Bitcoin Global News (BGN)
June 13, 2018 -- ADVFN Crypto NewsWire -- With individualized
network governance comes great responsibility. While the EOS main
net has apparently launched, it also hasn’t, at the same
time. For everything to be up and running, each person who is
running an EOS node needs to vote on who should be trusted with
processing network transactions.
Apparently, the principal problem
is that this voting process involves each user broadcasting his or
her private keys in a way that somehow proves ownership of the
funds that they have in their individual wallets.
The exact requirement is that 15%
or 150,000 of all of the owned EOS tokens are proved in this way,
which also means that these users have “voted.” At this point,
with only 7% of all tokens
proven, the complete main net launch has hit a major
snag.
With this specification in mind, it
isn’t clear why the EOS development team announced that the main
net had been launched on June 10th and as a
result, why all of the major crypto news outlets seemed to support
this announcement.
The easiest explanation for the
reluctance of 93% of the network to vote is that the process, as
mentioned above, depends on broadcasting one’s private keys. If you
are not quite sure what a private key is, just think of
it as the password that unlocks your Crypto wallet, that only you
should have.
Most Crypto networks start out by
reassuring their users that their private keys will never be
compromised and can never be compromised for any reason, due to the
protocols that run them, as is the case with Zcash
and zero-knowledge
proofs.
In short, with a verification
technology like zero-knowledge proofs, only encrypted public keys
are, in effect, used to prove ownership of funds as well as to
prove the validity of transactions.
The fact that EOS ran
a year-long ICO and then had
this happen to them should definitely call for concern.
It is not common to ask users to do
anything with their private keys that has any chance of
compromising their wallets. With such an arguably large problem at
hand, it appears logical to state that as of now, the future of EOS
is in doubt, even if 15% of all tokens are voted with in the
end.
How can a network call itself
secure when at its core, it is promoting practices that entice the
testing of its boundaries?
With all of this under
consideration, it would be wise to keep your EOS tokens, off-line,
if possible, at least until this process plays out.
By: BGN Editorial Staff
News:
EOS (EOS)
Cryptocurrency