EOSDT Stablecoin Adds Binance, Eosfinex To Governance Board
- The exchanges will now act as “governance supervisors”, and will be responsible for approving smart contract upgrades.
- Currently, Equilibrium has four block producers, each of which has a portion of a multi-signature key.
Alex Melikhov, CEO of Equilibrium, speaking at the CryptoCompare Digital Asset Summit on March 10 in London, UK. Equilibrium
Equilibrium, the DeFi project behind the EOSDT stablecoin, has added four block producers to its oversight team that approves contracts and code changes, the firm said in a blog post on 22 May.
According to the announcement, the group will act as “governance supervisors” for the system, with their main responsibility being the approval of smart contract upgrades for Equilibrium. The group that now has oversight power over any new EOSDT smart contracts consists of crypto exchange Binance, EOS decentralized exchange Eosfinex, as well as stand alone block producers EOS Nation and EOS Cannon.
The blog post reads:
“Equilibrium strives for full decentralization. The governance framework that drives the updates to Equilibrium is now also decentralized, depending on multiple entities working together.”
The four block producers each hold portions of a multi-signature key, which is used to approve upgrades to the ecosystem, and for a transaction to be verified, at least two of the accounts must sign off on it. By doing this, Equilibrium is “creating a proof-of-authority framework”, in which participants bid their reputation on the integrity of approved updates.
Alex Melikhov, CEO and founder of Equilibrium, said:
“We’re keen on upgradeable smart contracts and EOSIO’s permission architecture because they bring a lot of flexibility to the development process. Migrating to a new version on other blockchains can be challenging. Furthermore, it’s great to have trusted authorities (like major companies and block producers) supporting initiatives that contribute to decentralization.”
Currently only two Equilibrium smart contracts with the multisignature capability have a permission structure – eosdtsttoken and eosdtnutoken. The contracts in question handle the core logistics behind the EOSDT and NUT tokens, including token transfers and user balances. The firm has said that it is aiming to implement distributed permissions for all of its smart contracts, and is planning to do so with two more contracts in June and July.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.