Binance, Eosfinex, EOS Nation and EOS Cannon are Approving Updates of EOSDT Contracts
Equilibrium strives for full decentralization. The governance framework that drives the updates to Equilibrium is now also decentralized, depending on multiple entities working together. Binance is the newest, biggest name on this list, joining an EOS-based decentralized exchange by Bitfinex called eosfinex and two major EOS block producers — EOS Nation and EOS Cannon. Each of these well-known companies are now part of the approval process for EOSDT contracts before those contracts are released.
The smart contracts behind EOS-based DeFi applications are changeable and upgradeable for sake of future-proofing these services. Not only do community needs evolve over time, but developers will want to implement new efficiencies as they discover them. Thanks to this feature of EOSIO, DApp upgrades can happen seamlessly without requiring painful migrations to a completely new set of contracts (as is usually the case on Ethereum, for example).
But this feature can also allow for a single point of failure if there is just one entity in charge of approving these updates. Fortunately, multisignature capabilities (commonly shortened to “multisig”) are built into EOSIO and help ensure that the ability to update smart contracts remains an advantage instead of a vulnerability.
Multisig simply means that two or more accounts must sign a transaction in order to verify it. For the purposes of Equilibrium’s governance, this means we can’t update our code without letting multisig participants know about it. One more step to full decentralization of Equilibrium, which prevents single points of failure from emerging while engendering a trustless environment that eliminates the possibility of theft.
At this stage, Equilibrium distributes the permission structure of two core smart contracts with the multisignature capability: eosdtsttoken and eosdtnutoken. These two contracts are handling core logics behind EOSDT and NUT tokens respectively, including token transfers and user balances. Setting up a governance framework for code updates of these contracts is one of the crucial milestones for all token holders that guarantees safe and secure storage for their assets. We are planning to gradually implement distributed permissions for all our smart contracts:
- June, 2020 - eosdtorclize
- July, 2020 - eosdtgovernc
- August, 2020 - other contracts
Stay with us for further updates!