Parsl’s current position on account recovery

Author:
Parsl
Posted in:
Announcement, Business
Comments:
No Comments

Parsl believes very strongly in protecting our users as much as possible. 

This has always been a part of our business outlook. Giving users protection online often involves a balance between privacy and security and this balance is made more complicated by the new paradigms offered by blockchain technology. 

Parsl chose the EOSIO framework to work with in part because it offered the possibility to be able to reverse the potential negative effects of a fully decentralised world such as the threat posed by hackers. The developments around arbitration and governance on the EOS mainnet hasn’t worked thus far and so users who encounter problems are for the most part stuck without a solution. 

The ECAF (EOS Core Arbitration Forum) organisation unfortunately has not accepted claims nor really been operating for a long time, as stated on their home page. There is no alternative route for users that is currently being pursued. 

This means that if Parsl wants to protect our users from malicious activity, we are in a situation where we need to figure out our own solution. 

Early on in the piece, we dealt with an example of just such a problem where one of our early supporters had his account hacked and his SEED compromised. We tried to do the right thing and went through a rigorous process, using our time and expense, and in that specific case we felt that we had arrived at a suitable solution. 

However, in going through this process it was revealed to us how difficult and costly this was. At the time of writing, we still have not implemented our high level identity protocols as these will come along with the rollout of our platform in short order. While we were satisfied with the result of our initial case, we acknowledge that without proper processes for identification we only open up another avenue that malicious actors can abuse.

In the meantime, we have also been working on a relationship with our partner Worbli, and have found that we will be able to leverage the functionality and framework that has already been built and worked on to be able to build a very strong identity framework for all of our users. This means that over the long term all of our users will be able to be protected according to our vision. 

What this does mean is that all such events and claims that occur in the meanwhile will not be dealt with and this situation will remain until our new framework is in place. This is just the reality of the situation we are in. We are really excited about what we are working with Worbli and we strongly believe that it will deliver great value to both our token holders as well as our platform users.

Author: Parsl

Leave a Reply