EOS is in the news again for wrong reasons and this time it has become a hot topic due to the revelation by one of its Block producers that he was threatened for not blocking an account. EOS has raised a serious question: are they moving back to the same old centralized setup like banks and governments. Last week only we reported that EOS is stealing ETH from users and before that would cool down we have another controversy coming from their stable.
EOS Governance Model
EOS have their governance model in place rather than other projects which have decentralized blockchain in place. The governance model is said to be the management of the blockchain that cannot be automated but performed by human interactions. Daniel Larimer, Founder of this project, calls it Decentralized Blockchain Governance. EOS wants to make blockchain safer for users, so it has brought in a governance model in its blockchain.
The Governance Model in EOS is managed by the "Block Producers." Block Producers replace the Miners in the Delegated Proof of Stake algorithm used in this blockchain. They determine the stability of the entire blockchain. There are 21 Block producers and 100 spare block producers.
Block Producers are responsible for the following tasks assigned to them, and in return, they get paid via inflation. Below are their duties.
Receive the transactions.
Make a block out of the collected transactions.
Broadcast the blocks to other Block Producers.
They have extra powers to even censor any transactions, according to the EOS constitution. The controversy has erupted there only, and this has questioned the decentralized nature of its blockchain.
EOS Block Producers Ordered to Freeze 27 Accounts
There were previous reports that were floating around on social media that EOS block producers were ordered to freeze 27 accounts. The order came from ECAF in a letter with the signature of Sam Sapoznick who is the ECAF Interim Emergency Arbitrator. This created a huge controversy, and Crypto Twitter was on fire regarding this centralized governance model on a decentralized blockchain. They were questioning if we are going back to the same government and bank setup with this kind of centralization.
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