LONDON (Bywire News) - In a move that could revolutionise the way in which governance is conducted in the cryptocurrency space, members of the EOS blockchain community just announced the introduction of the Eden Smart Proxy (ESPx). The aim of ESPx is to maximise the accountability and transparency of the EOS Network, while providing staking incentives to both voters and block producers.
The proposal includes a system contract upgrade that would redirect a portion of network inflation to those who delegate their voting power to the Eden Smart Proxy. This would provide a powerful incentive for voters to participate in the system and align their interests with those of the block producers and the network.
The Eden Smart Proxy aims to increase the number of block producers who demonstrate transparency, accountability, and high operational standards, while also reducing the influence of a few individuals who currently control the distribution of votes. It seeks to replace this system with elected members from the EOS community, via Eden on EOS.
The proposal has already been met with some scepticism from the EOS Network Foundation (ENF), who worry that this proposal will continue the move towards centralisation, rather than the opposite. The irony of this position is not lost on the EOS community, given that the ENF is an efficient yet centralised organisation.
However, the ESPx proposal should be seen as an opportunity to demonstrate that democratic control is far better than plutocratic control. This could be a major step forward for the EOS network, putting the decision making firmly back into the hands of the EOS community, and providing more power to the disempowered.
It remains to be seen if the Eden Smart Proxy will succeed in revolutionising the EOS blockchain and creating a more equitable system of governance. All eyes are now on the EOS Network Foundation, the BPs, and the EOS community, as they decide the fate of the network.
(Writing by Natalia Siler and Michael O'Sullivan)
Correction 26/12/2022 - Changed language from 'EOS blockchain' to 'members of the EOS blockchain community', to provide a more accurate reflection of those behind the launch of ESPx.