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.
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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Here’s Why This Coin Still Has Wings (WINGS)
WINGS, a decentralized crowdfunding platform based on the Ethereum blockchain, has had a great run over the past two months. Culminating in a peak of US $.23 just a few days ago, the currency behind the product has more than doubled since it’s lows of early September.
Despite the slight downturn WINGS is currently experiencing, this crypto-favorite may not be done running up the green candles on your favorite exchange just yet. A small drop like we had today was actually expected and could be considered healthy by long-term investors. These dips are also appreciated by those of us waiting to get in on a project we feel has real potential. WINGS has shown us that potential and is now presenting a great buying opportunity for speculators and traders looking for the next wave of support to lift this coin into the stratosphere.
What is WINGS?
WINGS was created to nurture project proposals via the Decentralized Autonomous Organization (DAO) model. Using blockchain networks and smart contracts, the platform allows the WINGS community to promote proposals with the greatest chance of positive returns. WINGS, in essence, is a decentralized forecasting ecosystem, where token holders are given an incentive to make choices concerning projects on the platform.
The DAO is a popular concept for crypto-projects that want to remain entirely on the web. Using the peer-to-peer technology of blockchain and smart contracts to enforce the rules of participation is…
6 Blockchain Predictions For 2019
As 2018 moves closer towards its end, investors, developers, and tech enthusiasts are starting to turn their gaze towards the future. 2019 is less than two months away, and it promises new breakthroughs and large changes. This is especially true when it comes to blockchain technology.
While 2018 was an important year for this technology’s development, many are wondering what awaits us in the near future. Because of this, we have created a list of 6 predictions regarding the blockchain, as well as what might happen to it in 2019. Let’s begin.
1. Search for new and better business use cases
Blockchain technology is wrongly seen by many as a magical way to resolve all issues that we struggle with today. However, while it is true that blockchain can help with a lot of them, there are still numerous other problems that are better suited to be solved by alternative technologies. Robotics, AI, and similar technologies are not to be discarded in blind faith in the blockchain.
Researchers and developers have recognized this, which is why 2019 will be dedicated to finding specific use cases for blockchain technology. Blockchain will be used in situations where it can have the strongest positive impact. In other words, the goal is not to find places where this tech can fit, but to find places where it is the best fit.
2. Fixing blockchain industry’s image
For a lot of people, blockchain…
TRON DEX Goes Crazy, TRX Founder Asks For More Projects
Less than a week ago, TRON (TRX) community uncovered a new DEX (decentralized exchange) on Tronscan.org. Since TRON community is among the strongest and most supportive communities to ever support a coin, trading activity on this DEX quickly skyrocketed.
So much so, in fact, that TRON’s founder, Justin Sun, felt that he should share this fact on his Twitter account.
— Justin Sun (@justinsuntron) November 13, 2018
TRON DEX sees massive growth in activity
Since Sun shares a lot of traits with TRX community, such as tirelessness and fascination with this project, he was quick to urge the community to come up with additional tokens and projects.
While Sun’s statement that the activity on the DEX is “going crazy” is pretty accurate, many do not realize just how accurate this is. It should be pointed out that the number of tokens on the exchange was 3 on November 10th, when the DEX was originally uncovered. Today, on November 13th, the number of available tokens has doubled.
In addition, 4 out of 6 trading pairs offered on the exchange have experienced significant gains, with the remaining two experiencing only slight drops. The growth was experienced by Dice/TRX (146%), TronWatchMarket/TRX (8.27%), WIN/TRX (89%), and SEED/TRX (1.73%). The drop was experienced…
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