In the midst of the wave of projects that Binance has been launching and developing recently, it was announced that, in conjunction with Eosfinex, they are overseeing a decentralized funding project based on EOS.
The point is, Equilibrium wants to add four block producers to its governance system. These are Binance, Eosfinex, EOS Nation and EOS Cannon. The producers mentioned would sign the updates to Equilibrium’s smart contracts.
The collaboration is quite significant considering that Bitcoin Code minimum deposit australia, when can i buy xrp on Bitcoin Circuit, Bitcoin Era alternative uae, Bitcoin Billionaire fdic insured, wirex vs Bitcoin Evolution card, The News Spy device verification, buy dash on Bitcoin Revolution, Immediate Edge password reset, credit card fee on Bitcoin Trader, Bitcoin Profit no wallet is the largest exchange in the market. And that Eosfinex is another decentralized EOS exchange affiliated with Bitfinex. Also, the decision to include new entities is up to all existing board members, not just Equilibrium.
Why use EOS?
The advantage really lies in the ability to update or create new versions of applications without having to stop the whole system that supports a smart contract code.
According to their official statement, what is interesting about this multi-signature governance system is the effectiveness it gives them to make changes safely. They call this „Multisig“.
The latter means that two or more accounts must sign a transaction to verify it. For the purposes of Equilibrium governance, this means that they cannot update their code without „Multisig“ participants knowing about it.
In other words, Equilibrium now has Binance, and 3 other members, in its governance system to approve changes to EOS-based smart contracts before they are launched.
Why is this relevant to Binance?
Supporting projects like this allows the exchange to go further, and gives more notoriety to its own BNB cryptomoney. That is why Binance has decided to support this EOS project.
Furthermore, Binance’s job, in the words of its CEO, Changpeng Zhao, is to go where no one else has gone and make the Blockchain technology commonplace. This, in practice, also means putting its stamp on the largest number of development projects in the industry. This includes supporting DeFi and EOS.
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How will it develop?
In the same statement, they explain the current state of the project. At the moment, Equilibrium is distributing the permit structure of two central intelligent contracts with multiple signature capability: eosdtsttoken and eosdtnutoken.
Equilibrium’s expectation to take EOS-based smart contracts to new levels is high, and they are partnering with Binance to achieve this.
Equilibrium’s expectations to take smart EOS-based contracts to new levels is high, and that’s why they partner with Binance to achieve it.
These two contracts handle central logic behind the EOSDT and NUT tokens respectively, including token transfers and user balances.
But they don’t stop there. Equilibrium plans to gradually implement distributed permissions for all its smart contracts. They are counting on partners like Binance to do this in a transparent and secure way, but without sacrificing the versatility of the system.