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EOS Freezes Seven Accounts | Is EOS Really Decentralized?


EOS freezes seven accounts as a counter to potential theft, however the motion causes some to query the decentralization of the EOS community.

EOS Freezes Seven Accounts

The accounts have been frozen after a unanimous vote was held by the 21 elected block producers. The block producers suspected that these accounts could have been holding stolen funds and so determined to take motion earlier than anything might be stolen. Nevertheless, the choice was met with heavy criticism.

The choice violated the EOS constitution, which requires selections akin to this to be made by arbitration our bodies, not by the block producers. The block producers are solely speculated to execute a choice after the arbitration our bodies have given the go forward.

On this case, the arbitrary physique was the EOS Core Arbitration Discussion board (ECAF).

Criticism comes as a result of the block producers, as a substitute of ready to be instructed something by ECAF, went forward and determined amongst themselves to freeze the accounts. This begs the query – can one thing actually be decentralized when run this manner?

What Led to the Freezing?

When the seven frozen accounts have been suspected of holding stolen funds, the elected block producers held a convention. They determined to maneuver ahead with the freezing, regardless of receiving no go-ahead by ECAF (ECAF, in actual fact, refused to freeze the accounts, as a result of there was no correct authority in place to situation this type of order).

The block producers enacted the EOS911 initiative, which is a security protocol designed by the block producer EOS42. EOS911 makes it potential to get better funds when a theft has occurred.

When ECAF did nothing, the block producers took it upon themselves to review the evidence of the potential theft, they usually determined that it was sufficient to warrant the freezing.

Others, nonetheless, didn’t agree and imagine that the flexibility for one physique to decide akin to this goes towards the very core of decentralization and cryptocurrency.

Group Response

Many are criticizing the choice of the EOS block producers (and their skill to make such a choice) in addition to the EOS structure itself.

Charlie Shrem, founding father of the Bitcoin Basis, commented that “If [a group] can freeze, reverse, management anybody’s accounts, what is the level of a cryptocurrency?”

Many others’ complaints have been alongside the identical strains:

When EOS freezes seven accounts, do you suppose it is an issue?

>> EOS Blockchain Halt: What’s Going On With EOS?

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