Summary of the 52nd meeting of EMAC | Discussion on the first mandarin arbitration order and the issuance and cancellation of the 4% inflation of EOS.
It’s a little late for this meeting memo, but it’s full of real stuff.
The 52nd meeting
On 10:00 pm, August 10th, Beijing time, the 52nd video conference of EMAC was held online.
During the meeting, some hot topics of EOS governance was discussed, especially two topics was discussed in-depth as follows:
1、 ECAF arbitrator Siqi YAO successfully issued the first mandarin arbitration order.
2、BM updated the smart contract code in GitHub of EOS. IO, which will stop sending 4% inflated Tokens to the eosio.saving account.
The first mandarin arbitration order was issued.
The case of werewolf game on EOS attracted extensive discussion in the Chinese community some time ago, and the case was successfully submitted to the EACF by EMAC case manager. The werewolf game case was the first arbitration case accepted by Siqi Yao, who was the EMAC arbitration candidate before successfully joined the ECAF team. He successfully issued this first mandarin arbitration order in ECAF.
Thanks to the ECAF arbitrator Siqi Yao.
The issuance of the first mandarin arbitration order marked the ECAF formally accept arbitration case in Chinese language.
EMAC has been committed to narrow the language barriers of the EOS governance community at home and abroad since it set up. From the establishment of EMAC, the recruitment of arbitration candidates, community education and training, ECAF accept Chinese arbitrators, until ECAF successfully issued the first mandarin arbitration order, by the efforts of all members of the EMAC community, all of this happened in less than two Month.
We have acknowledged from the arbitration order which officially notified EOS BP to add EOS Account Names: eosfomoplay1 into the blacklist, based on the evidence, data and materials submitted by the victims.
The werewolf game on EOS is similar to the Ethereum FOMO 3D game. The game was issued in the morning of July 23, just in one day the prize pool raised 80,000 EOS. Meanwhile, the game suffered an overflow attack. On 11:00 am, July 26, the “hacker” successfully transferred 60,000 EOS from the prize pool.
EMAC received clamis of token loss that reach amount of 37,000 EOS. The remaining lost tokens belongs to one user, who submitted a claim to ECAF after consulting EMAC.
The above is the general story of werewolf game. Through this event, the arbitrator Siqi Yao gave the following suggestions in the video conference:
- The werewolf development team did not provide the Ricardo contract and code to verify the game code’s intention. However, the developer and the victim group all agreed to let arbitration take actions to freeze the suspected account. This is a key factor in pushing arbitration process went on smoothly.
- In the process of arbitration, the code intent written in the Ricardo contract in accordance with the Constitution is an important reference for the arbitrator’s judgment. In theory, when the code execution result is different with the code intention, the code intention will prevail.
- When token loss incident occurred, we can use the Memo way to leave a message to the hacker, which will be an important evidence in the ECAF arbitration process. The method of sending Memo to hacker is also first tried by EMAC.
- The report receipt of the case from the local police station is a very important evidence. If the informant has filed a case at the local police station, he must know it will be great help to submit the report receipt to the ECAF.
Discussion on the cancellation of the 4% inflation of EOS.
The event was discussed in the video conference, mainly including the following content：
Cancellation of 4% inflation is a good thing for arbitration and governance. The 5% annual increase in the entire ecology is too large for the entire EOS ecosystem. After the cancellation, the current source of funding for ecological management will be obtained from other places.
Few days ago, B1 revealed that it intended to cancel the 4% inflation. Also, there are some developments in the transaction fees generated by transactions such as RAM, which will be returned to the token holders. The consideration is very adequate that BM plan to cancel 4% inflation.
The current amount of EOS in the eosio.saving is enough to cover the cost of governance construction for a long time. Now it stops sending to the eosio.saving, but it may be changed back one day.
WPS was designed to create a free market environment after the mainnet online. BM hopes that ECAF does not take money from WPS, but in self-sufficient way that collecting fees through arbitration services.
Cancel the inflation does not mean not providing, but instead providing in another way through governance incentives.
Currently, the voting ratio of the entire EOS community is relatively low, we hope that more and more community members can participate in. No matter the previous design of the WPS mechanism or the cancellation of inflation, it is a good way to show EOS leader’s intention.
Also, Shane made an analogy between the construction of the EOS ecology and the construction of a real society. The EOS inflation is same with fiat currency inflation, and also similar on the impact of the central bank’s interest rate rise and cuts on the economy.
Discussion about launching the EMAC fund
After taking about the 4% inflation，we talk about the future development of EMAC:
It’s time to start long-term plan and sustainable development scheme for EMAC.
The development of EAMC can learn and reference the operation mode of ECAF, benchmark the ECAF.
Three other members of EMAC expressed their opinions and support to launch the foundation as soon as possible.
Arbitrator Siqi Yao:
We can refer to the ECAF’s charging standard first. After EMAC’s main website online, we will figure out the EMAC’s charging standards and profit models according what services EMAC can provide for the community. This is more reliable.
In addition, we would like to thank Brian who from the BP Amsterdam, for his continuity to sort out and summarize the EOS governance hotspots, and publish it in Chinese and English respectively.
The above is the memo of discussion of hot topics .