Bitcoin Global News (BGN)
June 20, 2018 -- ADVFN Crypto NewsWire -- On Tuesday, it was
announced that EOS Block Producers or
those who have been given the responsibility of verifying and
connecting new blocks to the EOS chain, had frozen seven accounts
that they feared were compromised by phishing attacks.
Detractors of this action have
pointed out that it violates the EOS constitution, which is the
chief document that governs how the network is run by its
users.
A quick look at the constitution
reveals that even though this particular situation is not
explicitly mentioned, it is alluded to.
In Articles II and III, related to
perjury as well as network user rights, it is mentioned that users
lose any right to coins that were gained by fraudulent
means.
Secondly, it is also said that no
coins should move without the consent of all of the users that are
involved in the transaction, in question.
Nick Szabo, a well-known
cryptocurrency pioneer and industry researcher, was quoted as saying that
if a small group of strangers can theoretically freeze network
assets with no warning for an indefinite amount of time, then in
reality, EOS users have no control over their coins.
Despite this, on top of the
suggestions in Articles II and III, the process of freezing the
assets of these particular accounts began in the Telegram
group, EOS911, which serves as a
reporting destination for victims of phishing attacks and overall
fraud.
Once the supposed phishing had been
uncovered, the freezing of the affected assets was pushed forward
by the fact that the EOS constitution seemingly hadn’t been
ratified by the community yet. Therefore, in the opinion of the
Block Producers, it wasn’t a valid governance document.
The New York EOS community stood in
support of the decision of the Block Producers in a Steemit post, in which they
said that the move agreed with the rights given to Block Producers
and therefore, in support of how EOS was supposed to be
governed.
Even so, as of now, according to an
article by Coin Desk about the event, the community is largely
standing against the whole process, still claiming that it stands
against the idea that EOS is a decentralized network.
At this point, it’s reasonable to
say that however it all ends up, the EOS constitution should be
ratified as soon as possible and all of the rights of Block
Producers should be made more clear. When all of this is done, EOS
can hopefully avoid another incident of this caliber or worse, that
could bring it down altogether.
By: BGN Editorial Staff
News:
EOS (EOS)
Cryptocurrency