Why I distrust EOS! Smart Contracts and Dapps that aren't so decentralized! [Pro Tips]
Learn to read and study things before you buy! PRO TIP 101! Take this for example:
Let me make this completely clear: all smart contracts deployed on the EOS blockchain can be edited, updated, and changed after they are deployed, at any time, without notice (though it appears that some Ethereum-based startups like Bancor have chosen to build similar backdoors into their own smart contracts.)
Sounds scary right?!! So any token on EOS can just CHANGE THE RULES with NO notice, NO consent from hodlers and NO agreement by the community. The devs become in FULL power of this "Decentralized" app or DAPP! Doesn't that defeat the whole point?
What are you thoughts?
It is trivial to lock a contract to prevent updates from devs.
@dan wrote:
A contract is likened to a door that can be open, closed, locked and sealed. I expect you to know what significance they have and use them accordingly, please.
I just find it to be a very high risk. I am watching and waiting. My biggest concern really was that you ICO'd on Ethereum while calling EOS the Ethereum killer... Why didn't you do it on your Bitshares or another platform? You seem to be a great starter but terrible finisher.. Just stating what I observe. Surprised you had the time to even read this and respond...
Why not have a consensus option or dev option at launch. That way we know the dev can either change things at any time OR it has to be approved by the consensus of those holding the contract/token! That might be a solution that offers transparency and ability for everyone to be happy.
You don't change the original contract ever, that's subject to abuse in so many ways.
You are transferring everything?
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It's already hard enough to get new people invested into crypto currency, when things like this happen it makes it very hard to trust in the EOS system. I mean it's not like they can just take away all of your EOS if they want to anyways for whatever reason, right? right....
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