EOS New York proposes further decentralization of DApps and their tokens
EOS New York, one of the biggest contributors to the core development of EOS blockchain, has proposed a radical change in the handling of DApps. In a paper published on Medium, EOS New York outlines the problems with the current DApps scenario. Furthermore, they also propose a fallback fund for core development if for some reason EOS New York stops contributing to the project.
Decentralization in DApps
According to EOS New York, the current DApps on the blockchain although decentralized do have one owner controlling the private keys. This goes against the policy of decentralization as it creates a single point of failure.
“A purpose of decentralization is to eliminate single points of control or failure within a system and to distribute control of the system across its participants.“
In the current scenario of EOS DApps, the token issuer holds all the control. That means additional fees can be applied and tokens can be even recalled anytime.
According to EOS New York’s proposal, this “power” over issued tokens should not be with the developer after the token is issued. The tokens should be issued through eosio.token and the keys should be controlled by the block producers (15 out of 21 block producers should agree).
The proposal if implemented increases the decentralization of the DApps and eliminates the single point of failure. This idea has been discussed since the initial days of EOS but eventually scrapped off due to bandwidth concerns. EOS New York proposes the reopening of the idea.
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