Ga naar de inhoud

Blockchain News Feed

All the latest news on Blockchain & Cryptocurrencies

Menu
  • Home
  • News
  • Exchanges
  • Market Analysis
  • YouTube
  • Brave Browser
Menu

EOS Under Fire After “Constitution” Violates Own Rules

Geplaatst op juni 21, 2018 door Blockchain News

EOS, the world’s fourth-largest cryptocurrency by market cap, is facing a backlash from the community over recent developments. After reports suggested 50 percent of EOS tokens are owned by less than ten wallets,  the 21 block producers of the cryptocurrency decided to freeze seven EOS accounts suspected for theft.

The EOS911

As part of the EOS911 initiative, a safety protocol determined by block producer EOS42, users can claim stolen funds on a case-by-case basis. While the idea is indeed noteworthy for the broader cryptocurrency sector, the move to freeze seven wallets is a fundamental violation of the rules stated by the EOS constitution.

The constitution explicitly states such decisions to be made by requires such decision made by “arbitration bodies,” with the block producers merely executing an arbitrary decision.

In this instance, the EOS Core Arbitration Forum (ECAF), refused to freeze the accounts citing a lack of authority, as the constitution is not yet vetted by the EOS community and exists as an interim.

Regardless, the block producers took matters into their hands and froze accounts without consulting the ECAF or any member of the EOS community.

On June 17, 2018, EOS New York, one of the block producers, stated:

“We plead with the accompanying Block Producers/Candidates that the ECAF must step forward to issue the emergency freeze action on the affected accounts. Without this, we proceeded as a group to review the evidence ourselves, and came to a difficult decision of executing based upon the evidence brought forth.”

On June 19, ECAF ultimately issued an order to freeze the accounts.

Community Calls Out Move

Despite the noble motive, the process is viewed with contempt from experienced individuals in the blockchain sector. Dogecoin’s creator Jackson Palmer, who is no longer associated with the project, criticized the move on Twitter:

To be clear (and not accused of “FUD”), what happened here is that they froze the accounts with agreement from the other block producers *before* the ECAF (EOS Core Arbitration Forum) had issued a decision.

Why have the ECAF or a “constitution” if that’s how things are done?

— Jackson Palmer (@ummjackson) June 19, 2018

Echoing his thoughts is cryptographer Nick Szabo, regarded as the “father of smart contracts,” who went ahead to term the EOS constitution a “security hole” and “socially unscalable:”

In EOS a few complete strangers can freeze what users thought was their money. Under the EOS protocol you must trust a “constitutional” organization comprised of people you will likely never get to know. The EOS “constitution” is socially unscalable and a security hole. https://t.co/WusEqBMGBp

— Nick Szabo⚡️ (@NickSzabo4) June 19, 2018

Other influential members of the cryptocurrency sector widely criticized the move, under understandable concerns that EOS block producers can freeze any account they want. For critics, the move is a clear violation of blockchain’s core ethos – decentralization and immutability.

Charlie Shrem, a founding member of The Bitcoin Foundation, argued with a Twitter user who believed the move can “protect people and punish baddies:”

“Protecting” “punishing”. No. No one gets to decide those things. You are hair swapping 1 nation state for another one, albeit a digital one. This is the point of crypto, no one should have that power. If you do, then we should just stop wasting everyone’s time. https://t.co/yCh6IIPGqp

— Charlie Shrem (@CharlieShrem) June 18, 2018

As the world’s fourth-largest cryptocurrency, the EOS network is under criticism from various quarters. From its highly centralized constitution to concentrated token holdings, to the year-long $4 billion ICO, the project is a reminder that market size is no indicator of authenticity.

The post EOS Under Fire After “Constitution” Violates Own Rules appeared first on BTCMANAGER.


Source: BTCManager.com
Original Post: EOS Under Fire After “Constitution” Violates Own Rules

Ledger Nano X - The secure hardware wallet

Recente berichten

  • Trump discloses $57M crypto windfall from World Liberty Financial
  • Polkadot community split on selling 500K DOT for Bitcoin reserve
  • Jack Ma’s Ant International eyes stablecoin licenses in Singapore, Hong Kong
  • MEXC launches $100M user protection fund to cover platform breaches
  • Trump’s CFTC pick calls blockchain a society-shaping technology

Categorieën

  • Altcoin Buzz
  • Altcoin Buzz News
  • AMBcrypto
  • Bitcoin.com
  • Bitcoinist
  • BTC Manager
  • CCN
  • Coin Mastery
  • Coindesk
  • Coinpower News
  • Cointelegraph
  • CryproSlate
  • Crypto Daily
  • Crypto News (.net)
  • Cryptocoin News
  • Cryptocurrency News
  • CryptoDaily.co.uk
  • CryptoPotato
  • CryptosRUs
  • Daily HODL
  • DataDash
  • Ethereum Worldnews
  • Exchanges
  • ICO's
  • Invest in Blockchain
  • Market Analysis
  • News
  • News BTC
  • Newsbit
  • Portfolio
  • Pricecheck
  • Ready Set Crypto
  • The Modern Investor
  • ToshiTimes
  • Use The Bitcoin

Archieven

  • juni 2025
  • mei 2025
  • april 2025
  • maart 2025
  • februari 2025
  • januari 2025
  • december 2024
  • november 2024
  • oktober 2024
  • september 2024
  • augustus 2024
  • juli 2024
  • juni 2024
  • mei 2024
  • april 2024
  • maart 2024
  • februari 2024
  • januari 2024
  • december 2023
  • november 2023
  • oktober 2023
  • september 2023
  • augustus 2023
  • juli 2023
  • juni 2023
  • mei 2023
  • april 2023
  • maart 2023
  • februari 2023
  • januari 2023
  • december 2022
  • november 2022
  • oktober 2022
  • september 2022
  • augustus 2022
  • juli 2022
  • juni 2022
  • mei 2022
  • april 2022
  • maart 2022
  • februari 2022
  • januari 2022
  • december 2021
  • november 2021
  • oktober 2021
  • september 2021
  • augustus 2021
  • juli 2021
  • juni 2021
  • mei 2021
  • april 2021
  • maart 2021
  • februari 2021
  • januari 2021
  • december 2020
  • november 2020
  • oktober 2020
  • september 2020
  • augustus 2020
  • juli 2020
  • juni 2020
  • mei 2020
  • april 2020
  • maart 2020
  • februari 2020
  • januari 2020
  • december 2019
  • november 2019
  • oktober 2019
  • september 2019
  • augustus 2019
  • juli 2019
  • juni 2019
  • mei 2019
  • april 2019
  • maart 2019
  • februari 2019
  • januari 2019
  • december 2018
  • november 2018
  • oktober 2018
  • september 2018
  • augustus 2018
  • juli 2018
  • juni 2018
  • mei 2018
  • april 2018
  • maart 2018
  • februari 2018
  • januari 2018
  • december 2017
  • november 2017
  • oktober 2017
  • september 2017
  • maart 2017
  • juni 2016
  • juli 2014
  • september 2013
  • augustus 2013
©J Blockchain News Feed | Ontwerp: Krant WordPress thema