For years, the selling point of crypto assets was that there was no human decision making involved - and if there was, then it was decentralized, left to a principle of free markets, or emergent consensus, to achieve changes.
Bitcoin almost managed to fulfill that standard, at the price of contentious hard forks. At the same time, Bitcoin’s network remained largely conservative, with only slow changes being unrolled.
EOS promised to be many times better than both Bitcoin and Ethereum, through a unique technology. But as the network launched, it turned out the unique system had a strong human element - a level of involvement and decision-making power that was unnerving to the crypto community. Renewed calls that EOS is a scam came after the freeze of seven accounts, followed by another account freeze of 27 new usernames.
https://twitter.com/EOS_io/status/1011075062907228161
The reasons for the account freeze are scams and compromised security. In the past, blockchains have refused to actively manage user losses, standing with the adage of “be your own bank”. Beyond the DAO hack, which was followed by a contentious fork of Ethereum, other networks have decided to let the matter slide, and for users to absorb the losses. Not even the Parity wallet hack and the “killed” smart contract have managed to cause another attempt to hard-fork Ethereum and erase the losses.
https://twitter.com/iamjosephyoung/status/1011087703016816640
But EOS has moved much faster, and despite the fact that the second account freeze is following the EOS constitution, it is still only accepted by EOS fans, and criticized by older crypto experts, most notably the Magical Crypto Friends.
https://twitter.com/WhalePanda/status/1010961446371504129
Dan Larimer has defended the layer of governance for EOS as indispensable, but in truth, not all blockchains use the same mechanisms, and most rely on the community to guide the decisions. In blockchains where entities have verification power, this usually comes with the requirement to hold a certain number of coins.
Larimer still believes the future belongs to blockchains with a human element of governance, due to the capability for faster changes.
Vitalik Buterin is, as usual, cautiously critical:
https://twitter.com/VitalikButerin/status/1010908227813421057
Even EOS supporters believe a better system for decision making should be set in place:
“The whole idea of having an all powerful Arbitrator in a blockchain is ridiculous. We need to get rid of it immediately,” wrote Redditor cryptopriceiq.
This article appeared first on Cryptovest
