On Thursday 27th June, Daniel Larimer, CTO of Block.one proposed to change the entire Constitution of EOS. The news came as a shock to the EOS community but Larimer has some good reasons for bringing this change.
“I have learned a lot about human nature by watching the disputes, the witch hunts, the ‘bring everything before ECAF’ mindset,” he wrote in the EOS Gov Telegraph group. “I’ve got [a] new [constitution] to propose that I believe will have full support.”
Later on, in his Medium blog post where he releases a draft of the new Constitution, he writes:
“We have seen that if you give people arbitrary power to resolve arbitrary disputes then everything becomes a dispute and the decisions made are arbitrary. The more power the arbiter has, the more vicious and petty the disputes become and the less predictable the outcome.”
Under the new Constitution, all governance will take place through a smart contract without there being an arbitrary ruling binding on all.
Users will choose to opt-in to additional third-party arbitration by entrusting their assets to a sort of “bank contract,” but this would not be implemented by default.
Block One’s Proposed EOS Constitution Referendum
- The Intent of Code is Law where intent is documented by code, Ricardian Contract, user interfaces, and actual use.
- If there is a dispute on intent of code, then intent shall be determined by a super majority vote of elected producers or an arbiter mutually agreed to by the parties to the dispute and enacted by producers. A super majority may, at their discretion, freeze a contract during an active dispute until such time as code to fix the contract is available. The parties to the dispute must produce proposed replacement code. The producers may charge a fee and/or place other requirements on the parties to the dispute. A super majority is defined as 2/3+1. Ricardian contractual terms that cannot be enforced by properly functioning code are beyond the scope of the producers authority to evaluate and enforce.
- At no time shall elected block producers freeze or modify contracts that are operating as intended.
- Contract developers are not liable for damages caused by bugs in the code. All Parties are responsible for auditing the code and the Ricardian contract before use.
- All service providers who produce tools to facilitate the construction and signing of transactions on behalf of others shall present the full Ricardian Contract terms of this Constitution and other referenced contracts.
- No Party shall have a fiduciary responsibility to support the value of the EOS token. The Parties do not authorize anyone to hold assets, borrow, speak, nor contract on behalf of EOS token holders or the blockchain collectively. This blockchain shall have no owners, managers or fiduciaries.
- A Ricardian Contract is deemed accepted when a transaction is incorporated into the blockchain.
- Parties voluntarily consent for all other Parties to permanently and irrevocably retain a copy, analyze, and distribute all broadcast transactions and derivative information.
- This Constitution may be executed in any number of counterparts, each of which when executed and delivered, shall constitute a duplicate original, but all counterparts together shall constitute a single agreement. Use of the blockchain shall constitute consent.
- This Constitution shall may be amended by a vote of the EOS token holders that attracts no less than 15% staked vote participation among tokens and no fewer than 10% more Yes votes than No votes, sustained for 30 continuous days within a 120 day period.