EOS worth buying and selling sideways as Block.one outlines the voting necessities

EOS price is still trading below the 100-DMA after failing to keep its head above this important technical indicator last week. Separately, Block.one announced that it would vote for EOS candidates. However, the open source software provider named a few conditions.

Fundamental Analysis: Three Conditions Described

Block.one, which owns 10% of the total supply of EOS tokens, cited the requirements that block manufacturer (KP) candidates must meet in order to receive the support of Block.one, the company announced last week.

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The criteria described by Block.one include three requirements:

1. The general location of the node has been made public via the BP JSON file.
2. The node of the block producer candidate should be publicly queryable.
3. The node should be running EIOS v2.0 or higher.

A JSON file mentioned in the first request is similar to a public statement from a block maker that contains vital information such as names and contact information. In other words, the company wants a BP candidate to reveal their location before they cast their vote and support.

Kevin Rose, the former head of BP EOS New York who is currently managing the relationship between Block.one and the EOS community, said the first requirement is just one factor to consider when deciding who to support .

When asked why the company wanted to know the location of BPs in the first place, Rose said:

“As with any public decentralized blockchain, understanding the general geographical distribution of block-producing nodes is, of course, helpful information.”

Last summer, Brock Pierce, former chief strategist at Block.one, said the changes to the EOS governance system had resulted in the platform being adopted by a group of China-based BPs he referred to as the “Chinese oligarchy.” .

Even so, Kevin Rose denied that the location requirement was about promoting certain countries. He said it is not a regulatory requirement, but rather a factor to consider when deciding who to choose.

“While we don’t value one jurisdiction over another, this voluntary location disclosure has been organically endorsed by the general EOS community, so we decided to accept it when we first started voting,” added Rose .

Invezz reported last week that EOS’s Block.one is at the end of a new lawsuit. The Crypto Assets Opportunity Fund (CAOF) targets the EOS supreme command of misleading investors.

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Technical analysis:

The daily chart is currently trading between the two major technical indicators. Below, the ascending trendline continues to support the EOS price of $ 2.46 before the collapse and continues to offer the opportunity to buy EOS below the $ 2.50 mark.

EOS weekly chart (TradingView)

On the other hand, as it fell below the 100 DMA resistance at $ 2.64 last week, price action couldn’t get back above it. Hence, buyers will seek to remove this resistance in order to pave the way for a trip to the closest resistance near the 200 DMA at $ 3.04.

Summary

EOS price is hovering between the two major technical indicators after breaking below the $ 2.60 mark last week. In the meantime, Block.one outlined three conditions that must be met before it can vote for EOS candidates.

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