Golden Sentinel｜BM launched the governance system EdenOS and has planned 2 elections

Jinse Finance reported that on April 6, Beijing time, the EOS community held a community meeting. The theme of the meeting was related to the new community governance proposal Eden, and released a roadmap for the new governance system EdenOS.

The main content-zce of the meeting included that EdenOS will conduct its first election in July, and RAM will be used to raise funds for EdenOS. EdenOS will be developed with the support of the EOS Alliance.

Previously, BM explained the background design of the governance system in the introduction article.

True democracy is based on "invitation".

The most "basic" requirement to be a community member is to be a stakeholder in this game: holding tokens.

From the establishment of a vision by one person to the invitation of others to join in realizing the vision, the community is slowly formed. Alternatively, it is possible to start with a small group that agrees on the governance process, and then this small group invites others to join.

Golden Evening News | List of important news on the evening of November 23: 12:00-21:00 Keywords: Suzhou, Bank of China, Tether, OKEx, CCB

1. Suzhou will launch a digital RMB red envelope on Double Twelve;

2. BOC Global Strategic Securities Investment Fund purchased 13,000 shares of Grayscale BTC Trust in 2019;

3. Tether printed 12 new banknotes in November, totaling 2.02 billion USDT;

4. CryptoQuant CEO: 0.02 BTC has been transferred from the OKEx wallet or is undergoing a withdrawal test;

5. The Uniswap team has not obtained the right to veto the proposal;

6. UOB, the third largest bank in Southeast Asia, is recruiting for the position of cryptocurrency security administrator;

7. The Ethereum 2.0 deposit contract address has exceeded 300,000 ETH, and the current progress is 57.23%;

8. Zhou Xiaochuan: The digital currency electronic payment cooperation between China and Singapore can start from retail;

9. The Labuan branch of China Construction Bank withdrew its digital bond issuance, and the exchange has begun to return investors' funds. [2020/11/23 21:49:37]

To become a community member, one must apply for (or be offered) an invitation from an existing member and be confirmed by two other members. This means that 3 people need to agree to admit a new member into the community. Finally, new members must be approved by at least one community selector.

Golden Morning News | November 14 Overnight Important Updates: 21:00-7:00 Keywords: Development and Reform Commission, digital RMB, agricultural food

1. National Development and Reform Commission: To further increase the construction of new generation information networks such as blockchain

2. European Central Bank executive member Benoit Coeure: Big technology companies have forced central banks to realize the existence of CBDC

3. The Central Bank’s Digital Research Institute and State Grid Xiong’an Financial Technology Co., Ltd. cooperate to carry out digital RMB innovation and application

4. Deputy Governor of the Bank of England: In the face of digital currency, it is not the responsibility of the Bank of England to protect the banking business model

5. The blockchain market size of the agriculture and food supply chain industry will reach $948 million in 2025

6. Shanghai supports financial institutions to use blockchain to improve the efficiency of financial services [2020/11/14 20:47:55]

You can only invite or support new members after successfully participating in the first election. New members will be randomly assigned to meet with 9 other members of the community, the reason for this is to minimize the chances of collusion and multiple accounts running concurrently.

Golden Morning News | Overview of important overnight news on December 18: 21:00-7:00 Keywords: BTC, Germany, Fidelity, electronic invoices, European Central Bank

1. Fidelity establishes a new digital asset business to support European institutional investors;

2. President of Beijing Internet Court: With the help of alliance chain, blockchain technology empowers judicial trials;

3. Luohu District, Shenzhen City, Guangdong Province will promote blockchain electronic invoices to benefit taxpayers in the jurisdiction;

4. Circle has sold the OTC trading platform to Kraken;

5. European Central Bank: developing a central bank digital currency payment system that protects user privacy;

6. BTC fell below $6,600 in the early morning;

7. German Ambassador to China: The German government has released a blockchain development strategy;

8. The Science and Technology Department of Hohhot Central Sub-branch launched a seminar on the application prospects of blockchain in the People's Bank of China;

9. The Beijing News: The widespread application of blockchain technology will improve the efficiency of resource allocation in the market. [2019/12/18]

Every 10% increase in the size of the community will automatically trigger an election, and no new members can officially join until the end of the election. This reduces the risk of a sybil attack that the election suffers from a large number of fake users compared to real users.

Analysis | Golden disk: LTC/USDT is weak and volatile, and the downside risk is still high: comprehensive analysis of the golden disk: LTC/USDT is under obvious pressure above $65, and is currently in a sideways short-term. Pay attention to the defensive situation of the support near $61 below. If it breaks, there will be a high probability of a deep callback. [2018/8/10]

Additionally, each new member must contribute 10 EOS to the community fund every time they participate in an election. The combination of financial contributions and endorsements ensures quality control, token-based requirements, accountability, and Sybil resistance.

Each member can invite or endorse up to 20 people in each election. This means that a group of 3 can maliciously collude to invite up to 20 people into each election.

Elections will be held at least once a year.

In addition, the community will have rules for expulsion of community members.

Any existing community member can initiate a "prove identity" challenge to a "fake" or "copied" member account they suspect. The eviction procedure begins with an individual submitting a "request for eviction" and a deposit of 100 EOS at the same time. If 3 of the 5 randomly selected community officials agree to the eviction, the deposit will be returned to the requester, otherwise the deposit will be forfeited.

When an individual is expelled from the community, they lose the right to participate in the governance process, but not necessarily lose blockchain accounts or any assets that are not explicitly conditioned on community membership.

Specific functions of Eden

Eden is an automatic process that automatically identifies community members and allocates budgets to members through smart contracts.

The Eden contract will allow anyone to build their own community. For example, I will create a community, and I will cooperate with the Chinese community to identify someone to start a Chinese community. Once the community size reaches the threshold of 1,000 members and the first election within the community is completed, EOS nodes can start to vote to allocate 0.125% inflation to the qualified community.

People from other countries who communicate in other languages are also free to form their own communities. When these other language communities reach a similar size to the English and Chinese communities, the English and Chinese communities can then vote to add these communities to the broader EOS community.

To become a community member, you must be invited and approved by 3 existing members, and pay a community fee (currently about 10EOS) equal to the minimum wage of 3 hours, and then one of the 5 randomly selected officials to review. This is actually a "high" threshold, but it is also a good thing. When you become a member, you will be endowed with great economic power, and at the same time, you can participate in online video communications with other members to perform the duties of helping to govern the blockchain.

If any community members are found to have violated the norms of the community, those members should be removed. When an application is made to clear a member's status, the applicant must first pay a security deposit. The bond is used to cover trial costs if the eviction request fails, and it also serves as a deterrent against false and malicious charges.

After a charge is filed and a bond is posted, 5 randomly selected officers are called to review the charge application. Possible formats include organizing an online meeting to give both sides a chance to make their case. If 3 out of 5 selectors agree to deportation, the person who filed the charge application will get double the bond back. At the same time, an investigation may also be opened into the community members who provided the invitation/support for the expelled member in the first place. If these members are found to be inviting puppets into the community, then new charges can be made and this investigative process will continue.

Currently Confirmed Roadmap

April:

NFT issuance and auctions where users represent community participation identities, accumulating funds for Eden

First member fee

Fund Eden from RAM

Eden community members reach 1,000 and start financing

May:

Community scales up, prepares for July elections

June:

Community Election Trial

July: Community members reached 1,000, and the first official election began

January 2022

Second round of elections begins

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