EOS Block Producers did the Right Thing by Freezing Accounts

There have been many issues since the launch of the EOS mainnet.  The biggest news was in regards to the EOS block producers freezing accounts before a ruling by ECAF (EOS Core Arbitration Forum).

What is ECAF?

For those that do not know what ECAF does they exist outside the EOS blockchain and is an organization of skilled arbitrators.  EOS token holders who feel their accounts have been compromised or have been victims of scams or phishing attacks can go and submit their evidence to ECAF.  ECAF will review the findings and make a ruling.  They will then issues a request to the EOS Block Producers to fix the problem.  This is how it is supposed to work.

7 EOS Account Freeze Incident

7 EOS accounts who were victims of phishing attacks and whose funds were at risk submitted their evidence to ECAF.  During the review process, the EOS Block Producers unanimously decided to freeze the accounts before a ruling was made by ECAF.  By freezing the accounts, they would be safe from such attacks and would give them time to create a new private key.  However, the EOS community was up in arms because the EOS Block Producers did not wait until the ruling came down from ECAF.  The ruling ended up being to freeze the assets.

EOS Block Producers Made the Right Move

The reason why the EOS Block Producers did what they did is simple.  They wanted to protect the users.  Imagine if the attackers ended up stealing the funds.  By freezing the account the EOS Block Producers protected the users but also violated the EOS constitution.  The put the users above the “process”.  However, freezing the accounts is just freezing the accounts.

The Block Producers can argue that by freezing the accounts they are just holding until the ruling by ECAF.  If ECAF found no basis to freeze the accounts, the EOS Block Producers can just unfreeze the accounts.  They were not taking funds from one account and transferring them to another.  This actually should be what the EOS Block Producers do moving forward.  While claims are being reviewed by ECAF those accounts SHOULD be frozen.  Why?  To protect the user.  EOS should be about doing the right thing and in this case, the EOS Block Producers made the right move.

EOS will constantly be adapting and changing to find the right balance.  In the end, the question that needs to be answered is…is this good for the EOS community.  Freezing a potentially compromised account is a good thing.

John Yoon

John Yoon is the Editor in Chief at Startup Radar, Organizer for Startup Festival 2017, Head of Operations Korea at EOS Asia and the Global Marketing Director for Foresting.io. Email = john@startupradar.asia if you are interested in guest contributing and helping the Korean startup ecosystem. Wechat, Kakao, and Line user ID is jswy315

No Comments Yet

Leave a Reply

Your email address will not be published.

STARTUP RADAR 스타트업 레이더, 등록번호: 서울, 아04879

발행인: 주식회사 스타트업 레이더 김동혁 // 편집인: 서해

발행소: 서울 송파구 정의로 8길 13, 6층 (문정동)

발행일자: 2017년 12월 19일 전화번호: 070-4771-5148

청소년보호책임자: 서해