EOS [EOS] BP freezes seven accounts without undergoing arbitration
EOS [EOS] is currently encountering a controversial situation at a time when its mainnet got activated just few days back. The controversy arose as a result of EOS [EOS] accounts being blocked on the grounds of suspicion of being stolen. BCFocus has previously reported that Bitfinex EOS [EOS] permits the token holders to cast their direct votes for blockchain producers.
The decision to freeze the accounts has been given by the block producers who have been newly elected. EOS New York stated in a post, “On 17 June 2018, the top 21 Block Producers unanimously agreed to protect property that may have been compromised through phishing attacks or other scams where member’s private keys were compromised.”
The critics have raised question on the credibility of this enterprise. The founder of Dogecoin [DOGE], Jackson Palmer who also happens to be an eminent entity in the blockchain industry expressed scepticism about the governance procedure framed by EOS [EOS]. He was equally dubious and hence, questioned the function of EOS Core Arbitration Forum (ECAF).
The governance framework of EOS [EOS] is classified into three distinctive categories. Firstly, it’s the block producers, secondly, it’s the arbiters and finally, it’s the token holders. These three groups share a similar function to that of executive, constituency and judicial system of any governance. When dispute occurs in the network, it is the arbitration that intervenes and resolves the matter.
An official post stated,“The EOS911 initiative was created by EOS42 as a way to prevent victims of private key theft from having their tokens lost once the 72-hour unstacking period ended following the EOS Mainnet Launch. Once that period ended, the thieves would be free to transfer the tokens wherever they’d like, rendering futile any recourse available to the community at this time.”
The post further explained, “Foreseeing the process that would be required to act, EOS New York, on a call with BPs and BPCs, requested an expedited review of the merits of the case from ECAF (EOS Core Arbitration Forum) who was also on the call. The idea was that if ECAF found merit in the evidence provided, a formal ruling from ECAF would ask the BPs to “freeze” the accounts in question until such time that a thorough and formal review of the claims could be completed.”
This is, indeed, not the first time that EOS [EOS] is encountering backlash. The network again got frozen within 48 hours for some bug issue. This resulted in network blackout for 5 hours which was again astonishing for the team.
Image via Google
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