“The EOS bug bounty is designed to catch simple coding errors, not conceptual errors with the protocol. EOS friends, did you get any help from an expert on consensus protocols? You know not to roll your own crypto. Why are you rolling your own consensus protocol? This is like not inventing your own scalpel, but then going ahead with brain surgery,” Sirer noted.Soon after its controversial mainnet launch, EOS developers received criticism from Szabo, who stated that the centralized aspect of EOS leaves the project vulnerable to attacks and various security holes.
“In EOS a few complete strangers can freeze what users thought was their money. Under the EOS protocol you must trust a ‘constitutional’ organization comprised of people you will likely never get to know. The EOS ‘constitution’ is socially unscalable and a security hole,” Szabo said.The statement of Szabo referred to the ability of EOS to confiscate and suspend accounts after inactivity, which leading EOS block producer candidate EOS New York previously explained in an interview with The Next Web. But, even Rick Schlesinger, the co-founder of EOS New York, said that users should scrutinize EOS over the controversial account suspension process.
“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,” Schlesinger said.EOS’ approach to governance is new for a major blockchain project and, for now, largely untested. EOS’ code was written by , the company that also conducted the year-long ICO to fund EOS’ launch.
In a way, EOS’ inception by the community, rather than a single organization, suggests a radical commitment to decentralization. Yet EOS was designed with high transaction throughput in mind, so it opted for a more efficient – but arguably less decentralized – consensus mechanism than bitcoin’s proof of work. Delegated proof of stake, as the consensus mechanism is called, gives the 21 elected “block producers” the responsibility to maintain the EOS blockchain – meaning they also have the power to censor transactions. To sum up, Dan Larimer is undoubtedly a genius and geniuses get bored quickly. It would be good to see his EOS experiment brought to the end as Dan planned it but it would also be exciting to see what new has he come up with again.
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