NEM Foundation is developing a mechanism for automatically tracking and marking XEM tokens in order to prevent hacker attacks, similar to the one that the Japanese currency exchange Coincheck recently underwent. Critics are convinced that this will have an extremely negative impact on the ecosystem, depriving XEM tokens of the interchangeability properties and making the network useless from an economic point of view.
3/ NEM’s tagging system is working to track how funds are moved. None of the stolen funds have been sent to any exchanges. As long as those funds are off public exchanges they will be very difficult to liquidate, especially in large amounts.
— Inside NEM (@Inside_NEM) January 30, 2018
The goal of the developers is to mak tokens stolen by hackers useless, the total amount of which is 5% of the total issue. Thus, attackers will not be able to sell them on crypto exchanges, because sites will know that tokens are transferred from an address associated with hackers.
Experts believe that this mechanism is contrary to the idea of decentralization of the network, since the NEM Foundation and the crypto-exchange can distinguish marked tokens from the total mass, as well as decide whether to accept them or not.
The exchanges will be able to claim that a number of XEM tokens are involved in illegal activities, although this may not be true. As a result, XEM will lose the interchangeability property, which is the main characteristic of money.
Such steps by the NEM Foundation indicate centralized control over the blockchain, which contradicts the original concept of technology.
The developers also refused to host the event, stressing that the community does not support this development.