People are now calling it the “Ethereum killer”, after it, swapping from being an ” ERC20″ based token running on Ethereum blockchain to being its own EOS mainnet.
At last, it looks like this big swap got more attention than expected, I mean, after writing our article entitled “EOSers you might wanna know this“, what we didn’t see coming is that not only holders of EOS have been waiting for the swap countdown, but actually the whole crypto hemisphere, including fraudsters who clearly took advantage of the switch act. Reports have shown that some scammers had managed to steal about 20.000 USD from users that wanted to buy EOS. how?
By making a fake EOS website where the buyers would send ETH to their addresses.
Before we go there, let’s make sure we’re all on the same page: On 22 of June, the EOS swap happened, all EOS tokens became frozen on the Ethereum blockchain for the MainNet to occur shortly after that…(to know more read our article)
Starting with what exactly is EOS: In the own words of its creators, EOS “is software that introduces a blockchain architecture designed to enable vertical and horizontal scaling of decentralized applications.”
Further, EOS is basically aimed for commercial applications as it is supporting thousands of transactions per second, making it more powerful than Google and Facebook.
Howsoever, unlike most Blockchain networks which require that smart contract to be powered by tokens, EOS is supporting a “freemium model” which allows for DApps to run without tokens or coins, saving users and developers who use the network from the hustle of having to deal with tokens.
For that, right after EOS project got settled and has proven its scalability and long-term sustainability, it was the natural course to start its own mainnet, and pursue the journey in total independence, unfortunately things got out of control, and even block producers would not have the time and ability to keep up with issues like the stolen funds. Which is why EOS has implemented the EOS Core Arbitration Forum (ECAF) to make these decisions for the block producers. The idea is that the ECAF is in charge of making all decision then delivers those decisions to the BPs, eventually, the BPs are asked to implement them in the system.
For instance, Five days after the swap (June 22), the EFAC decided to freeze 27 other accounts and released as a statement that the “the logic and reasoning for this order will be posted at a later date”.
This action caused much controversy in the EOS community and people considered it as an act of censorship by a “central” institution. In other words, EOS block producers are able to freeze accounts while accounts could be frozen by the EFAC without any immediate given reason. The way EFAC works is just like any government or bank that could at any moment freeze your funds, is a total contradiction with the core values and key concepts of blockchain in the first place.
But let’s not forget that EOS is still under experiment and not everything is bound to be perfect at first. although, it seems bad as it doesn’t go as the EOS team originally intended to be while we are only a few weeks in the mainnet launch, these kinds of things are bound to happen to projects like EOS who are trying out something completely out of the box. What matters is that the mistakes are quickly addressed and changed.
Whether EOS will work that will be proven in time. We will always keep an eye on this project in which we truly believe.