Lack of Decentralization Exposed with Reversed Transaction

Blockchain protocol EOS, run by Block.one, has simply grow to be the topic of a brand new crypto scandal. All of it started on November ninth, when an image emerged on Reddit of a moderator on EOS reversing a transaction that had already been confirmed.


In response to the Reddit person u/auti9003, a reverse transaction occurred with out the proprietor’s permission. The arbitrator, Ben Gates, referred to the blockchain venture’s structure as a foundation for his resolution. Gates wrote:

“Below the powers afforded to me as arbitrator beneath article 6 of the Guidelines of Dispute Decision, I, Ben Gates, rule that the EOS account in dispute needs to be returned to the claimant with fast impact and that the freeze over the belongings throughout the mentioned account is eliminated.”

Many EOS customers weren’t proud of the findings posted on Reddit. One person by the title of ethswagholder said:

“What a pile of rubbish is EOS? Why would anybody use this over a checking account and conventional authorized system? These guys raised $4BN to recreate the authorized system utilizing a token that’s neither censorship resistant, nor immutable. Good.”

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This is not the primary time EOS’s mannequin of governance has been questioned. Again in early October, allegations have been made accusing the platform’s main block producers (BPs) of “collusion” and mutual voting. It was advised that the primary EOS nodes took half in mutual voting, with a handful of payoffs to stay in energy of the EOS blockchain.

Daniel Larimer, CTO of Block.one, confirmed the venture’s lack of decentralization in an interview final month. Larimer advised Colin Talks Crypto:

“Decentralization is not what we’re after. What we’re after is anti-censorship and robustness towards being shut down.”

Effectively, that ought to offer you some peace—ha! Larimer nonetheless claims EOS is extra decentralized than Bitcoin (BTC) and Ethereum (ETH) as a result of it takes 11 BP’s to manage the community. For Bitcoin and Ethereum, it will solely take round three to 4 swimming pools.

Featured Picture: Depositphotos/© garloon

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