EOS to set up new voting system with nearly $192 million funding

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December 26, 2018 by
EOS to set up new voting system with nearly $192 million funding

The EOS blockchain account will likely to end the year amounting almost $192 million for the purpose of setting up ballot system. The current quantity of symbols worth $35 million with gradual spiralling up of amount on the EOS based blockchain amount, specifically eosio.saving.

The money will be channelised to preserve and run all the campaigns that are likely to prove beneficial to the community. Herein, the initiatives involve advanced technical function development, recruiting lawyers and lobbyists, sponsoring meetups, conducting safe auditing. However, at the moment, no system is present for fund allocation.

EOS blockchain system went online in June before its completion whereas, the entire constitution of the blockchain network defines a number of functionalities. The whitepaper, which has not yet been developed, states the feature as “a defined governance process.” This provides resistance to other blockchain’s “impromptu, informal, as well as frequently controversial administration procedures that lead to unpredictable outcomes.

The EOS constitutions should undergo a procedure for decision making to influence the network. In an exclusive interview with CoinDesk, the COO of EOS Nation, Daniel Keyes has pointed out the necessary factors for pushing up EOS. “There was no referendum system constructed in at launch, so it depends on us as an area to find together and construct that,” said Keyes.

EOS Core WPS Working Team has participated in the “employee proposition system” progression. As mentioned in the whitepaper, the WPS is required for submitting the propositions. The development of the voting system and savings allowance for the advancing tasks is one course “for EOS to live up to its assumptions,” said area home builder of EOSYS, Orchid Kim.

We need to not rely on Block.one, the block producers or continued volunteerism,” stated Kim. She has finally claimed, “Bootstrapping any decentralized procedure is a complex as well as overwhelming task. There are numerous points to develop and repair.”

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