The Voting System EOS is Developing will Determine What Gets Done - EOS +20%, EOS News. Thursday, August 30
Important EOS Cryptocurrency News
The Voting System EOS is Developing will Determine What Gets Done
EOS is currently being run by a constitution even though much of the functionality stipulated by the whitepaper has not been built before the launch of the platform’s mainnet. Nevertheless, it has been shown that even the constitution has limitations because it is not empowered to do everythings. This is where the EOS referendum is applicable.
The EOS referendum is the voting system that is predetermined as the decision-making mechanism of the network. In reality, the referendum ratifies the constitution which is still provisional.
For instance, there is a stash of funds that the EOS network puts aside in an account called eosio.savings. This fund is not accessible to anyone and spending it or otherwise is subject to the approval by referendum which essentially is a one-token one-vote system.
The eosio.savings fund is meant for initiatives that are beneficial to the network such as the funding of summits and meetups, funding for security audits, building new features, hiring lawyers and lobbyists and sorts.
With the EOS whitepaper stating that the platform needed a governance process that avoided the shortcomings obtainable in the systems employed by other blockchain networks which it considered,"ad hoc, informal, and often controversial governance processes that result in unpredictable outcomes" it opted for the referendum voting that is still in progress.
EOS Gain More Than 20 Percent On Referendum System Proposal
EOS is the highest gainer among the top 10 coins and the third highest gainer overall. This is the impact of the network’s announcement that it is launching a voting system. In the past 7 days the EOS token has gained more than 50 percent as many investors move to acquire the token of the platform that has been promoted as a keen competitor of the Ethereum platform.
With a favorable buying sentiment, there has been a prevailing bullish pressure on the coin with many investors in buying mode out of fear of missing out. The EOS fund that the referendum determines how it will be spent contains $35 million and will be worth more than $200 million in the next 12 months. This is mainly due to a built-in system that supplies the fund with a fraction of tokens yearly.
The price movement can be observed inside an ascending parallel channel with higher bullish pressure pushing the channel above the resistance line. We can see higher highs forming towards $6.5025 to the dollar.
According to Yash Gola, the CCN technical analyst, eyeing a breakout towards the 50% Fibonacci retracement level at 6.5952-fiat of the last leg from 8.9827-high to 4.2076-low. In medium-term, a potential upside is near around the 61.8% Fibonacci of the same leg, also because it would form a reverse Head & Shoulder pattern on shoulder support near 6.0317-fiat and head near 4.2076-fiat, the EOS bottom.
The sentiment in the market is, of course, bullish, with the price now trading above its 200H and 100H MA. At the same time, the RSI and Stochastic indicators both have entered their overbought areas, which means a potential correction could be underway. The price, in that case, would be well-supported by the 200H MA, with a sight towards 6.0317 as the next potential support level.”
EOS/USD Price Chart, Thursday August 30th:
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