- EOS Authority has launched a poll to enable the community to decide on whether referendum proposal should come with a cost.
- The team says the small fee will deter users from abusing the system by posting irrelevant proposals
- So far, more than 97 percent of the EOS community members are in support of the move
Block Producer (BP), EOS Authority, has revealed that a vast majority of token holders have voted in support of a move to add a small cost to referendum proposals in a bid to discourage frivolous users from posting low-quality proposals, according to data available on the EOS Authority website.
EOS poised to eliminate spam proposals
As stated on its website, the referendum proposal poll has been live since 139 days and thus far, 97 percent of holders have voted in support of the addition of a small fee to referendum proposals.
Per the team, the primary objective of attaching a fee to the referendum proposals is to deter bad actors and frivolous people from posting irrelevant proposals on the platform as well as using the system to advertise their products. EOS Authority said:
“Since EOS users can create referendum proposals for free, the system is being flooded with bogus and low-quality proposals. Against that backdrop, it is being abused and may even come to be used for incorrect purposes, like advertising.”
Maintaining a balance
While a good number of members the ecosystem have voted in support of the motion, an exact amount is yet to be decided upon and the block producer has made it clear that since the price of the token may appreciate considerably in the near future, it is important to make the fee as low as possible to create a level playing field for all users:
“The barrier-to-entry for creating a new proposal should not be so high that it limits contributions from the community. The cost is only intended as a spam deterrent. The fees would be added to the EOS savings account and distributed as part of REX.”
In related news, the community have unanimously agreed to reduce the annual inflation rate from 5 percent to 1 percent, as the funds being accumulated on the eosio.saving account has surpassed 28.75 million EOS ($108 million).
The platform is designed to distribute 1% of the funds to block producers for securing the network, while the remaining 4% goes into the savings account.
“This large quantity of accumulated tokens has now become excessive and if we continue to allow it to keep growing, it will eventually become an attack vector for the network,” stated the team.
As reported by Blockchain Reporter on May 31, 2019, leading U.S. cryptocurrency exchange, Coinbase has added support for EOS (EOS).
At press time, EOS remains the sixth largest cryptocurrency in the world. The price of EOS sits at $7.40, with a market cap of $6.8 billion.