After a few Redditors brought to light the unreasonable clauses contained within EOSs constitution, computer scientist and cryptographer Nick Szabo has been the latest big name personality to call out the blockchain giant for their apparently “unethical” terms of service.
What’s All the Fuss About
The issue that has snowballed over the past couple of days primarily relates to article XV of the EOS constitution which states:
“A Member is automatically released from all revocable obligations under this Constitution 3 years after the last transaction signed by that Member is incorporated into the blockchain. After 3 years of inactivity, an account may be put up for auction and the proceeds distributed to all Members according to the system contract provisions then in effect for such redistribution.”
This literally means that EOS token holders who HODL or let their currency holdings remain dormant for a period of three years will be faced with the issue of their account being terminated without any prior intimation.
In relation to the aforementioned matter, noted smart-contract pioneer Nick Szabo had the following words for the twitterverse:
“In EOS a few complete strangers can freeze what users thought was their money. Under the EOS protocol you must trust a “constitutional” organization comprised of people you will likely never get to know. The EOS “constitution” is socially unscalable and a security hole.”
With more and more community pressure being mounted on EOS with each passing day, it is now imminent that some constitutional changes are bound to ensue in the coming few days. However, it is quite laughable that it took a few Redditors to point out such a massive loophole in the company’s framework to even begin with.
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