Sagewise’s new tool to ease EOS arbitration controversy
The EOS Arbitration controversy will be eased with this new tool from Sagewise. Sagewise, a company which builds Blockchain and crypto-based dispute resolving technology has launched a tool to verify frozen accounts. After announcing the launch on their Medium page, the company has asked the EOS community to provide feedback on the tool.
Following the launch of the EOS Blockchain in June, the Blockchain’s arbitration arm (ECAF) froze several accounts. When it was first announced, the ECAF’s controversial decision didn’t mention a reason. However, it was later announced that there was suspicious activity on these accounts and evidence of theft as well. The cryptocurrency community as a whole was incensed with the ECAF’s authoritarian decision.
While people were irate about the freezing of accounts, the lack of transparency caused most of the backlash. Several people even saw this as going against the decentralization aspect of Blockchain. Furthermore, over 3.3 million tokens were lost from19, 587 wallets during the token migration. The holders of these tokens had purchased them from secondary markets, markets in jurisdictions where the crypto company didn’t offer it.
As a result, these users didn’t get proper instructions regarding the token swap or to participate in it. The smart contract was frozen after the swap leading to the loss of these tokens. This new tool from Sagewise solves the lost-during-the-swap problem and also provides transparency regarding any actions taken from these frozen accounts. Additionally, it also provides a solution for users who generated their EOS private and public keys using a compromised tool.
Basically, Sagewise’s tool allows users to prove that they own an Ethereum address. Additionally, it also allows the users to provide an EOS address where they want those tokens delivered. The tool also collects and reports all data regarding both EOS and ETH contract balances and relevant actions. The users can also independently verify the ownership of their Ethereum address using holder’s signing keys.
Furthermore, an independent third party can also confirm the verification, thus increasing its reliability. Users will be provided with a guide by Sagewise which will help them to register a new EOS address association when needed. The Sagewise team, which is committed to providing solutions to help the community has requested feedback on the tool.
Image via Business Wire
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