EOS was “paused” for five hours yesterday, as the developer community set to work to resolve a bug. The incident brought widespread concern and criticism, as the blockchain had only been running for a matter of days before the first major problem. The company covered their progress during the fix on Medium, and reported:
A method to unpause the chain was formulated and is currently underway. Normal EOS chain functions should be available within 3 to 6 hours from the time of the publication. Incoming connections to the network are not being accepted while the work is taking place. Please wait for an update from the Top 21 Block Producers before attempting EOS mainnet transactions.
EOS has attracted plenty of controversy during its record-breaking year-long ICO and up to its launch. The ICO raised $4 billion, smashing all previous ICO records, over a sale that lasted a year. However, some of the protocols and explanations have kept people all over the world talking. The main worries are that their voting system for choosing supernodes is far too complex to actually go through with, and there hasn’t been the interest in voting that block.one anticipated anyway.
Since then, the new concern that has evolved centres around the controversial “Article XV”, which states:
A Member is automatically released from all revocable obligations under this Constitution 3 years after the last transaction signed by that Member is incorporated into the blockchain. After 3 years of inactivity an account may be put up for auction and the proceeds distributed to all Members according to the system contract provisions then in effect for such redistribution.
A truly decentralized blockchain would never have the right to assume control of user accounts, regardless of lapsed time in between activity.
The price of EOS suffered a slight dip in the wake of the outage, with the price down at $10.30. It has since recovered to $10.63 at the time of writing.
Can EOS truly be considered to be decentralized? Let us know your thoughts.