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Barely Two Days after EOS Mainnet Launch and the Network Hits a Roadblock

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EOS
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EOS has an estimated market capitalization of $9.235 billion making it the 5th largest cryptocurrency according to data from CoinMarketCap. Created and managed by Block.one (an open source software publishing organization) this Blockchain and cryptocurrency project boasts of having one of the biggest ICO events ever. EOS managed over $4 bln in its recently completed ICO, building up a  hype about the coin that led up to the launch of its Mainnet last week.

However, after the 15 percent, positive vote threshold was achieved, validating the EOS Mainnet Blockchain network on June 14th, the Mainnet gravy train hit an unexpected roadblock that was first reported by Block Producers (BP) on the new EOS Mainnet Blockchain network. The network freeze came about only after 48 hours of the Mainnet going live. Multiple reports indicated that the EOS Mainnet had paused while Block Producers (equivalent to miner on Bitcoin’s network) worked with standby nodes to fix the problem.

What caused the freeze?

Although the Mainnet launch was proceeding as expected with over 21 Block Producers getting voted into the Mainnet, various reports from Block Producers indicated error messages and frozen chains while processing new blocks to the network.

One of the main Blockchain Producers by the name of EOSUK, posted a tweet indicating various BPs with unresponsive Application Programming Interfaces(APIs). According to EOSUK, a DDoS attack on the network could have been a probable cause.

However, in about an hour after the freeze, ‘Top 21 Block Producers’ and standby nodes were able to respond with a status update on Steemit indicating a “method to unpause the chain.” This method, they claimed, had been formulated and was “currently underway” at the time.

According to the Mainnet Status page on Telegram, a patch had been released with ongoing verification by Block Producers and standby nodes. Eventually, the Mainnet freezing problem was solved even as the network remained unavailable to the public.

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At the moment, reports indicate that Block.one is currently at work on a software patch that will help BPs upgrade their nodes and fix the problem so as to reopen the network to the public.

How has EOS performed with these developments?

Well, even after a couple of hours of the EOS Mainnet network launching, the expected spike in price was not seen as much. Furthermore, the freeze on the network introduced concerns among the EOS community but the market responded only mildly with a steady drop in EOS’ price.

All throughout last week, however, the overall market has been fluctuating with a steady decline and EOS’ price has been no exception. EOS’s price currently sits around the $10 mark with a decline in value by about 3% in the last 24 hours.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

Ripple XRP Mega Breakout: What’s Next?

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Ripple XRP mega breakout
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The Ripple XRP mega breakout that we were calling for happened and happened much quicker than anyone expected. As we said yesterday:

Nonetheless, IF, Ripple is capable of going ‘topside’ of the .38 figure at any point in the days/weeks ahead, such development, should it occur, would likely trigger its next advance into the .42 – .47 zone, representing a 30-40% move from present levels. On the flip-side, the .25 – .26 area should offer short-term potential support.

XRP is now sitting at .51704  as we write this article this morning, representing gains of 61% since we alerted our readers and our Global Elite email newsletter members.

Ripple XRP Mega Breakout

The Ripple XRP mega breakout is significant because it’s the first time XRP has been above its 50-day moving average since May. Right now, the RSI is approaching 80, so we are in overbought territory and we expect the price to consolidate around the .42 to .47 level before resuming its uptrend.

While some are looking at this as an opportunity to short XRP, we are not of that camp. While some can book some profits and use a trailing stop, any integration of XRP with xRapid has the ability to create a tremendous move in XRP. As Travis Kling said this week on the Off the Chain podcast with Anthony Pompliano, XRP could be the quickest five-bagger investors…

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Altcoins

Litecoin Cash (LCC): The potential mover?

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Litecoin Cash
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Litecoin underwent a hard fork in the past, and that is what led to the creation of Litecoin Cash. Bitcoin has also experienced a hard fork, which has led to the creation of Bitcoin Cash, so this trend is not necessarily brand new.

Forks have occurred pretty often now in the cryptocurrency community, and the perception is that it probably will continue to, as long as the need (forks are often created to overcome issues faced by the originals) remains there.

While the market has been bearish for most of the year, it has been showing some definite signs of life, especially when we look at the kind of price action that has been happening with Ripple recently. Litecoin is also rising in anticipating of its hard fork, which is to be expected.

For those who are unaware, Litecoin Cash was created earlier this year. 10 Litecoin Cash was given to every investor who had 1 Litecoin – and that one move, it’s easy to see, was very massive concerning value.

Charlie Lee, the founder of Litecoin, has come out against LiteCoin Cash, calling it a scam. Many cryptocurrency influencers have come out against Litecoin cash, although there are still others that believe that this is only because the project threatens them.

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Altcoins

The Stage is Set for Stellar XLM vs XRP

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XLM vs XRP
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The digital asset of XRP, did something spectacular on the 18th of September when it shocked the crypto-markets by rising in value by 21%. In a time period that was less than 5 hours, XRP spiked from levels of $0.273 to those of $0.332 and has continued rising. The digital asset is currently valued at $0.36.

xRapid Factor

The reason for the sharp increment in value of XRP was news that the Ripple company was going to launch xRapid in the next month or so. This was after the firm’s head of Regulatory relations for Asia-Pacific and the Middle East, Sagar Sarabhai, made the following comments during a CNBC interview on the 17th of September:

“I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production.”

Stellar’s Cross-Border Payments

The news of Ripple launching xRapid has come 2 weeks after the Stellar project and IBM, announced that they were entering the industry of cross-border payments through their new service known as IBM Blockchain World-Wire. The new payment settlement service has been quoted as being ‘near instant’ meaning that it will probably rival the transactions time seen in the xRapid pilot tests of 2 – 3 minutes earlier on in the year.

Stellar Acquiring Chain

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