EOS Library- not only for EOS beginners

1. How do we come to a consensus on how we modify the Constitution?

One of the recent revisions is a decision to move a lot of what used to be considered core code to to be very hard to change you need a hard fork to to move it up into native contracts that can be modified. It means that a lot of the fairly basic behaviour if the blockchain like you know the fact that it’s a six-month lockup for voting well what if you know three quarters of the token holders really act it to be four month lockup or a nine month lockup whatever how do you do that you fork the code or do you put out a proposal go through the constitutional modification process it’s a protocol change and say I propose chained our protocols to make the token lockup be four months or nine months or keep it at six and then we argue about it and then there’s a vote and you know over thirty days or however long you’d need to get people to cast their votes. Those numbers were made up by the founding fathers who wrote here’s how to amend this Constitution. So proposal for a rule change would have to go over a certain amount of hurdles and those initial hurdles will be set in the initial release of the code but it could be changed by a majority or supermajority of the token holders (Cox, EOS - Sit Down Q&A With Thomas Cox, VP of Product - Part 1 of 2, 2018).

2. What about rollback?

The only way to do a hard fork and rollback the state of the chain is to just like step outside the chain and like a talk amongst yourselves on the phone and do a hard fork and then you got to chains and you got like aetherium and aetherium classic now and the expectation is that we can minimize the likelihood of that kind of a fork by doing things like allowing contracts to be frozen so if there’s a dow hack on the uneo space blockchain which there could easily be. Block producers can freeze the contract pretty quickly but that’s all they can do and then if there’s a request to change a contract that takes 30 days but again that’s configurable and you still have to pass all the cryptographic tests of yes it’s signed by the person whose key matches the contract and then you could replace an active contract and you can also write contracts that are upgradable by nature (Cox, EOS - Sit Down Q&A With Thomas Cox, VP of Product - Part 1 of 2, 2018).

3. What do you now see going forward that what kind of timeline are we looking at and what are the first step that we can start for governance?

It’s to see what is the minimum number of rules that you need to get as far as you can. A few simple rules can give rise to very complex adaptive behaviour and a plethora of complicated rules turns people stupid and we see that in bureaucracies all the time (Cox, EOS - Sit Down Q&A With Thomas Cox, VP of Product - Part 1 of 2, 2018).

4. Are there any outside formal or informal audits or verification of smart contract code and how do we can manage that from a developer’s perspective as well as that’s utilizing smart contracts?

Formal verification is not cheap and not easy. The prediction is that people who are really good at that will offer their services to doubt developers and there are some smart contract languages being developed that lend themselves to automated formal verification (Cox, EOS - Sit-Down Q&A with Thomas Cox - Part 2 of 2, 2018).

5. Is that a possibility that they are stoking sort of having a utility to formally verify smart contracts as well?

There’s no way a token gonna do that. For the formal verification is a process. You might pay for it (Cox, EOS - Sit-Down Q&A with Thomas Cox - Part 2 of 2, 2018).

6. Why EOS will radically change the world?

• Doing huge transactions per second (25k – 50k Tx/ps)
• Can’t lose them (Ultimate protection, transparency and security)
• You can rent ESO to other people if you don’t need to use it
• Viewed as digital real estate
• Token holders nominate the block producers (can vote them in or out if they aren’t doing their job)
• Align the interests of the decision makers and the beneficiaries
• Scaling disagreements are avoided
• Airdrops (it doesn’t require the overhead and electricity resources) (Rushing, 2018)

REFERENCE

• Cox, T. (2018, 2). EOS - Sit Down Q&A With Thomas Cox, VP of Product - Part 1 of 2. (KEV, & BLUEJAYS, Interviewers) Retrieved from EOS - Sit Down Q&A With Thomas Cox, VP of Product - Part 1 of 2: www.youtube.com/watch?v=okEWdW0WlxM&t=1196s
  

• Cox, T. (2018, 3). EOS - Sit-Down Q&A with Thomas Cox - Part 2 of 2. (KEV, & BLUEJAYS, Interviewers) Retrieved from EOS - Sit-Down Q&A with Thomas Cox - Part 2 of 2: www.youtube.com/watch?v=afxhGbdJmjs&t=1601s
  

• Rushing, D. (2018). Retrieved from 10 REASONS WHY EOS (EOS) WILL RADICALLY CHANGE THE WORLD: www.youtube.com/watch?v=EGhohLhTt0M