Just two days after its network went live, EOS – which recently closed a massive $4bn ICO – decided to pause transaction processing and fettle its code.
Having recently gone live with its own blockchain, the EOS equivalent of miners – so-called block producers (BPs) – made the decision to pause the EOS system due to technical issues over the weekend (June 16th, 2018).
Saturday saw reports of an issue emerge, soon after which a conference call involving BPs and ‘Standby Nodes’ identified the issue and made the decision to pull the network offline. The timeline of events is outlined here, but the headline numbers are that the mainnet went offline around 10am UTC, and was fixed and back online before 3pm UTC.
The reaction to the issue was largely quizzical – firstly, of how it came about in the first place, and how such a major bug in such a high-profile project did not reflect well on its creators. Here is the creator of Dogecoin, Jackson Palmer, on the matter…
…and this software had $4B in funding. Making it hard to not be critical folks 🤔 https://t.co/Z93qpkbxcS
— Jackson Palmer (@ummjackson) June 16, 2018
Another cause of consternation among observers relates to Palmer’s final point, and the fact that all the block producers could get together on a conference call and essentially decide the future of the network – not exactly how you would expect a decentralised network to work.
“Guess what, those BPs are going to start developing relationships with one another, even though these people are supposed to have little in common, due to being globally distributed – thus ostensibly reducing the possibility of collusion. Of course, they have a lot in common now, as big holders of EOS, operators of the network, and recipients of the block rewards. Some of them are going to like each other, while some will not like each other.
They will start to clique off into subgroups. And then they may eventually start to disagree with one another (if EOS is lucky). Or, in a possibly worse scenario, they’ll all agree with each other, and simply bend things in ways that benefit them. Together, they likely control enough tokens to vote and keep each other in power.
“This is how cartels are born.”
Rather more succinctly, u/schiestermeister said: “‘We paused the chain’ said nobody ever in a truly decentralized blockchain.”