eos crypto

EOS Suspends 27 Accounts From Processing Transactions

 

EOS has been under scrutinized over the past few days as it’s community is upset over the lack of decentralization. A tweet by user @ferdousbhai revealed that EOS sent out instructions to block producers to suspend transactions from 27 different account, apparently with explanation given.






“Pursuant to Section 3.5 of the EOS Core Arbitration Forum (ECAF) Rules of Dispute Resolution, the Emergency Arbitrator appointed to review claims (the accounts in question) finds credible evidence to support: the refusal to process transactions of any kind for the affected EOS account names and/or public keys, pending further review of the claims by an arbitrator.

It is hereby ordered that the EOS Block Producers refuse to process transactions for the following accounts and keys indefinitely.”

EOS has the ability to censor accounts and block all transactions due to its proof-of-stake consensus algorithm. While other cryptocurrencies use peer-to-peer miners from all over the world that use their computing power to solve transactions mathematically, meaning consensus is decentralized, EOS uses block producers that have stake in the EOS protocol to process transactions. These block producers have the authority and ability to block data and transactions at will. Coins like Bitcoin and Ethereum’s miners all have equal authority and cannot come together to decide they will start blocking certain transactions.




Many EOS investors and the crypto community as a whole have been outraged at the centralized power EOS has over their coins. What’s to stop EOS block producers from blocking transactions any time they want in the future? Even EOS block producers have shown concern, including EOS New York, one of the leading block producers for the EOS network. Rick Schlesinger, the co-founder of EOS New York has pointed out in the inappropriateness of control EOS has over user accounts.

“I do think the community is going to scrutinize [Article XV] closely (as they should). This is why we’re here – to experiment with this nascent technology and learn about how a governed blockchain can respond to the community’s will.”

While EOS has yet to really explain the reasoning for blocking transaction they did include in the notice that was sent out that an explanation will be given at a later time.

“This Arbitrator Order is retroactive to the time of the Block Producers’ first actual refusal to process transactions for the listed EOS accounts and public keys. The logic and reasoning for this order will be posted at a later date.”




Related Posts

You may like these post too

city of london police

London Police To Train Cryptocurrency Task Force

askfm mt everest

ASKfm’s Crypto Promo Trip To Mt Everest Results In Missing Sherpa

hightimes crypto

High Times Will Allow Crypto Investments For IPO

g20argentina crypto

Cryptocurrency Talks At G20 International Forum

crypico freelance gig crypto

Crypico Freelance Gig Market Place and Community

yahoo finance bitcoin

Yahoo Finance Says Bitcoin Is Legit and Gives Coinbase Rundown