From 76cfd5f70915bf0cfc05b2c99602d2211a6a03d6 Mon Sep 17 00:00:00 2001 From: ProphetXZ <138210332+ProphetZX@users.noreply.github.com> Date: Mon, 11 Mar 2024 12:01:02 +0100 Subject: [PATCH] Update eip-7488.md --- EIPS/eip-7488.md | 2 ++ 1 file changed, 2 insertions(+) diff --git a/EIPS/eip-7488.md b/EIPS/eip-7488.md index f9c9544f5a075..f51e43a74d443 100644 --- a/EIPS/eip-7488.md +++ b/EIPS/eip-7488.md @@ -37,6 +37,8 @@ Alternatively, if this EIP "Ground Zero" should fail and no similar solution wil From the community's point of view, a **proof-of-authority (PoA)** consensus mechanism is deemed much more secure than the current proof-of-stake (PoS) mechanism and puts the original community and the people most affected by Ethereum on a daily basis in charge of all important decision making. With PoS, strong incentives for speculation and gambling on Ether's market price and Ethereum's future path exist. Further, wealthy investors are at an advantage merely due to their purchasing power, thus under PoS giving them the possibly to leverage their wealth to shape and steer the future of Ethereum's ecosystem. At the same time, however, these investors do not need to fully expose themselves to the ecosystem, apart from their investments, which depends mainly on the development of the short-term market price. We propose to instead choose authenticated validators among the original community and ensuring through a sufficiently long governance period that the best interests of the Ethereum ecosystem and its long-term health are respected. Through a one-vote-per-validator mechansim, long-term responsibility for every decision taken by the governing validators, and full exposure of the validators to the Ethereum ecosystem during the governance period, a more sustainable future path for Ethereum is ensured. +Additionally, restricting blockchain and data access to only long-term Ethereum community members and halting IPFS and Swarm will prevent data misuse and stop the creation of tokens without legitimate ownership claims. Only original community members still exposed to the Ethereum ecosystem who also have a voting right, i.e., authenticated validators, have access to the primary part of the blockchain data and may create new tokens. One the one hand, this ensures privacy and prevents data misuse and theft. On the other hand, it also prevents fraud, since validators may be held responsible if they create false ownership claims through their unique IDs. + ## Backwards Compatibility Switching to a permissioned chain and discontinuing IPFS and Swarm will affect existing DApps in that some apps will only have restricted access or entirely loose access to the Ethereum blockchain, its APIs and data. The switch will also affect a number of smart contracts and tokens, in some cases rendering them obsolete. However, affected DApps, smart contracts, and tokens are commonly used by non-community members and short-term investors only, which are not bearing any or at least not enough skin-in-the game (exposure) to the Ethereum ecosystem on a long-term basis. Many of the tokens concerned are false ownership claims, so the switch to PoA and change in blockchain access and data storage will clean up the Ethereum ecosystem.