From an earlier article, you may recall that we updated you on our multisignature mechanism (multisig) and the major industry players that have joined our governance system to participate in this process.
As we told you at the time, multisig is a key instrument for security, because it enables efficient and safe smart contract updates. Equilibrium has a heads up here against Ethereum, which is forced to start from scratch when changes to contracts are necessary or requires a complex system of proxy contracts.
By contrast, EOS allows simple code updates. However, for security and decentralization purposes, we at Equilibrium need to do this by achieving multiparty consensus for confirmation from reputable participants of our governance framework — Binance, eosfinex, EOS Nation, and EOS Cannon.
That is where multisig comes is — a handy tool that allows multiple accounts to verify transactions, and thereby guards against a single point of failure and theft. That way, no changes to code can be done without letting the multisig participants know about it. Step by step, we are introducing this feature for all of our smart contracts.
We have already distributed the permission structure of two core token smart contracts with the multisignature capability: eosdtsttoken and eosdtnutoken.
Now we are proud to announce the enablement of this distributed permission structure for yet another core smart contract, eosdtorclize, which handles our price feeds.
Transferring this contract to the multisig is keeping us in the loop of the permission decentralization that we announced recently. The next one will be eosdtgovernc (July 2020).