EP80: Discussing Free Market Arbitration with EOS New York
With < 40 days until the launch of the EOS.io software, I interviewed one of the most prominent Block Producing candidates, EOS New York, and their Head of Community Kevin Rose.
Since we’ve previously covered the mechanics of HOW Block Producers will secure the network and how they are technically in charge of creating and inserting transactions in to the blocks, this episode focuses on the different roles that BP’s have; being a community role model as well as running a “for profit” business. Remember, we are launching and supporting the EOS blockchain to be entrepreneur and business friendly and to support a worldwide community of like-minded individuals.
My favorite segment was when Kevin and I discuss, in depth, the role of governance within EOS. Let’s face it, people have disagreements which must be arbitrated and must address the issues of fraud and theft. No other chain is taking a serious stance on how to this on-chain. With Bitcoin, it’s whoever has the most hashing power, but in EOS there’s a governance and legal layer build thought through and built in from the ground.
For example, if you feel like you were scammed (maybe on an Ebay that’s built on EOS), you actually have an outlet to appeal to who can hear your case. You know, kind of like in the real world. A ruling can be given from the arbiters and the transaction could be reversed by the Block Producers.
The concept of a “free market justice system” is quite foreign to most, but just as we want competition in all other aspects of life (food, computers, money, etc) we want it in our legal system as well. The checks and balances as well as the feedback mechanisms of the free market will continually reduce costs and improve quality over time. In the legacy system, the government has a monopoly on the legal system which is why it straight-up sucks.
Think about this, you could have 1000’s of people to choose from to hear your case. Each of them specializing in various niches so that you can get the most accurate and trustworthy ruling available.
Also, how will insurance companies play a part in this new blockchain-based governance model? I don’t know, and that’s the best part. We are free to evolve our legal system however we see fit!
The EOS software is coming and may usher in a new phase in “blockchain operating systems” with technology that can support mass adoption. A new Dawn is coming.
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