blog

Latest from the Quantamize Blog

The New EOS Referendum System Enables its Scaling Capabilities

Sep 19, 2018

  • EOS is a decentralized blockchain platform where developers can make use of an easy to use operating-system-like set of services and functions for decentralized application (dApp) development.  
  • EOS aims to combine the best features of various smart contract technologies – the security of Bitcoin, the computing support of Ethereum – under one simple and massively scalable dApp platform for everyday use.  
  • Unlike common blockchains, EOS uses a “consensus over events” approach that verifies a series of events over a period of time to keep track of network state. The result is a system that takes longer to reconfirm the history of transactions when restarted but can handle a much higher volume of transactions while running. In theory, this system provides EOS with practically limitless scaling. 
  • When EOS initially launched, an account was established with USD$35 million worth of tokens that would grow untouched until the EOS community decided to use it for a beneficial purpose – anything from building new features, sponsoring meetups, or hiring lawyers and lobbyists. The problem; there was no system to decide how and when the funds were allocated.  
  • EOS’ price surged 21% on 08/29/2018 after it announced a decision to implement the EOS Referendum System, a voting system that will allow token-holders to create proposals and vote on how funds in the account – now worth USD$206,430,063 – are used.  
  • EOS has an extremely strong underlying protocol with great scalability potential. Now that the dApp platform has a way to spend some of the USD$200 million account to further expand, the future looks bright. 

EOS 1-Year Price Chart


Source: Tradingview.com