EOS developer makes blockchain governance proposal

• Block.One CTO published a proposal on decentralized governance improvement.
• EOS/USD recovered from the intraday low, stopped on approach to $3.00.

Dan Larimer, the chief technical officer of Block.One, the company behind the EOS ecosystem, published several proposals on how to improve network decentralization.

“The purpose of blockchain governance is to make decisions in the best interest of as many people as possible while minimizing the opportunity for a small group of people to act in ways that benefit themselves at the expense of the community,”  the CTO of Block.One explained.  

He also added that is was necessary to align interests and select the parties that would lose a lot if the network failed to operate to its potential. Larimer suggested providing voting rights only to the tokens locked in a long-term staking contract to «ensure a long-term outlook and “skin in the game”

“The yield someone earns for staking compensates them for the loss of liquidity and should be proportional to the length of time the tokens are locked up. It is best for the network for tokens to be locked as long as possible based upon market-determined rates of interest.”

EOS/USD, the technical picture

EOS has recovered from the intraday low of $2.81 to trade at $2.97 at the time of writing. Despite the recovery, the coin is still 5% lower from this time on Tuesday. The further upside is limited by a critical $3.00. Once it is out of the way, the bullish momentum is likely to gain traction with the next focus on  $3.10 (SMA50 (Simple Moving Average) on a four-hour chart) and $3.23 (the upper line of four-hour Bollinger Band).

EOS/USD, the four-hour chart