EOS Dapp ecosystem has been under question with respect to its security issues and breaches which the project has faced over past one month. Hence to tighten up its grip and stay in the race, Block Products have put in a few referendums to keep the project in the race of the Dapp Ecosystem supremacy against Tron and Ethereum.
Combating Fraud and Improving security of Dapp’s key for EOS
EOS has been in news for a month or so with respect to its security concerns and attacks on Dapp. Hence the team of block producers has been making every attempt to up its game against Tron and Ethereum. The Block Producers voting model at EOS which votes for referendums before making any changes to project currently shows that there are 74 referendums which are currently under voting out of which 7 would be directly or indirectly affecting Dapp ecosystem.
The Reviews which are critical to security and towards reducing fraud and scams are being highlighted and most have got incomplete positive votes. There is also a proposal that suggests a self-governance model. The Referendum and its status are as follows
- Self-governance idea: The community or the bp’s should create a list of good business practices for decentralized dapps, exchanges, or any services executed by EOS – 100% Yes- 12 May 2019 being the last day
- Reduce SCAMS by Creating an EOS Platform I.D. So, Any Dapp or Website Can Match that I.D. With Any Trusted Wallet. – 100% yes – 13 June 2019 is the last day
- WHITELIST approved sites to interact with chain-100% Yes- 31 May 2019 is the last day
- Lets Combat FRAUD & SCAMS by Creating a Website Checker Dapp- 100% Yes- 30 May 2019 being the last day
- Let’s get Dapp developers to give a portion of airdrops to incentivize users to participate in voting-100% Yes- 20 May 2019 being the last day
- EOS Account Alert Activity Feature Idea-86% Yes- 21 May 2019 being the last day
The referendums clearly state that the block producers and the community is really concerned about the attacks and wants EOS to be a full proof ecosystem for Dapp’s and thrive the competition from Tron and Ethereum.
EOS Block Producer Model Questioned
A couple of weeks back an error made by a newly-elected EOS Block Producer allowed 2.09 million EOS tokens to be moved from a blacklisted account. The community update did try to explain what went wrong but The exploit has widely been referred to as a hack. games.eos became the latest entity to achieve block producer status, it failed to correctly update the list of blacklisted accounts. This allowed one blacklisted account to quickly move 2.09 million EOS tokens to other addresses, spreading them throughout the network faster than other block producers were able to react.
Also recently, EOS Dapp Fishing Joy was hacked By transaction blocking technique which also was done by technologically fooling the block producers model. In January 2019 same happened with “IDice“ where deferred transactions scheduled another deferred transaction and other BPs likely pick up the deferred transaction again.
One can just hope these Referendums to bring changes for the betterment of EOS and help them stay in healthy competition with Tron and Ethereum
Will EOS be able to solve its issues and compete with Tron and Ethereum in the battle of Dapp supremacy? Do let us know your views on the same.
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.