Update 05/17/18 6:54 PM EST: EOS New York has confirmed on Twitter they agree with our stance and did not submit the initial proposal. We have since removed EOS NY from the article and apologize for the error.
Blockchains only work if their respective governance models work. In order for the EOS governance model to work, it must be as resistant to corruption as possible. In a recent Block Producer Agreement proposal their team submitted an interesting rule: “15. Not sharing more than 10% ownership with another BP”.
I was so shocked by this wording that I had to read it several times to make sure I was not misreading it. What this proposal is stating here is incredibly dangerous and has the power to undermine the entire EOS governance system. If Block Producers are allowed to own portions of other Block Producers, we will see voting cartels emerge which cannot be voted out by the community. Our team has personally seen DPoS networks like Lisk and Rise be significantly harmed by Block Producer cartels, and we don’t want that to happen to the EOS network.
Instead of this dangerous rule which allows Block Producer collusion and corruption, we instead propose our own rule: “15. No Block Producer shall have any interest in any other Block Producer. All Block Producers will be completely transparent about all owners and beneficiaries of their Block Producer, regardless of their ownership size.”
In order to make it simple for Block Producers to stay transparent about their ownership structures, we are today announcing our first Open-Source Software project: Glass. Developed by Cypherglass, Glass will enable all EOS Block Producers to publicly disclose and manage their ownership interests via a dApp on the EOS blockchain. We look forward to releasing Glass later this year to ensure the EOS network stays free from corruption and collusion.
To learn more about Cypherglass and our EOS Block Producer, visit https://www.cypherglass.com/
Thanks to @Scuderia2 on Telegram for the idea and inspiration.