mainnet launch shows ambition and limitations of #eos /thread
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The EOS mainnet launched on !date:6/10/18. Immediately EOS' off-chain government felt compelled to freeze allegedly thieving accounts in violation of the EOS constitution. CTO Dan Larimer called for a new one. The episode highlights the advantages of protocol-level governance.
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#EOS is the creation of Dan Larimer (@bytemaster7) who previously launched the #Bitshares and #Steemit blockchains and has ported his learnings to create a blockchain for launching decentralized applications to compete with the #Ethereum platform.
07/16/18
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#EOS promises much higher transaction throughput by relying on delegated proof of stake for its distributed consensus algorithm instead of proof of work #Ethereum's current algorithm, or proof of stake #Ethereum's proposed scaling upgrade.
07/16/18
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#EOS initially launched an ICO issuing an ERC20 token on the #Ethereum blockchain but on !date:6/10/18 it launched its own blockchain forging ahead despite recent vulnerability disclosures.
07/16/18
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It took until !date:6/14 for the #EOS blockchain to actually go live, at which point the voting threshold of 15% of staked coins was reached to elect the 21 block producers responsible for mining blocks and validating transactions.
07/16/18
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The reliance on an elected group to receive the responsibilities and rewards of block-mining has elicited criticisms of centralization and potential for corruption, as has #EOS reliance on a "wet" constitution outlining a governance model for the blockchain.
07/16/18
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Larimer and proponents argue that an off-chain governance model is necessary to protect user funds from code-is-law errors like #Ethereum's DAO hack, or to prevent user loss of funds from private-key mismanagement.
07/16/18
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The governance structure was immediately tested when accounts hacked via phishing scams during the erc20 to mainnet transition requested that their accounts be frozen so that the thieves could not access their funds.
07/16/18
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The request was supposed to be decided by the EOS Core Arbitration Forum who refused to make a ruling because the Constitution had not yet been ratified by token holders to validate the ECAF as arbitors.
07/16/18
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With no ratified Constitution and therefore no arbitrator ruling the #EOS block producers decided to act unilaterally to freeze the accounts so as to prevent the alleged thieves to access stolen funds.
07/16/18
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The episode prompted Larimer to question the wisdom of his own Constitution design and to announce that he would propose an amendment that would allow only code-is-law issues to be arbitrated by ECAF. However, such an amendment would require a 15% voting threshold to be reached.
07/16/18
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#EOS is attempting to find a middle ground between code-is-law, protocol level governance and traditional, "wet" governing approaches in order to increase transaction throughput as well as ease-of-use and community-friendliness.
07/16/18
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The extra-judicial account suspension demonstrates the short-comings of this approach, and the challenge of instituting top-down constitutions of economic actors in a distributed system.
07/16/18
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It also remains to be seen just how much decentralization delegating to 21 block producers provides with many making a distinction between platform and sovereign-level censorship resistance and arguing that sacrificing decentralization for performance is a worthwhile trade-off.
07/16/18
platform vs sovereign censorship resistance
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It also remains to be seen just how much decentralization delegating to 21 block producers provides with many making a distinction between platform and sovereign-level censorship resistance and arguing that sacrificing decentralization for performance is a worthwhile trade-off.
criticisms of #eos !sources
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The extra-judicial account suspension demonstrates the short-comings of this approach, and the challenge of instituting top-down constitutions of economic actors in a distributed system.
wet vs dry code
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#EOS is attempting to find a middle ground between code-is-law, protocol level governance and traditional, "wet" governing approaches in order to increase transaction throughput as well as ease-of-use and community-friendliness.
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There's a strong distinction to be made between "wet code," interpreted by the brain, and "dry code," interpreted by computers. Human-read media is wet code whereas computer code and computer-readable files (to the extent a computer deals meaningfully with them) are "dry code." Law is wet code, interpreted by those on whom the law is imposed, and interpreted (often somewhat differently) by law enforcers, but most authoritatively (and even more differently) interpreted by judges. Human language is mostly wet code but to the extent computer programs crudely translate from one language to another, keyword-ad programs parse text to made an educated guess as to what ads a user will most likely click, and so on, human language text can also be dry code. Traditional contracts are wet code whereas smart contracts are mostly dry code. Secure property titles and the domain name system are mostly dry code.
07/16/18
larimer questions constitution !sources
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The episode prompted Larimer to question the wisdom of his own Constitution design and to announce that he would propose an amendment that would allow only code-is-law issues to be arbitrated by ECAF. However, such an amendment would require a 15% voting threshold to be reached.
#eos block producers freeze accounts
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With no ratified Constitution and therefore no arbitrator ruling the #EOS block producers decided to act unilaterally to freeze the accounts so as to prevent the alleged thieves to access stolen funds.
eos911 initiative
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The governance structure was immediately tested when accounts hacked via phishing scams during the erc20 to mainnet transition requested that their accounts be frozen so that the thieves could not access their funds.
larimer response to #eos criticism
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Larimer and proponents argue that an off-chain governance model is necessary to protect user funds from code-is-law errors like #Ethereum's DAO hack, or to prevent user loss of funds from private-key mismanagement.
#eos criticism
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The reliance on an elected group to receive the responsibilities and rewards of block-mining has elicited criticisms of centralization and potential for corruption, as has #EOS reliance on a "wet" constitution outlining a governance model for the blockchain.