It is a real truth universally acknowledged that one particular should really never expose their non-public keys to yet another unique or an untrusted piece of software. However, one particular EOS backer is putting that worldview to the examination.
On Friday, nameless Steemit consumer “eosinsider” levied a obstacle to the nascent cryptocurrency’s critics: here’s my non-public crucial — steal my cash.
The non-public crucial — 5K5V1MY4iPBvT1vZ8rdX89JVDMJXosmRqKGoUxCfYaVck69qNU2 — belongs to an account aptly named “yostealmyeos,” which is presently keeping 5 EOS, hrs right after it was to start with revealed on the net.
When noting that this obstacle is an experiment with minimal stakes — the tokens are presently worthy of about $45 — eosinsider reported that they felt self-confident putting up their non-public crucial on the net thanks to features crafted into the EOS protocol and on-chain governance product that are intended to guard end users from scammers and other burglars.
One of these is the platform’s arbitration system, which enables victims of theft and other malicious actions to charm their cases to an arbiter these as the EOSIO Main Arbitration Discussion board (ECAF). If ECAF guidelines in a user’s favor, the firm has the constitutional authority situation an purchase to block producers — the entities who system EOS transactions — to freeze malicious accounts and get better the user’s cash.
Supporters say that this form of on-chain governance is important if a cryptocurrency at any time hopes to realize mass-scale adoption, which will entail onboarding thousands and thousands — potentially billions — of end users who have no fascination in finding out the finer points of blockchain security. However, this governance product is not without its critics.
As CCN noted, block producers ignited a firestorm in cryptocurrency circles when, just days right after the start of the EOS network, they froze seven accounts that allegedly contained cash acquired via phishing frauds.
“Consensus by meeting phone,” reported one particular critic, alluding to the simple fact that block producers have utilized this interaction medium to debate vital selections. “Civil asset forfeiture satisfies blockchain,” reported yet another.
The action is even much more controversial given that it was, arguably, enacted in violation of the EOS constitution because ECAF did not situation an purchase to freeze the accounts until finally two days right after the block producers experienced previously performed so.
Even so, the controversy which this action engendered did not provide as a deterrent, and block producers froze yet another 27 accounts on Friday in reaction to an ECAF purchase, which gave no justification other than a assertion that the “logic and reasoning for this Get will be posted at a afterwards date.”
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