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This latest version of the Constitution has replaced the EOS Core Arbitration Forum (ECAF) with a new default Arbitration forum; the International Court of Arbitration of the International Chamber of Commerce (ICC). You can see all the changes to the Constitution here: https://github.com/EOSIO/eos/commit/ab30b771efa8d5efda3f6746ebe55a2e59085fdf#diff-3e7c13a8ffaa6d097827c0124007e558
With the launch of the Main Net quickly approaching, it was felt that the ECAF would not have the authority and capability to fully function as the default Arbitration Forum for the following reasons:
To ensure that there is a viable, default Arbitration Forum available at launch, the ICC has been selected.
The ICC is an international business organisation whose Arbitration services are widely accepted for the resolution of international disputes.
The ICC's Arbitration rules share some similarities to the ECAF's proposed ruleset. More details on the ICC's International Court of Arbitration and its Rules for dispute resolution can be found here and here.
While the ICC does not have experience of arbitrating blockchain disputes (and to my knowledge no Arbitration Forum has), it does have vast experience in arbitrating complex, international, commercial disputes.
The ECAF will continue developing an Arbitration forum for the EOS Community by the Community. Once the ECAF's arbitral capabilities have matured, the intention is to seek a mandate from the Community (via a referendum) to change the default forum from the ICC to the ECAF.
Yes. With this change, the ICC is the default and senior forum. However developers are free to name the ECAF (or any other Arbitration Forum) as their preferred Forum in their smart contracts. Should they do so, the ICC will serve as a forum for appeal.