution shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce by one or more arbitrators appointed in accordance with the said Rules.

Based on Article IX of EOS’ controversial constitution, BPs don’t have the authority to make such decisions. The power to resolves disputes is solely in the hands of an “arbitration body.” The role of the BPs is to carryout out the resolutions reached during arbitration.

BPs Circumvent ECAF

The EOS Core Arbitration Forum (ECAF) was the arbitration body for this dispute. ECAF declined to take any action, citing limited authority to actthe in the matter. This decision was based on the fact that the main EOS constitution is yet to be ratified – only an interim constitution is in place at the moment.

With ECAF unwilling to act, the appears the BPs took it upon themselves to come to a decision. In a blog post by EOS New York, the BPs said:

We plead with the accompanying Block Producers/Candidates that the ECAF must step forward to issue the emergency freeze action on the affected accounts. Without this, we proceeded as a group to review the evidence ourselves and came to a difficult decision of executing based upon the evidence brought forth.

Reactions to the Actions of the EOS BPs

The decision by the BPs to freeze the seven accounts has generated a lot of debate within the cryptocurrency community. The major focus point on both sides of the argument is on the philosophy of blockchain immutability and decentralization. Critics like Jackson Palmer of Dogecoin, cryptographer, Nick Szabo, and Bitcoin Foundation co-founder, Charlie Shrem disagree with the decision of the BPs.

Most critics are against the monopoly of the 21 BPs. According to them, such a situation hardly qualifies as a decentralized blockchain. For the supporters of the BPs, they blockchains need protocols in place to punish bad actors.

The freezing of the seven accounts is the latest in a list of controversies surrounding the EOS project. A few days ago, activities on the mainnet shut down after a bug was discovered. The mainnet launch itself was plagued by bug issues as well as concerns over the voting process.

What are your views on the EOS decentralization debate? Do you think the 21 EOS BPs are monopolizing the control of the blockchain? Keep the conversation going in the comment section below.

Image courtesy of Twitter (@ummjackson, @NickSzabo4, and @CharlieShrem).

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