EOS community votes to lower down annual inflation from 5% to 1%

03 Jun, 2019
by Fifi Arisandi
News
EOS community votes to lower down annual inflation from 5% to 1%

The EOS community voted to bring the annual inflation rate down from 5% to 1%.

It’s been busy days for EOS in the last couple of days. After several exciting news regarding the network, a “dispute” with Bloomberg, another update just emerged from the community.

On June 1st, the EOS community held a voting regarding the annual inflation rate. The proposal sought to change the EOS annual inflation rate from 5% to 1%.

In more details, the poll mentioned that out of the current 5% rate, 4% is accumulated in the eosio.saving account, while 1% is distributed to block producers in pay for running/securing the network.

The original intention of the 4% accumulation was for the community to vote on how to spend it. For instance, they could vote to burn it or vote on various worker proposals.

Eight months and 8.75 million accumulated EOS tokens later, however, there’s still no clear use on what to do with the large amount of funds on the saving account.

This brings fear to the community that the $108 million and counting funds will eventually become an “attack vector” to the network.

“This proposal is therefore a request for the top 21 block producers, through a 15/21 multisig, to reduce the continuous_rate of inflation within the eosio.system contract from 5% to 1% and furthermore, to stop any EOS tokens being accumulated within the eosio.saving account by turning off the eosio.saving transfer action,” the announcement wrote.

At around the same time, Block.One announced several important updates on the EOS network, including the launch of the new social media platform, Voice.

The CEO, Brendan Blumer also spoke up about Bloomberg’s breaching embargo agreement for reporting the launch of Voice before the planned official announcement on #b1June event.

Stick with Chepicap for more updates from the crypto space.

Follow Chepicap now on Twitter, YouTubeTelegram and Facebook!

Chepicap is now LIVE in Blockfolio! This is how you receive our latest news in your portfolio tracker!  

Read more about: EOS (EOS) Bloomberg

Poll

Do you currently hodl any EOS?

(120 votes)

Add a comment

Check out the latest news

You will be logged out and redirected to the homepage