I am continuing my look at EOS Constitution proposal 2.0

source
In my previous part EOS Constitution I did explain in details all terms and points of it. Here is the excerpt from my other part:

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 keep my promise, so today it is my pleasure to update you with some not extremely detailed, but a must to know info about the Proposal of the New Constitution 2.0.

Dan Larimer is proposing new Constitution linked with the first one. And a lot has been done over the last few months.
So generally this is a proposal from Block.one, the creator of EOS.io based on DPoS system (Delegated Proof of Stake System)!
As most of you are informed the platform went live in June 2018 (see here) and since that time is trying to work out the Governance.

EOS Constitution 2.0!

What is that about?!?

As it is stated in Dan Larimer's article, that it is needed in order to preserve:
Healthy EOS Ecosystem, i.e.

• crypto-contracts,
• human contracts,
• and human dispute resolution.

So EOS is on the path of becoming the first smart Ricardian contract blockchain. The argument is that with ETH and BTC if things go wrong and people get scammed the code is law, i.e there is no redress and so forth.

So there should be a degree of Aribtration.

Proposals:

1. EOS is first smart Ricardian contract blokchain.

Ricardian Contract is legally binding contract, invented by Ian Crigg in 1996.
Here are presented all terms outlining a legally binding contract, i.e Offer + Acceptance + Consideration + Intention and in adding to that the process of implementation, wherein
the defining elements are expressed and executed in software!
Big difference. isn't it!

There are two defining elements:

• the format of the contract is machine readable and
• readable as an ordinary contract element, i.e. me, you , the lawyer and anybody else can have a look and read it easily.
  So if there is a bug in the system, the intent of the contract can be proved thanks to the readable text.

2. LOST AND STOLEN KEYS

It says that in case you loose your private keys it can be retrieved. Know your security, don't get scammed. Arbitration is not going to help you...
BUT
There are some solutions:

• MULTISIG. It is like a joint signature on bank accounts. So in order to proceed with a transaction there comes the need of requiring more than one key to authorize it, which undoubtedly will reduce the potential of fraud.
• HARDWARE TIME DELAY. As the name says, in case the alarm sets off, and there is a suspicious activity, it can be reversed in a certain time frame.
• EOS was designed with Touch ID, Face ID, Time Delays.

So there are some options to consider for your security! This sounds great, looks like we can decide on the terms of the security: contract terms, code terms and build it up.

3. Lesser ECAF (EOS Core Arbitration Forum) influence and more pressure on BP (Block Producers) to protect or even ease the burden of the scammed people.

It is written that charitable donations from side of the BP are highly welcomed in case of helping such people out. And is much better for the ecosystem than interfering in it.

On June 1, 2018 EOSIO's Dawn 1.0 was launched on Mainnet!

[source:]

Any suggestions and ideas will be highly appreciated by @yanika!

Sources:
https://block.one
https://github.com/EOSIO/eos
Dan Larimer's "The Intent of Code"

For more reviews click here:

Get Paid to Search or Blockchain Google / 11 Signs of SCAM ICO / EOS for beginners / EOS Constitution / Story of EOS / EOS vs ETH

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