Today I am gonna look at EOS Constitution. Right now the Constitution is in a very quick read, that makes it extremely easy to get familiar with it.
EOS Constitution explained!
So far EOS is the only one blockchain platform with its own Constitution!
I did my due diligence, read a lot of articles, collected plenty of info and in the end I am writing a summary of the most noteworthy points from the constitution. Important to mention is that this is not the final one Constitution, there are many proposals under way. As there are numerous issues with this Constitution a new one Constitution v2.0 is being proposed. I have seen even suggestions about Draft Constitution v3.0. Will keep you updated!
I will go through all Articles with few words, will make it as short as possible. The picture below extracted from github shows the Constitution we have now.
Article I – No Initiation of Violence
It is a basic rule. All members should behave well and of course not initiate violence towards each other.
Article II – No Perjury
Deliberately making false statements, is not being tolerated at all! For me the rule sounds like a logical continuation of Article I.
Article III – Rights
Everybody can be in full possession of his/ her property (in this case should be tokens) and therefor nobody can have the right unlawfully to change the ownership of the property without the fully consent of each parties involved.
Article IV – No Vote Buying
Vote buying is not being tolerated between any parties.
Article V – No Fiduciary
It is clearly stated that nobody can posses more than 10% of EOS tokens.
Article VI – Restitution
The contracts between the parties should be respected. Otherwise there are different types of penalties to be enforced: fines, loss of accounts, but not limited to them.
Article VII – Open Source
All smart contracts are to be Ricardian contracts (legally biding contracts that consist of human written contract transpired into machine-readable contract) and Arbitration Forum (now there are a lot of discussions concerning the Arbitration Forum) for the potential disputes and issues has to be named.
Article VIII – Language
The language of the Constitution should be just one specific language ( in this case is EN language), as it will be easier to interpret the Constitution. The same is valid for the contracts. There should be identified one prevailing language. Otherwise something can get lost in the process of translation.
Article IX – Dispute Resolution
There is EOS Core Arbitration Forum that is in charge of implementing all Dispute rules and dealing with all disputes and issues that might arise.
Article X – Choice of Law
This was the hardest article to interpret, so I think it is about: legal action + counter-legal action, arbitration + counter arbitration, which have to be discussed and eventually dealt within the order received.
Article XI – Amending
In order to conduct an amendment in the Constitution we need to meet the following requirements:
- At least 15% of all vote token holders (numbers mean the sum of tokens) must cast their vote!
- At least with 10% “Yes” votes have to prevail over “No” votes!
- Vote has to be sustained for at least 30 days over a span of 120 days!
Hmm… really very very interesting article for discussions. For me it gives a chance for people to witness how amendments in the Constitution will work flawlessly, in case of the opposite to be able to reverse it easier in the probation 120 days period.
Article XII – Publishing
Information that you are publishing here you have to have the rights to do it and it becomes automatically public.
Article XIII – Informed Consent
It is again about fair play:
- Each party has to be acquainted with the Ricardian smart contract that is under way to be concluded
- Only then you can sign it on behalf of someone else!
- Otherwise you should not been authorized to do it!
Article XIV – Severability
Constitution is a single document that consists of 20 articles. In case one article becomes invalid, then it does not make the rest of the articles invalid. Explained just with a simple words.
Article XV – Termination of Agreement
For now I am gonna skip this article, as I do have many unanswered questions. The article will be most likely outlined in details in the next Constitution.
Article XVI – Developer Liability
Software developers unintentionally might make a mistake, for which we can not hold them liable as the mistake was made unintentionally. None of blockchain platforms is 100% guaranteed free of bugs!
Article XVII – Consideration
The laws are the same for any participant, they are universal, everybody plays by the same laws.
Article XVIII – Acceptance
You can not be forced to proceed with a transaction, but if you sign it, that automatically means you do approve it.
Article XIX – Counterparts
Even if written in counterparts there should be always one single document, each party must respect.
Article XX – Interim Constitution
The name of the article clearly speaks of it. This Constitution was passed in Block One, and will stay intact till the new final is to be adopted by a referendum.
Any suggestions regarding the interpretation of the Constitution articles will be highly appreciated by @yanika!
Some links related to the article:
Block.one’s Proposal for EOS Constitution v2.0:
https://block.one/news/block-ones-proposal-for-eos-constitution-v2-0/
The current constitution (suggested to be replaced):
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I absolutely believe in eos i think is a great project with bright future. It is really nice to know more about eos token thanks for share. :)
Thanks buddy! As you know the platform was created by one of Steemit Founders!
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Some interesting and informative content on EOS, something I cannot say I am too familiar with. Having said that the constitution lays out everything in plain English and makes total sense. Looks like a solid foundation on which to grow. I look forward to hearing more of your thoughts on EOS.
Hey @socialmediaseo!
It is a platform with some similarities of Steem. Delegated Proof of Stake ( witnesses, delegators) vs Proof of Work ( miners and all the mining pools). Looks much more decentralized for me.
And as per the Devs there shouldn't be any problem with the scalability as the volume of transaction is at high levels, what is for now about 4 000 thousand tps.
But it is on the path of growing up to 1 000 000, actually big numbers comparing to what ETH is offering now.
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Coins mentioned in post:
Cool info @coin.info, I like your summaries! Keep it up!
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It is clear that EOS is well established crypto with great future. Thanks for sharing more information about the EOS project in an elegant way.
You are welcome @dhanu4u. Good that you are familiar with EOS.
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Thanks for bringing this to my attention. It looks like a great project. Very well thought out, definitely worth a further look!
Yeap @daytondoes, correct! And there is already a new social tokenized network based on it. You can earn tokens, the social network is not a competitor of steemit, but a real threat to Medium. If interested just let me know.
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Upvote you in kryptonia@CEARrtou66
第五條 - 沒有受託人
明確指出，沒有人可以擁有超過10％的EOS令牌。
這瞎扯了點~~既然是虛擬貨幣,怎去限制擁有量?
就算你真的用區塊鍊去限制了,他放別人那邊,還不是一樣,
應該說可以擁有超過10％的EOS令牌,
但當超過時,其權利將受到大幅度的限制,
比如拋售,他一天內最多只能拋售10%,
而當他1月內累拋售超過10%的時候,
剩餘的代幣將被凍結1年....
其它19條,倒是沒有那麼可爭議~~~
I have been into trybe that is link with eos and I don't receive it inside that eos wallet
You mean, you have an account with Trybe?
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