The EOS network doesn’t stop to amaze with how it manages to align the interests of independent stakeholders with the success of the network itself. In a recent announcement, Equilibrium (EOSDT) declared a collaboration with four EOS Block Producers, including Binance, eosfinex, EOS Nation, and EOS Cannon. These companies will collaborate in vetting any smart contract upgrades made on Equilibrium and each company will have one part of a multi-signature key for authorizing such upgrades before they can be released.
Equilibrium (EOSDT) is the second largest Decentralized Finance (DeFi) platform on EOS and is currently holding over $10 million in users funds. Thus, this vetting process by multiple independent companies will help eliminate any single points of failure that could compromise the safety of those funds, either due to an overlooked defective smart contract upgrade or the threat that comes with having a single entity control everyone’s funds.
These companies were chosen because of their reliability, and the fact that they are well-known makes it less likely they’d attempt to do anything that would jeopardize their reputations. Binance, recently became an EOS Block Producer, is arguably the biggest cryptocurrency exchange in the world, then there’s eosfinex, EOS Nation, and EOS Cannon – all respected top 21 Block Producers on the EOS blockchain.
Currently, two of Equilibrium’s smart contracts (eosdtsttoken & eosdtnutoken) have the multi-signature feature enabled. “These two contracts are handling core logics behind EOSDT and NUT tokens respectively, including token transfers and user balances”, states Equilibrium in their announcement post. Furthermore, they go on to emphasize that securing these two smart contracts is crucial in safely storing all of the assets of token holders.
Equilibrium has set a timeline to implement multi-signature permissions on all their smart contracts, it is mapped as follows:
- June, 2020 — eosdtorclize
- July, 2020 — eosdtgovernc
- August, 2020 — other contracts
Credit to the ingenuity of Equilibrium in being able to capitalize on EOSIO’s changeable and upgradeable smart contract features, and then using that to further decentralize their service to the benefit of their users and the long term efficacy of the project. Moving forward, users minds will be more at ease knowing that their assets are under the deliberate guard of some of the top companies in the blockchain industry.
Do you think that Equilibrium is leading what could well be the standard for all decentralized finance (DeFi) platforms or is there a more effective solution that already exists somewhere? Let us know in the comments below, or on social – Twitter, Reddit, Telegram.
Equilibrium (Medium) – Binance, Eosfinex, EOS Nation and EOS Cannon are Approving Updates of EOSDT Contracts
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